What is Veterinary Point of Care Monitoring?
Point of care monitoring refers to diagnostic testing done outside laboratories, in the close proximity of the patient. Point-of-care is part of critical care and delivers precise and instant results in emergency conditions. Veterinary point-of-care blood gas analyzers include small, handheld analyzers utilized for blood testing to measure pH, electrolytes, metabolites, and blood gases. These analyzers are utilized in veterinary settings that consist of academic veterinary medical centers, private clinics, and remote area veterinary medical centers and teams. These analyzers are also utilized in research applications, academic institutes, government laboratories, and biotechnology and pharmaceutical industry.
Anthrax, rabies, pox, Johne`s disease, black quarter (black-leg), tetanus, bovine rhinotracheitis, piglet, diarrhea or scour, theileriosis, and ringworm are some of the diseases for which point of care blood gas analyzers are utilized in veterinary. Point of care testing is handy and can be done at home for any kind of preoperative conditions and detection of diseases for quick diagnosis and treatment. Point of care blood gas analyzers are easy to apply and minimize user errors, offering precise results. However, results may fluctuate based on the experience of the user.
Benefits associated with Point of Care Monitoring
- Point-of-care is a vital part of critical care, as it offers reliable and timely emergency results.
- Veterinary point-of-care blood gas analyzers consist of metabolites, blood gases for blood testing, portable analyzers used to calculate pH, electrolytes, and is a lightweight equipment
- These analyzers are utilized in veterinary settings, which consist of remote area veterinary medical centers and teams, academic veterinary medical centers, and private clinics.
- They are also utilized in applications of research universities, biotechnology, government laboratories, and pharmaceutical industries.
- Diseases detected by veterinary blood gas analyzers consist of ringworm, pox, piglet diarrhea or scour, rabies a Black quarter (Black-leg), bovine rhinotracheitis, Johne’s disease, Tetanus, theileriosis, and anthrax.
- Point-of-care tests are practical and can be performed at home for all types of preoperative conditions and disease detection for rapid diagnosis and treatment in animals becomes easy.
Global Marker Scenario for Veterinary Point of Care Blood Gas Analyzers
According to a detailed report by Growth Market Reports (GMR), the global veterinary point of care blood gas analyzers market was valued at USD 52.6 million in 2019 and is projected to reach USD 70.3 million by 2027, expanding at a CAGR of 4.0% during the forecast period, 2020-2027.
The global veterinary point of care blood gas analyzers market is extensively driven by rising adoption of pet and companion animals, increasing awareness related to health care of animals, and surging expenditure for welfare of animals across the world. Moreover, the increase in veterinary health care spending and favorable government regulations are projected to bolster the growth of the market in the coming years.
Market Trends and Dynamics
- Humanization is majorly impacting various purchasing decisions. Transforming consumer perception of animal health and a growing tendency to have a pet in nuclear families are projected to bolster the market growth. In the past years, the trend of developing animal health and safety, among animal owners, has gone up. According to the American Veterinary Medical Association survey, in the past five years, the prices for animal welfare and veterinary care rise of 40%. This growth is attributed to the growing human-animal relationship that determines the desire of consumers to spend more money on their animals. Additionally, this change in the human-animal relationship is projected to increase the demand for veterinary point of care blood gas analyzers.
- The lack of investment in the animal healthcare programs, poor communication systems, and less animal healthcare expenditure are some factors that has plummeted the demand for the product in the emerging countries. This is also caused due to the lack of awareness among the people of the emerging nations. Many of the diseases in animals are ignored due to unawareness or unfamiliarity of symptoms. The development of the animal’s healthcare has recently grown; however, the growth is less than what has been expected in the past.
- Existing market players are deploying advanced techniques and strategies to come up with new methods for manufacturing of technologically improved blood gas analyzers, which is expected to augment the demand for veterinary point-of-care blood gas analyzers market during the forecast period.
COVID-19 Impact on the Market
The coronavirus pandemic has led to havoc across the globe. It had pressurized the manufacturing industry to come at a halt. However, the market is slowly recovering. Manufacturers are including technologies to make the overall system less dependent on humans. Besides this, the industries are seeking for local players to meet their requirements.
The outlook of impact can be divided under the following possible scenarios:
- According to the optimistic scenario, the global veterinary point of care blood gas analyzers market is anticipated to remain under the massive impact of COVID-19 in the first quarter of 2020, and from the second quarter, the demand is expected to rise.
- Under the probabilistic scenario, the market is expected to remain under the strong influence of the crisis until the second quarter, and from the third quarter onwards, the situation will alleviate.
On the basis of modality, the market has been bifurcated into portable analyzers and handheld analyzers. The portable analyzers segment is anticipated to dominate the market during the forecast period. Based on animals, the market is categorized into companion animals, poultry & dairy animals, livestock animals, and others. The companion animal segment is anticipated to account for a 47% share of the market by 2027 due to rising demand for companion animal in nuclear families. The livestock animal segment and poultry & dairy segment are expected to expand at considerable CAGR of 3.7% due to consumption of meat and animal by-products during the forecast period. In terms of end-use, the market is classified as veterinary clinics, veterinary laboratories, research laboratories, and others. In terms of revenue, the veterinary clinic segment is projected to account for significant market share, as a majority of companion animals are treated in veterinary clinics. The research laboratories segment is anticipated to expand at substantial CAGR 3.6% owing to the increase in the animal healthcare expenditure and rise in research & development activities.
On the basis of regions, the market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is a promising region for the market. It accounted for 38.6% share of the market in 2019. The growth in livestock importance, rise in the demand for protein-rich animal foods, growth in the consumption of meat & dairy products, and surge in pet adoption in the US, are projected to boost the demand for point of care blood gas analyzers during the forecast period. The market in Asia Pacific is expected to expand at a considerable CAGR of 4% attributing to the increase in disposable income and growing environmental consciousness.
Competitive Landscape and Developments
Prominent players in the market include Heska Corporation, Zoetis, and IDEXX Laboratories, Inc.
The prominent players in the market are utilizing strategies such as product launches, mergers & acquisitions, and contracts & collaborations. These strategies are expected to deliver effective goods and high-performance goods, supporting market laws, and better client satisfaction.
- For instance, On March 03, 2020, Bayer AG’s Animal Health rolled out global Care4Pigs grant for developing well-being of swine. The initiative was in collaboration with the Korean Association of Swine Veterinarians (KASV) and Farm Animal Welfare Education Centre (FAWEC). The initiative was released with an aim of supporting farm-level innovations developed by veterinarians, farm animal keepers, and farmers.
- On August 07, 2019, EDAN Diagnostics, Inc. declared the relocation and expansion of its operation hub in the US. The expansion was made to cater to the increasing demand from the medical industry in North America and Latin America with a focus to amplify the expertise in its services, offering quick delivery time.