Global Veterinary Point of Care Blood Gas Analyzers Market By Modality (Portable Analyzers, Handheld Analyzers), By Animals (Companion Animals, Poultry & Dairy animals, Livestock Animals, Others)
Global Veterinary Point of Care Blood Gas Analyzers Market
The global veterinary point of care blood gas analyzers market was valued at USD 52.6 Million in 2019 and is projected to reach USD 70.3 Million by 2027, expanding at a CAGR of 4.0% during the forecast period. Point of care monitoring refers to outside laboratory medical tests in the vicinity of the patient. Point of care is a vital aspect of treatment that provides accurate and immediate reports in emergency situations. This, in turn, is increasing its adoption, thus boosting the growth of the market. The recent market trends in the point of care blood gas analyzer includes wireless data capture, built-in species reference ranges, and simplified data integration and immediate results.
Point-of-care procedures are medical tests performed close to the patient, outside the laboratory. Point-of-care is an important part of critical care, as it provides reliable and timely emergency results. Veterinary point-of-care blood gas analyzers consist of metabolites, blood gases for blood testing, portable analyzers used to calculate pH, electrolytes, and is a lightweight equipment. These analyzers are used in veterinary settings which include remote area veterinary medical centers and teams, academic veterinary medical centers, and private clinics. They are also used in applications of research universities, biotechnology, government laboratories, and pharmaceutical industries. Diseases detected by veterinary blood gas analyzers include ringworm, pox, piglet diarrhea or scour, rabies a Black quarter (Black-leg), bovine rhinotracheitis, Johne's disease, Tetanus, theileriosis, and anthrax. Point-of-care tests are practical and can be done at home for all types of preoperative conditions and disease detection for rapid diagnosis and treatment in animals.
Increase in the Adoption of Pet and Companion Animals
Humanization has had a major impact on various purchasing decisions. Changing consumer perception of animal health and an increasing tendency to have a pet in nuclear families are therefore several important factors that boost market growth. In the past years, the trend of developing animal health and safety, among animal owners, has increased. According to the American Veterinary Medical Association survey, in the past five years, the prices for animal welfare and veterinary care increase of 40%. This growth is attributed to the increasing human-animal relationship that determines the desire of consumers to spend more money on their animals. Additionally, this change in the human-animal relationship is expected to increase the demand for veterinary point of care blood gas analyzers.
Growing Number of Veterinary Clinics
Growth in pet population, increase in pet insurance penetration, humanization of pets within the increasing global urban population, and increasing awareness about animal welfare fuel the demand for medical systems for animals. Moreover, the veterinary industry is growing due to social media. These changes in the animal healthcare system have increased the number of veterinary clinics, which in turn, is expected to increase the sales of veterinary point of care blood gas analyzers.
Poor Demand for the Product in Emerging Nations
The lack of investment in the animal healthcare programs, poor communication systems, and less animal healthcare expenditure are some factors for the less demand of the product in emerging countries. This is also caused due to the lack of awareness among the people of the emerging nations. Many of the diseases in animals go unnoticed due to unawareness or unfamiliarity of symptoms. The development of the animal’s healthcare has recently grown; however, the growth is less than what has been expected in the past.
On the basis of modality, the market has been bifurcated into portable analyzers and handheld analyzers. The portable analyzers segment is projected to dominate the market during the forecast period. The portable analyzers segment is extensively used in the majority of the veterinary clinic and laboratories, while the handheld analyzers are anticipated to expand at significant CAGR 4.2% due to its efficient performance and ease of movement for conducting the tests on the animals.
Based on animals, the market is categorized as companion animals, poultry & dairy animals, livestock animals, and others. The companion animal segment is projected to constitute 46.9% share of the market by 2026 due to increasing demand for companion animal in nuclear families. The livestock animal segment and Poultry & dairy segment is anticipated to expand at considerable CAGR of 3.7% due to consumption of meat and animal by-products during the forecast period.
In terms of end-use, the market is classified as veterinary clinics, veterinary laboratories, research laboratories, and others. In terms of revenue, the veterinary clinic segment is expected to hold a significant market share, as a majority of companion animals are treated in veterinary clinics. The research laboratories segment is estimated to expand at substantial CAGR 3.6% due to the increase in the animal healthcare expenditure and rise in research & development activities.