Global Equine Diagnostic Services Market size to touch US$ 220 Mn by 2027 at a CAGR of 5.5%
Noida,Uttar Pradesh, India,Mar 04 2021 (WiredRelease) Report Ocean Pvt Ltd–:Global Equine Diagnostic Services Market is estimated to see healthy growth, pegged at a CAGR of ~5.5% during the forecast period 2020-2027. Equine coronavirus has raised up many doubts in the minds of horse owners if equine coronavirus can affect humans in this current pandemic situation. As such, equine coronavirus cases are being investigated for ten years. However, the COVID-19 pandemic has progressively highlighted the equine coronavirus issue in horses. Hereafter, equine diagnostic services market companies conduct podcasts and webinars to educate pet owners about equine coronavirus’s repercussions.
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Global equine diagnostic services market demand has witnessed strong growth in recent years, with growing awareness among horse owners about trypanosomosis, equine coronavirus, and other infectious diseases. While the ongoing coronavirus pandemic provides several growth opportunities, concerns over COVID-19 transmission have restricted diagnostic testing for non-urgent cases, hindering the short-term equine diagnostic services market size expansion. Although, veterinary practices are increasingly focusing on compliance with telehealth facilities and ISO standards. They are primarily focused on investing in PPE and social distancing practices, complying with regulatory references and rules to confirm adequate cash flow through increased testing.
The global equestrian market including horse racing, leisure, and betting activities, supporting the equine diagnostic services demand. Market companies are focused on the high return on investment potential by geographical expansion, encouraged through equine sports activities, particularly in developing countries. On the other hand, the gradual decline of the global equine populations is challenging market participants.
Veterinary Genetics Laboratory, VetGen, Animal Genetics Inc., Generatio GmbH, EquiSeq Inc., Etalon Inc., IDEXX Laboratories, Inc., B&W Equine Vets, Equine Diagnostic Solution Inc., and Neogen Corporation, among others, are the crucial equine diagnostic services providers worldwide that are leading and improving the growth of the services.
For instance, the UK-based Virtual Veterinary Specialists has revealed the addition of internal medicine virtual referrals for equine patients to provide telemedicine support for horse veterinarians, including access to ECG, webcams, and digital medical cameras, and stethoscopes for real-time diagnostics.In 2020, IDEXX Laboratories Inc. revealed the launch of rapid digital cytology services for global consumers, which permits veterinarians of equine and small animal specializations for faster cytology interpretations within a couple of hours through the company’s proprietary VetConnect PLUS platform.
Companies involved in the equine diagnostic services market are increasing awareness that horse owners must conduct the necessary COVID-19 tests meant for horses to prevent their infection exposure. Horse owners must identify lethargy, anorexia, and acute onset of fever to avoid coronavirus exposure. However, there is a widespread lack of evidence whether equine coronavirus can affect humans, which is expected to slow down the overall equine diagnostic services market’s growth during the forecast period.
Segmentation Overview of the Global Equine Diagnostic Services Market
The equine diagnostic services market has been segmented into Service Type and Service Setting. These major market segments are further categorized into various sub-segments to study the market in detail.
By Service Type Outlook (Phenotype Testing, Genetic Testing, Infectious Disease Testing, Others)
By Service Setting Outlook (Hospitals, Clinics, Lab Testing & Mobile Settigs)
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