Equine Diagnostic Services Market - By Service Type, By Service Setting & Global Region - Market Size, Trends, Share & Forecast 2020-2025
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Equine diagnostic services are basically defined as lab testing work services for equine patients in setups such as hospital, clinics, individual labs, and on farms through equine field service. Various tests, such as genetic test and infectious diseases test are often recommended in healthy and sick equine. The interpretation of these tests in conjunction is said to enable rapid and noninvasive assessment of the major organ systems.
Evidently, equine coronavirus has raised many doubts in the minds of horse owners if equine coronavirus can affect human beings. As such, equine coronavirus cases are being invested heavily.
Accordingly, the global equine diagnostic services market is projected to expand at a CAGR of around 5-10% during the forecast period.
The growth of this market is attributed to various pertaining factors including the trend of horse riding among adults, consistent culture of horse racing and gambling that demand healthy horse, and others.
Additionally, numerous genetic tests are currently made available, which can offer insights into equine health, coat color, and even performance potential and the role genetic tests play in the equine world is expected to only increase in the near future, as genetic tests become increasingly affordable and accessible. Most tests for heritable diseases are breed specific, and some organizations require these testing’s for particular genes prior to registering breeding stallions to limit the prevalence of certain conditions in the population. This remarkably scales the equine diagnostic services market.
Moreover, infectious diseases such as equine infectious anemia, equine influenza, and streptococcus equine are largely encountered by equine on a regular basis. The increasing demand for rapid diagnosis of these diseases and proper treatment to gain optimal clinical outcomes of the equine are contributing factors that to propel the market.
Furthermore, lab testing & mobile settings are facilities that have all the necessary reagents, kits, instruments, software, and technicians with the required skill set to perform sophisticated tests such as molecular diagnostic tests. This makes reference laboratories as preferred choices, especially among small private clinics and hospitals. These factors are likely to boost the market in the future.
Due to the world-wide impact of the global covid-19 effect, the key market players in the global equine diagnostics service market have taken initiatives for conducting webinars and podcasts to educate pet owners about the repercussions of equine coronavirus. Consequently, companies around the world are continuously making efforts to conduct the necessary covid-19 tests meant for horses to prevent the exposure towards the infection.
Also, focusing on strategies such as product launch, innovation and merger & acquisition to sustain amidst fierce competition is increasing among top players. In June 2020, The Veterinary Genetics Laboratory (VGL) reportedly introduced its new type 1 polysaccharide storage disease (PSSM1) test as a standalone at the UC Davis School of Veterinary Medicine as part of a health panel for horses.
However, lack of awareness is impeding the growth of the market.
EQUINE DIAGNOSTIC SERVICES MARKET SEGMENTATION:
By Service Type:
- Phenotype Testing
- Genetic Testing
- Infectious Disease Testing
By Service Setting:
- Lab Testing
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
North America dominated the global equine diagnostic services market in 2019, followed by Europe and is expected to continue to do so in the near future owing to the well-established equine healthcare infrastructure and major outbreak of equine diseases in the region. Moreover rise in genomic research & development activity in the equine healthcare industry in the U.S. drives the demand for equine diagnostic services.
The Asia-Pacific on the other hand is anticipated to exhibit highest growth rate / CAGR over the period.
FEW KEY PLAYERS IN EQUINE DIAGNOSTIC SERVICES MARKET:
- Equine Diagnostic Solution LLC
- IDEXX Laboratories Inc.
- B&W Equine Vets
- Equiseq Inc.
- Animal Genetics Inc.
- Generatio GmbH
- Etalon Inc.
- Veterinary Genetics Laboratory
- B&W Equine Vets
- Neogen Corporation
- Other Players
- In January 2019, IDEXX Laboratories, Inc. , a global leader in veterinary diagnostics and software, announced the launching of a new rapid digital cytology service that digitally connects veterinarians (equine and small animal) to the largest global network of more than 100 veterinary clinical pathologists and enables them to receive cytology interpretations within two hours. IDEXX also integrated digital cytology capability into its reference laboratories so that veterinarians who submit cytology cases to IDEXX Reference Laboratories could also get faster turnaround times and broader access to IDEXX’s world-class network of pathologists.
- In September 2020, a start-up incubated at the Indian Institute of Science (IISc), Equine Biotech, has developed an indigenous RT-PCR diagnostic kit for accurate and affordable diagnosis of Covid-19.
- In October 2020, UC Davis Veterinary Medicine aimed to raise $500 Million in University’s Fundraising Campaign. The vet school’s portion of the $2 billion goal includes a decade-long campaign to raise more than $500 million to create a new veterinary hospital that sets the gold standard of care while defining advanced clinical research and education.
Timeline Considered for Analysis:
2019: Estimated Year
2020 to 2025: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global equine diagnostics services market by the following segments:
- Service Type
- Service Setting
Customization: We also offers customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Equine Diagnostics Services Industry Report
- What is the overall market size in 2019? What will be the market growth during the forecast period i.e. 2020-2025?
- Which region would have high demand for product in the upcoming years?
- What are the factors driving the growth of the market?
- Which submarket will make the most significant contribution to the market?
- What are the market opportunities for existing and entry level players?
- What are various long term and short-term strategies adopted by the market players?
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