Global Equine Diagnostic Services Market Is Projected To Witness Steady Growth Of Approximately 5% Through 2030

Healthcare

In 2019, the market for equine diagnostic services was estimated to be worth around US$ 165 million. Through 2030, it is expected to increase steadily at a rate of about 5%. The COVID-19 outbreak is likely to have a little effect on the short-term prospects of the sector. Because to the postponement of non-urgent cases due to concerns concerning transmission between veterinary personnel and clients, horse vet clinics are facing operational issues.

On the other hand, the coronavirus pandemic is also anticipated to create growth prospects for telemedicine and from increased awareness of the equine coronavirus among horse owners, both of which are likely to benefit the industry in the long run. Additionally, increased investment in MRI technology and emphasis in diagnostic standardisation with ISO standards

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Key Takeaways from Equine Diagnostic Services Market Report

  • North America is a leading regional market, driven largely by a prominent equine sporting and leisure industry, and higher spending for veterinary diagnostics and treatment, in addition to investments in genomic testing in the region.
  • Hospital and clinics are the primary source for diagnostic services associated with equine ailments, supported by easier access to technologies such as MRIs and full body scans.
  • Lab and mobile testing are driving the equine diagnostic services market, supported by rising access to technical expertise for advanced diagnostics, including molecular assays.
  • Diagnostics for equine trypanosomosis will remain important for market developments, particularly in terms of prophylactic drug development for better clinical outcomes.
  • The COVID-19 pandemic is expected to have a moderate effect on the global equine diagnostic services market in the short term.

“Growing interest in equine sports in Asia Pacific, rising incidence of zoonotic ailments, and demand for insurance coupled with steady growth in the number of veterinary professionals are expected to support the rise of the equine diagnostic services market,”says a Fact.MR analyst.

Product Development and Strategic Acquisitions – Critical to Growth

Prominent players in the equine diagnostic services market such as Generatio GmbH, Equiseq Inc., VetGen, Animal Genetics Inc., Veterinary Genetics Laboratory, Etalon Inc., and IDEXX Laboratories Inc. are largely emphasizing on product and service development associated with equine ailments, and strategic acquisitions and collaborations to invest in geographic and capacity expansion. For instance,

  • Zoetis Inc. announced the acquisition of Phoenix Central Laboratory for Veterinarians with the aim of providing point of care diagnostic testing for full spectrum analysis, including equine, feline, canine, and avian health requirements.
  • Equine Biotech, in collaboration with the Indian Institute of Science, has developed an RT-PCR kit to trace the presence of SARS-CoV-2 in equine patient samples, which requires amplification and reverse transcription processes in real time.

These factors are expected to be major contributors to market revenue and service improvements, particularly with MRIs and full body scans gaining traction in a fairly competitive market landscape, for years to come.

 

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