Veterinary Hematology Analyzers Market to reach US$ 1,178.9 Mn in 2024; Table Top Analyzers to be Leading Segment Aiding Market Growth

According to the report, Global Veterinary Hematology Analyzers Market was valued at US$ 663.0 Mn in 2015 and is projected to expand at a CAGR of 6.7% from 2016 to 2024 to reach US$ 1,178.9 Mn in 2024. This report offers a thorough understanding of the veterinary hematology analyzers market, its key trends, drivers, restraints, and opportunities.

Globalization and climate change leads to outbreaks of animal diseases; some of these are transmissible to humans. According to IFAH Europe (2015), rise in global temperatures leads to appearance of new diseases and helps other diseases to reappear. Most human infections with zoonoses come from livestock. Zoonotic diseases account for 61% of the total animal diseases. Rising prevalence of diseases among animals would increase demand for diagnostic tests and procedures, which in turn is likely to boost the hematology analyzers market. In addition, increased longevity of pet animals due to improvement in diagnostics, greater emphasis on wellness and prevention by veterinarians as well as owners, and better nutrition has expanded the use of veterinary diagnostics and medications. According to a 2014 survey of veterinary profession stakeholders that was commissioned by Partners for Healthy Pets, over the past four years there has been increased recognition of the importance of preventive pet health care. More than 60% of practicing members backed this claim and said that there has been increased effort to communicate the value and benefit of preventive care to pet owners which will fuel the growth of veterinary hematology analyzers market during the forecast period.

In terms of product type, the veterinary hematology analyzers market is categorized into table top analyzers and point of care analyzers. The table top analyzers segment is further categorized into fully automatic analyzers and semi-automatic analyzers. The point of care analyzers is further segmented into cartridge based analyzers and others (direct sample based analyzers). Table top analyzers held majority of the market share in terms of revenue in 2015 and would continue to dominate the market during the forecast period.

In terms of analysis parameter, the veterinary hematology analyzers market is segmented into 2 part WBC differential analyzers, 3 part WBC differential analyzers, 5 part WBC differential analyzers and others. In terms of revenue, 5 part WBC differential analyzers accounts for the highest market share in 2015. The segment is projected to dominate the market during the forecast period. 5 part WBC differential analyzer provide accurate cell ratios for five different types of blood cells: neutrophils, lymphocytes, monocytes, eosinophils, and basophils unlike 3 part and 2 part WBC differential analyzers. These analyzers feature high reliability and precision compared to 3 part differential analyzer. Moreover, technological advancements that combine testing and reporting capabilities, rapid specimen turnaround time, and multi-parameters analysis are contributing to the leadership position of this segment. However, 5 part differential analyzers are larger, more expensive, cost more to maintain, and use more reagents than 3 part differential analyzers which might hamper the growth of the segment. The 3 part differential analyzers segment accounted for the second largest share 37.3% of the market in 2015. The segment is anticipated to reach US$ 442.7 Mn by 2024. Low running cost, requirement of less reagents, and easy maintenance are likely to augment the segment during the forecast period.

In terms of end users, the veterinary hematology analyzers market is segmented into research institutes, veterinary diagnostic centers, veterinary hospitals and clinics and others (point of care testing, in house testing). The veterinary hospital and clinics segment is expected to gather significant revenue during the forecast period from 2016 to 2024. Veterinary hospitals offer all the medical care facilities for animals, including surgery, specialty care, pathological and radiological diagnosis, dispensary, and 24-hour surveillance facility.

Key companies profiled in the report include IDEXX Laboratories, Inc., Abaxis, Inc., Heska Corporation, Siemens Healthcare Diagnostics Inc. , Drew Scientific Inc., URIT Medical, Boule Medical AB, scil animal care, Mindray, HORIBA Medical, Clindiag Systems, HemoCue AB, Diatron and Sysmex.

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