Efforts by Players to Develop Superior Products Boosts Competition in Global Veterinary Hematology Analyzers Market

A handful of leading players accounting for over half the market share, makes the global veterinary hematology analyzers market consolidated. However, despite being so, competition is strong in the market. This is because market participants are seen emphasizing on designing technologically superior products in the industry to up their game against their rivals. Keen players are also seen focusing on mergers and acquisitions to create synergies.

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The market for veterinary hematology analyzers is projected to gain a value of US$1,178.9 mn by 2024-end from US$663.0 mn in 2015 by clocking a CAGR of 6.7% between 2016 and 2024, finds a report by Transparency Market Research.

Which factors are stoking the market?

With the emergence of nuclear families and increasing disposable incomes of people, the adoption of pet animals is soaring too. And with climatic changes, zoonotic diseases are on the rise worldwide. This is one major tailwind for the market for veterinary hematology analyzers.

The two types of veterinary hematology analyzers available in the market are point of care analyzers and table top analyzers. Among them, the table top analyzers are grossing maximum revenue at present and are predicted to continue doing so in the near future. It accounted for a whopping 73.0% share in the market in 2016. This is because of the multidimensional analysis it provides with low volume of the sample, minimal maintenance, and increasing outbreaks of animal diseases.

Which region holds maximum promise?

Geographically, North America dominated the veterinary hematology analyzers in terms of revenue in 2015 and is projected to retain dominance throughout the report’s forecast period as well. The vast rise in adoption of pets, rising number of veterinary hospitals and clinics, and high disposable income are some of the key factors attributed to the strong growth of the veterinary hematology analyzers market in the region.

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