According to latest report, the equine diagnostic services market reached value at US$ 170 million in 2020 and projected to hit around 285 million by 2030 with rising CAGR of 5.2% from 2021 to 2030. Prevalence of equine diseases has increased in the past few years. Joint infections, bacterial infections, and upper respiratory infections are highly common among horses.
Equine diagnostic services are defined as lab testing work services for equine patients in hospital, clinics, individual labs, and on farms through equine field service. Tests, such as genetic test and infectious diseases test are often recommended in healthy and sick equine. The interpretation of multiple tests in conjunction with one another (profiling) enables rapid and noninvasive assessment of the major organ systems of a horse.
Mandatory Genetic Testing Adopted by Various Horse Associations to Drive Equine Diagnostic Services Market
Dozens of genetic tests are presently available, which can offer insights into equine health, coat color, and even performance potential. 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 testing for particular genes prior to registering breeding stallions to limit the prevalence of certain conditions in the population. This, in turn, propels the equine diagnostic services market.
The awareness about equine coronavirus has increased after the global outbreak of COVID-19. Hence, pet owners are conducting necessary tests to identify the symptoms of acute onset of fever, lethargy, and anorexia in horses. Next-gen MRI and CT scanning systems are creating value-grab opportunities for companies in the equine diagnostic services market. However, horse owners, regulatory organizations, and scientific community tend to neglect infectious diseases such as equine trypanosomosis, which has resulted in the inhibition of market growth. Hence, companies should increase the availability of reliable prophylactic drugs to avoid incidences of infectious diseases in horses. Diagnostic labs must appoint board-certified equine specialists to guide pet owners toward specialized testing solutions.
In terms of service type, the global equine diagnostic services market has been classified into genetic testing, phenotype testing, infectious disease testing, and others. Infectious diseases such as equine infectious anemia, equine influenza, and streptococcus equi are largely encountered by equine every year. The rise in demand for rapid diagnosis of these diseases and appropriate treatment to gain optimal clinical outcomes of the equine are likely to fuel the segment.
In terms of service setting, the equine diagnostic services market has been divided into lab testing & mobile settings and hospitals & clinics. Lab testing & mobile setting are dedicated 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 the preferred choice, especially among small private clinics and hospitals. These factors are likely to boost the segment during the forecast period.
North America dominated the global equine diagnostics market in 2020. The trend is anticipated to continue during the forecast period. The trend of horse riding among adults in North America has increased over the past five years. Moreover, the culture of horse racing and gambling is renowned in the region, which drives the demand for healthy horses and consequently, propels the market in the region.
This section of the report identifies various key manufacturers of the market. It helps the reader understand the strategies and collaborations that players are focusing on combat competition in the market. The comprehensive report provides a significant microscopic look at the market. The reader can identify the footprints of the manufacturers by knowing about the global revenue of manufacturers, the global price of manufacturers, and sales by manufacturers during the forecast period of 2017 to 2019.
The analysts have provided a comprehensive analysis of the competitive landscape of the global equine diagnostic services market with the company market structure and market share analysis of the top players. The innovative trends and developments, mergers and acquisitions, product portfolio, and new product innovation expected to provide a dashboard view of the market, ultimately providing the readers accurate measure of the current market developments, business strategies, and key financials.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users) and other segments.
Key players in the global surgical equipment market include Generatio GmbH, EquiSeq Inc., VetGen, Animal Genetics Inc., Veterinary Genetics Laboratory, Etalon Inc., Equine Diagnostic Solution, LLC,IDEXX Laboratories, Inc., B&W Equine Vets and Neogen Corporation.
By Service Type
By Service Setting
This report focuses on equine diagnostic services market includes crucial information on market share, market size, and growth rate for the forecast period 2021 to 2030 at the global level, regional level and company level. From a global perspective, this report represents overall equine diagnostic services market size by analyzing historical data and future prospect. The study highlights deep analysis on the major drivers of the market, restraints, and challenges to help the business owners, suppliers, and marketing personnel in planning effective strategies for the forecast period. This will help the business and manufacturers to lead the market and gain prominent position in future. The report also presents vital information through graphical representation on factors like table, charts, and statistics. The study includes drivers and restraints of the global equine diagnostic services market.
The research not only conducts forecasts in terms of value, but also evaluates the market on the basis of essential parameters, such as Year-on-Year (Y-o-Y) growth. This helps providers to recognize the future opportunities as well predictability of the market.
In order to understand and assess opportunities in this market, the report is categorically divided into five key sections on the basis of segments. The report analyzes the global market in terms of value (US$ dollers) and volume (Million Units).
The research report includes specific segments by region (country), by company, by all segments. This study provides information about the growth and revenue during the historic and forecasted period of 2017 to 2030. Every segment is further sub-segmented into several sub-segmented that are deeply analyzed by experts to offer valuable information to the buyers and market players. Understanding the segments helps in identifying the importance of different factors that aid the market growth.
The research report includes a detailed study of regions of North America, Europe, China, Japan and Rest of the World. The report has been curated after observing and studying various factors that determine regional growth such as economic, environmental, social, technological, and political status of the particular region. Analysts have studied the data of revenue and manufacturers of each region. This section analyses region-wise revenue and volume for the forecast period of 2017 to 2030. These analyses will help the reader to understand the potential worth of investment in a particular region.
The report provides in-depth segment analysis of the global equine diagnostic services market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the equine diagnostic services market.
The report includes country-wise and region-wise market size for the period 2017-2030. It also includes market size and forecast by segments in terms of production capacity, price and revenue for the period 2017-2030.
In this study, the years considered to estimate the market size of equine diagnostic services are as follows:
The research methodology adopted by analysts for compiling the global equine diagnostic services market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global market.
During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global equine diagnostic services market.
The study objectives of this report are:
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