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.
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Market Dynamics
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.
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.
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.
Regional Outlook
On the basis of regions, the market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). North America is a promising region for the market. It constituted 38.6% share of the market in 2019. The increase in livestock importance, rise in the demand for protein-rich animal foods, growth in the consumption of meat & dairy products, and surge in pet adoption in the US, are expected to boost the demand for point of care blood gas analyzers during the forecast period. The market in Asia Pacific is projected to expand at a considerable CAGR of 4% due to the increase in disposable income and rise environmental consciousness.
Competitive Landscape
- Key players in the market include Heska Corporation, Zoetis, and IDEXX Laboratories, Inc. They considered as key manufacturers of the market based on their different varieties of product availability, regional presence, better supply chain management system, and the increasing demand for the products.
- The players are adopting key strategies such as acquisition, and geographical expansion where potential opportunity for the Veterinary Point of Care Blood Gas Analyzers extraction is added in the company’s capacity.
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