Veterinary Chemistry Analyzers Market Size

Veterinary Chemistry Analyzers Market Analysis

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).

• The veterinary chemistry analyzers market has been impacted by the COVID-19 pandemic, leading to disruptions in veterinary services and supply chains, as well as shortages of veterinary analyzers in the initial phase of the pandemic due to manufacturing site lockdowns and export bans. However, increased awareness of animal health and well-being among pet and animal caretakers has driven demand for animal care and ultimately increased the use of veterinary analyzers in the later phase of the pandemic.
• For instance, a research study conducted by Banfield Pet Hospital in the United States revealed that 84% of respondents felt more aware of their pets' health, and 37% paid more attention to their pets' care during the pandemic. The rising prevalence of animal diseases is expected to boost market growth, as different animal species tested positive for the virus that caused COVID-19 during the pandemic. The high prevalence of viral diseases in animals is expected to propel the demand for veterinary chemistry analyzers for the diagnosis of diseases.
• Furthermore, the increasing adoption of companion animals and concerns of pet owners for pet healthcare is expected to drive market growth. In the United Kingdom, it was estimated that 59% of households had pets in 2021, with rabbits, guinea pigs, tortoises, and turtles being some of the most commonly owned companion animals. This high percentage of households owning companion animals is expected to drive the demand for chemistry analyzers for companion animal diagnosis and treatment.
• Strategic initiatives such as product launches, expansion, and acquisitions by market players are also expected to contribute to market growth. For example, HORIBA Medical's acquisition of MedTest Holdings, Inc. in March 2021 expanded its market position and increased the availability of veterinary chemistry analyzers to various regions, thus propelling the market growth.
• Despite the anticipated growth in the veterinary chemistry analyzers market due to the rising burden of diseases and high pet adoption, there are potential obstacles to market growth, such as the high cost associated with veterinary chemistry analyzers, the lack of veterinarians, and the shortage of skilled farm workers.