Equine Diagnostic Services Market Expected to Surpass US$ 280 Mn by 2030, Notes Fact.MR
Equine diagnostic service providers continue to invest in improvements for lab and mobile testing facilities, keeping up with rising expertise in tech including molecular assays.
"The demand for equine diagnostic services around the world has being going through steady growth, supported by awareness programs for horse owners about infectious ailments such as trypanosomosis, equine coronavirus, and others, which will sustain market developments in the long term," says the Fact.MR analyst.
Equine Diagnostic Services Market - Important Takeaways
• Equine trypanosomosis diagnostics is expected to display fast growth on the back of investments into prophylactic drug development.
• Hospitals and clinics will remain the primary end users of equine diagnostic services, owing to higher availability of capital and access to full body scans and MRI equipment.
• Asia Pacific is a key market for equine diagnostic services, supported by rising interest in equine sports activities in the region.
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Equine Diagnostic Services Market - Driving Factors
• Investments into telemedicine facilities are expected to generate growth opportunities during the coronavirus crisis, and beyond.
• Improvements in insurance, and interest in horses for leisure, sports, and betting activities remain major contributors to market developments.
Equine Diagnostic Services Market - Leading Constraints
• Fragmented knowledge on equine epidemiology and lack of a centralized veterinary authority is a challenge to market developments.
• Lack of investments by pharmaceutical companies into animal health divisions slows down developments in the sector.
Anticipated Market Impact by Coronavirus Outbreak
The coronavirus pandemic has moderately impacted the global equine diagnostic services market. Concerns about viral transmission between health care professionals and clients has impacted operations in veterinary facilities. Also, lockdown restrictions have resulted in cash flow problems for players in the industry, which has pushed service providers to avail short term loan facilities.
Improvements in telemedicine technologies will provide opportunities for market players to minimize losses during the crisis.
Some of the prominent service providers in the global equine diagnostic service market include but are not limited to Equiseq Inc., IDEXX Laboratories Inc., Generatio GmbH, Etalon Inc., VetGen, Veterinary Genetics Laboratories, and Animal Genetics Inc.