- Growing demand for specialized testing solutions and comprehensive services among pet owners expanding profitable avenues for service providers in equine diagnostic services market
- Growing need for full-body equine veterinary imaging to unlock a vast lucrative avenue; well-established equine healthcare infrastructure makes North America highly lucrative
ALBANY, N.Y., March 23, 2022 /PRNewswire/ — Veterinarians, pet owners, and the scientific community at large are becoming increasingly aware of the need for advanced and comprehensive testing for diagnosis and managing infectious diseases in horses. Test providers in the equine diagnostic services market are leaning offering rapid and affordable pathogen testing, DNA testing, and blood testing in order to reinforce their credibility credentials. Global revenues of the equine diagnostic services market are projected to reach approximately US$ 280 Mn by 2030, projects a TMR study.
The growing number of board-certified veterinary specialists in the market has enriched the value chain. Over the years, the affordability and accessibility of genetic testing have increased, expanding profitable avenues for companies in the equine diagnostic services market. Advancements in veterinary imaging systems are spurring revenue streams, observed the TMR analysts for an in-depth study on the equine diagnostic services market.
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However, there is a general lack of awareness about complex infectious diseases, and presents an unmet need for players in the market. Nevertheless, the huge economic losses arising out of such diseases in several countries is catalyzing advancements in diagnostics and lab infrastructure. Focus on specific etiologies is spurring the adoption of demand for specialized testing solutions, and the trend is expanding lucrative avenues in the equine diagnostic services market.
Key Findings of Equine Diagnostic Services Market Study
- Increasing Adoption of Specialized Testing Solutions Presents Lucrative Avenues: Horse associations in developed nations are increasingly adopting specialized testing for various horse breeds. Advancements in lab infrastructure have enabled service providers offer affordable specialized testing solutions, thus expanding the avenue for profitable avenues in the equine diagnostic services market. Further, the demand for comprehensive test pertaining to phenotype testing has spurred the need for expanding the array of serologic tests to make care more targeted. On the other hand, the need for rapid infectious diseases testing is propelling revenue generation in the equine diagnostic services market.
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- Advancements in Equine Veterinary Imaging Systems to Catalyze Demand: The need for state-of-the art CT Scanning for horses has unlocked a promising avenue. Of note, full-body equine veterinary imaging systems present a lucrative avenue, observed the authors of the TMR study on the equine diagnostic services market. Service providers are offering state-of-the art equine veterinary imaging systems particularly to advanced technologies in magnetic resonance imaging (MRI). The demand for MRI has been growing among racehorse trainers, especially where horse racing and betting are a popular sport.
Equine Diagnostic Services Market: Key Drivers
- The prevalence of infectious diseases is a key driver of the equine diagnostic services market
- Expanding use of point-of-care testing in equine practice has translated into massive revenues in the equine diagnostic services market in recent years. Of note, benchtop diagnostic modalities will reinforce the concepts of diagnosis-targeted veterinary patient care, thus expanding the canvas for industry players.
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Equine Diagnostic Services Market: Regional Growth Dynamics
North America held the leading share of the global equine diagnostic services market in 2019, and is expected to retain its lead during the forecast period. Rise in demand for services for diagnosing infectious anemia, salmonellosis, clostridial enteritis, and several other diseases has propelled revenue growth.
The evolving area of genetic testing in equine medicine has fueled the demand for equine diagnostic services in the region. Advancements in genomics techniques are catalyzing the evolution.
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Equine Diagnostic Services Market: Competition Landscape
A large number of players in the global equine diagnostic services market makes the landscape increasingly fragmented. Some of the prominent players in the market are:
- Neogen Corporation
- B&W Equine Vets
- IDEXX Laboratories, Inc.
- Equine Diagnostic Solution
- Etalon Inc.
- Veterinary Genetics Laboratory
- Animal Genetics Inc.
- EquiSeq Inc.
- Generatio GmbH
Global Equine Diagnostic Services Market: Segmentation
- Equine Diagnostic Services Market, by Service Type
- Genetic Testing
- Phenotype Testing
- Infectious Disease Testing
- Equine Diagnostic Services Market, by Service Setting
- Hospitals & Clinics
- Lab Testing & Mobile Settings
- Equine Diagnostic Services Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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