Veterinary Point of Care Blood Gas Analyzers Market Expected to Reach $0.58 Billion by 2030 | CAGR of 4.3%

According to a new report published by Allied Market Research, titled, “Veterinary Point of Care Blood Gas Analyzers Market, by modality type, animal type, and end user: global opportunity analysis and industry forecast, 2021–2030," the global veterinary point of care blood gas analyzers market size was valued at $0.37 billion in 2020, and is projected to reach $0.62 billion by 2030 registering a CAGR of 4.3% from 2021 to 2030.

Veterinary point-of-care blood gas analyzers are used in veterinary clinics & laboratories for point of care blood testing. These analyzers are mostly used to measure blood pH, gases, and electrolytes in blood specimens.

Availability of technologically advanced veterinary point of care blood gas analyzers are available in the market that increase preferences of veterinary practitioners over other laboratory analyzers, which drive growth of the market. For instance, demand for battery-operated, wireless point of care blood gas analyzers has increased, owing to test convenience and cost-effectiveness. In addition, growth of the global veterinary point of care blood gas analyzers market is driven by increase in spending on animal health, stringent regulation for animal health, and rise in number of veterinary clinics & veterinary practitioners.

Furthermore, rise in adoption of companion animals and favorable pet insurance policies fuel the market growth. According to the reports prepared by North American Pet Health Insurance Association (NAPHIA), pet health insurance recorded a maximum growth in 2017, with total number of pets insured reaching approximately 2 million in the U.S. and Canada. Increase in pet insurance by 17% in gross written premiums as compared to 2016 was observed. However, low demand veterinary point of care blood gas analyzer in under developed countries is expected to hamper growth of the veterinary point of care blood gas analyzers market.

COVID-19 is a large family of viruses that causes illness ranging from common cold to more severe respiratory diseases. The global veterinary point of care blood gas analyzers market also declined in 2020, owing to global economic recession led by COVID-19. However, the market is anticipated to witness recovery in 2021, and show stable growth for veterinary point of care blood gas analyzers in the future.

The global veterinary point of care blood gas analyzers market is segmented on the basis of modality, animal, end user, and region. Based on modality, the market is bifurcated into portable analyzers and handheld analyzers. The portable analyzers segment was the major shareholder in 2020, owing to cost effectivity and test convenience and increase in demand for portable blood gas analyzers. However, it is estimated that the demand for handheld blood gas analyzers would increase during the forecast period, owing to features such as faster outputs, ease of use, and convenience.

By animal type, it is segmented into companion animals, poultry & dairy animals, livestock animals, and others. The companion animals segment dominated the global market in 2020, and is anticipated to continue this trend during the forecast period. This is attributed to increase in adoption of companion animals across the globe and favorable pet insurance policies.

On the basis of end user, it is classified into veterinary clinics, veterinary laboratories, research laboratories, and others. The veterinary clinics segment acquired the largest share in 2020, and is expected to remain dominant throughout the forecast period. This is attributed surge in partnership between key players and veterinary clinics, rise in number of mobile veterinary practitioners, growth of veterinary critical care units, and availability of affordable veterinary point of care blood gas analyzers.

Key Findings Of The Study

• By modality, the portable analyzer segment held largest share in the global veterinary point of care blood gas analyzers market in 2020.
• By animal type, the companion animal segment held largest market share in 2020, and is expected to remain dominant throughout the forecast period.
• By end user, the veterinary clinics segment dominated the global veterinary point of care blood gas analyzers market in 2020, and is anticipated to continue this trend during the forecast period.
• By region, North America is expected to experience growth at the highest rate, registering a CAGR of 4.3% during the forecast period.

North America accounted for the largest share of the global veterinary point of care blood gas analyzers market in 2020, and is expected to remain dominant throughout the forecast period. This is attributed by higher disposable income, higher number of pets & other domestic animals, stringent regulations enacted by state and federal governments to enhance animal welfare and willingness of pet owners to pay for veterinary services. On the other hand, LAMEA is expected to show fastest market growth over the forecast period, majorly owing to increase number of pet population and growing veterinary health awareness in the region.