Equine Diagnostic Services Market to Receive Overwhelming Hike in Revenues by 2030

The equine diagnostic services market is estimated to cross a valuation of US$ 280 Mn by the conclusion of the assessment period between 2020 and 2030. The new Fact.MR report says that concerns over covid-19 transmission, has generated opportunities for market players in terms of telehealth facilities. Also, growing awareness among horse owners about equine coronavirus during the crisis period is expected to support short term growth. The growth is likely to continue post-pandemic, with standardization of diagnostic test parameters.
"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.
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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.
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. Further, awareness programs associated to equine coronavirus have proven beneficial to the industry. With investments into MRI and full body scans, the growth of the market will continue in the post-pandemic era.
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Competition Landscape
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.
Equine diagnostic services market players manufacturers are pushing for improvements to service developments, and collaborations to widen scope of service changes, for long term growth prospects.
For example, IDEXX Laboratories Inc. has introduced rapid, digital, cytology for veterinarians to collaborate on fast-tracked cytology interpretations through the VetConnect PLUS platform. Zoetis Inc. has acquired Pheonix Central Laboratory for point of care veterinary diagnostics. Virtual Veterinary Specialists has unveiled virtual referrals with telemedicine facilities for diagnostic results in real time.
Media Release: https://www.factmr.com/media-release/1697/global-equine-diagnostic-services-market

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