The Veterinary Chemistry Analyzers Market size is estimated at USD 1.64 billion in 2024, and is expected to reach USD 2.58 billion by 2029, growing at a CAGR of 9.5% during the forecast period (2024-2029).
North America is expected to hold a significant market share owing to factors such as rising pet adoption and increasing per capita animal healthcare expenditure, high prevalence of various animal diseases, and the strong presence of industry players in the region.
The rising number of pet insurance in the region is also expected to increase the market growth. For instance, according to the 2022 statistics published by the Insurance Information Institute, it has been observed that in the United States 3.9 million pets were insured at the end of 2021, with an increase of 20% compared to the previous year. In addition, California (19.3%), New York (8.4%), and Florida (6.1%) were the three states with the highest percentage of insured pets. The same source reported that in Canada 432,533 pets were insured at the end of 2021, with an increase of 22.7% compared to the previous year. Thus, the growing pet adoption is leading to an increase in focus on the availability of pet insurance. Due to the availability of pet insurance, pet owners are spending more on pet health care. This is creating opportunities for the development and availability of veterinary chemistry analyzers for better treating pets.
Furthermore, an article published in the Journal of Veterinary Diagnostic Investigation in May 2021 stated that the Ontario Animal Health Network (OAHN) is an innovative disease surveillance program created to enhance preparedness, early detection, and response to animal disease in Ontario. Most veterinary hospitals have requirements for assessing animal blood chemistry values, either on-site or via a local veterinary diagnostic laboratory. Such initiatives in the region are expected to create awareness among pet and animal caretakers for veterinary checkups which are estimated to propel the market growth during the forecast period.
The market for veterinary chemistry analyzers is somewhat fragmented due to the presence of numerous companies operating both globally and regionally. The competitive landscape includes an analysis of a few international and local companies that hold a significant or major market share. Prominent market players include IDEXX Laboratories, Inc., Zoetis Inc., Heska Corporation, DiaSys Diagnostic Systems GmbH, Horiba Ltd, Chengdu Seamaty Technology Co., Ltd., ProtectLife International Biomedical Inc. (Amishield), Scil Animal Care Company GmbH, and Randox Laboratories Ltd.
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