- Growing demand for specialized testing solutions and comprehensive services among pet owners is expanding profitable avenues for service providers in the equine diagnostic services market
- Growing need for whole body equine veterinary imaging to unlock a vast lucrative avenue; a well-established equine health infrastructure North America very lucrative
ALBANY, NY, March 23, 2022 /PRNewswire/ — Veterinarians, animal owners and the scientific community at large are increasingly aware of the need for advanced and comprehensive tests for the diagnosis and management of infectious diseases in horses. Test providers in the equine diagnostic services market are looking into offering fast and affordable pathogen testing, DNA testing and blood testing to build credibility. The global equine diagnostic services market revenue is expected to reach around US$280 million by 2030, projects a TMR study.
The growing number of certified veterinary specialists in the market has enriched the value chain. Over the years, the affordability and accessibility of genetic testing has increased, expanding the profitable avenues for companies in the equine diagnostic services market. Advances in veterinary imaging systems are driving revenue streams, TMR analysts have observed for an in-depth study on the equine diagnostic services market.
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However, there is a general lack of awareness of complex infectious diseases and presents an unmet need for market players. Nevertheless, the huge economic losses resulting from these diseases in several countries are catalyzing advances in diagnostics and laboratory infrastructure. The focus on specific etiologies is driving the adoption of demand for specialized testing solutions, and the trend is expanding lucrative avenues in the equine diagnostic services market.
Key Findings of the Equine Diagnostic Services Market Research
- The growing adoption of specialized testing solutions presents lucrative avenues: Equestrian associations in developed countries are increasingly adopting specialized tests for various breeds of horses. Advances in laboratory infrastructure have enabled service providers to offer affordable specialized testing solutions, thereby expanding the possibility of cost-effective avenues in the equine diagnostic services market. In addition, the demand for comprehensive tests relating to phenotypic testing has spurred the need to expand the range of serological tests to make care more targeted. On the other hand, the need for timely infectious disease testing is propelling the revenue generation in the equine diagnostic services market.
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- Advances in Equine Veterinary Imaging Systems to Catalyze Demand: The need for a state-of-the-art scanner for horses opened up a promising avenue. Of note, whole-body equine veterinary imaging systems present a lucrative avenue, observed the authors of the TMR study in the equine diagnostic services market. The service providers offer state-of-the-art equine veterinary imaging systems, especially with advanced technologies in Magnetic Resonance Imaging (MRI). The demand for MRIs has increased among racehorse trainers, especially where horse racing and betting is a popular sport.
Equine Diagnostic Services Market: Key Drivers
- Infectious disease prevalence is a key driver of the equine diagnostic services market
- The increasing use of point-of-care testing in equine practice has resulted in massive revenues in the equine diagnostic services market over the past few years. It should be noted that benchtop diagnostic modalities will reinforce diagnostic-focused veterinary patient care concepts, thereby broadening the canvas for industry players.
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Equine Diagnostic Services Market: Regional Growth Dynamics
North America held the leading share in the global equine diagnostic services market in 2019 and is expected to maintain its lead over the forecast period. Rising demand for diagnostic services for infectious anemia, salmonellosis, Clostridial enteritis and several other diseases propelled revenue growth.
The evolving field of genetic testing in equine medicine has fueled the demand for equine diagnostic services in the region. Advances in genomics techniques are catalyzing 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 major market players are:
- Neogen Corporation
- B&W Equine Vets
- IDEXX Laboratories, Inc.
- Equine diagnostic solution
- Stallion Inc.
- Veterinary Genetics Laboratory
- Animal Genetics Inc.
- EquiSeq Inc.
- Generation GmbH
Global Equine Diagnostic Services Market: Segmentation
- Equine Diagnostic Services Market, By Service Type
- Genetic test
- Phenotype test
- Screening for infectious diseases
- Equine Diagnostic Services Market, By Service Parameter
- Hospitals & Clinics
- Laboratory tests and mobile parameters
- 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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