Global Equine Diagnostic Services Market Overview
Global demand for equine diagnostic services has witnessed healthy growth in recent years, with growing awareness among horse owners about equine coronavirus, trypanosomosis, and other infectious diseases. While the ongoing coronavirus pandemic is providing a number of growth opportunities, concerns over COVID-19 transmission has restricted diagnostic testing for non-urgent cases, hindering short-term expansion of the equine diagnostic services market size. Veterinary practices are increasingly focusing on compliance with ISO standards and telehealth facilities, and are investing in PPE and social distancing practices, to comply with regulatory recommendations and rules to ensure adequate cash flow through increased testing.
The global equestrian market comprising leisure, horse racing, and betting activities, supporting the demand for equine diagnostic services. Market players are focused on the high potential for return on investments by geographical expansion, encouraged through equine sports activities, particularly in Asia Pacific countries. On the other hand, gradual decline of the global equine populations is an issue challenging market participants.
Equine Diagnostic Services Market Insights by Service Type
In the recent past, equine diagnostic practices have made substantial advances with accuracy and customization of services, which has supported the global market. In terms of services, the equine diagnostic services market can be segregated into genetic testing, phenotype testing, and infectious disease testing among others, all of which are reflecting a positive trajectory for the near future.
However, infectious disease testing is projected to account for a significant market share during the projection period. Growth can be attributed to demand for rapid testing of diseases such as streptococcus equi and equine influenza. In addition, growing awareness among horse owners about preventable ailments is also expected to contribute to the growth of the equine diagnostic services market in the years to come.
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Equine Diagnostic Services Market Insights by Service Setting
In terms of service settings, the equine diagnostic services market is segregated into hospitals & clinics and lab testing and mobile diagnostics. Hospital & clinic settings for diagnostics are expected to hold a major market share through the end of the assessment period, driven by rising adoption of full body scanning practices and MRI systems to minimize risks of underperformance and injuries in horses.
On the other hand, lab & mobile testing is also expected to reflect fast growth on the back of software and technical expertise for technologies such as molecular assays. The segment is likely to gain further support from efforts by bodies such as the American Association of Equine Practitioners to support the new Horseracing Integrity & Safety Act, on measures including anti-doping practices and regulation of therapeutic medicine for horses.
Regional Outlook of Equine Diagnostic Services Market
The Fact.MR report on the equine diagnostic services market encompasses data on North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America, followed by Europe, are projected to be the leading markets for equine diagnostic services throughout the projection period, supported by a larger equine sports and leisure industry, and excellent healthcare infrastructure for diseases such as infectious anemia, arteritis virus infection, and clostridial enteritis, among others, with the U.K. in particular being a front-running country in the global equine industry. For instance, the contribution of the country in terms of equine exports has been valued at more than 500 Mn GBP, with significant business aimed towards far-east markets. Also, the country accounts for more than 3.4 billion GBP in spending from horse racing activities alone.
On a similar note, Asia Pacific is projected to reflect fast growth in the equine diagnostic services market share, on the back of growing investments and interest in equine racing events, coupled with investments in a developing veterinary industry in countries such as China and India.
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Equine Diagnostic Services Market: Key Players
Participants in the equine diagnostic services market are pushing strategies involving product development and launches in addition to strategic acquisitions to bolster portfolios and production capacities in a fairly competitive sector. COVID-19 diagnostic kits and telemedicine services are gaining attention in terms of product development, which involves point of care platforms in research & development.
- For instance, U.K.-based Virtual Veterinary Specialists has announced the addition of an internal medicine virtual referrals for equine patients, aimed at providing telemedicine support for horse veterinarians, including access to ECG, webcams, digital medical cameras, and stethoscopes for real time diagnostics.
- IDEXX Laboratories Inc., in early 2020, announced the introduction of rapid digital cytology services, which allows veterinarians of equine and small animal specializations for faster cytology interpretations within a couple of hours, through the company’s proprietary VetConnect PLUS platform.
Analyzing the competition in the equine diagnostic services market, Fact.MR has profiled a number of players in the sector. These include manufacturers and service providers such as Generatio GmbH, Equiseq Inc., VetGen, Animal Genetics inc., Veterinary Genetics Laboratory, Etalon Inc., Equine Diagnostic Solution Inc., IDEXX Laboratories Inc., B&W Equine Vets, and Neogen Corporation.
The Analyst’s Viewpoint
“Infectious diseases such as equine trypanosomosis did not gain enough attention from the scientific community, until recently. Consequently, players in the equine diagnostic services market are now expected to focus on bolstering the availability of prophylactic drugs to leverage rising demand for infectious disease treatment solutions. Diagnosticians are likely to collaborate with certified specialists to encourage horse owners to seek better testing services.”
COVID-19 Impact on Equine Diagnostic Services Market
The impact of the coronavirus pandemic on the equine diagnostic services market has largely been negative. While horse to human transmission of the virus has not been observed, participants in the market have been pushed to make substantial operational changes for the duration of the crisis.
As per recommendations by regulatory bodies, diagnostic services for non-urgent healthcare cases have been postponed. Also, healthcare personnel in the veterinary field have been pushing to minimize personal interaction with clients, with efforts towards maintaining social distancing guidelines, using masks, and also by encouraging the use of telemedicine facilities. Most practices in the industry have been subject to a drop in revenue during this period, hurting operational cash flow. Loan programs have become increasingly popular to mitigate this issue. Also, efforts towards online sales and cashless transactions are projected to gain ground to combat the ongoing pandemic.
Equine Diagnostics Market: About the Report
An exclusive report by Fact.MR on forecasts for the equine diagnostic services market for 2020 and 2030 has been published. The primary aim of the report is to provide key insights on the market landscape, technological advancements, and demand influencers in the industry. The report also covers essential dynamics that are likely to diversify the prospects of the equine diagnostic services market in the future.
The study on the equine diagnostic services market starts off with an executive overview, which discusses product definition. The report also covers the taxonomy of the equine diagnostic services market, going into details about key segments. Furthermore, the study provides a number of critical insights on market dynamics, including the drivers, restraints, opportunities, and threats, in addition to major factors covering investments in the market.
The report also includes data on differentiation of equine diagnostic services as per service setting and service type, in addition to pricing and supply chain analysis. This will aid readers to have a deeper understanding of the product framework in the equine diagnostic services market.
Equine Diagnostic Services Market - Scope of the Report
A recent study by Fact.MR on the equine diagnostic services market provides a 10-year forecast for 2020 and 2030. The study analyzes crucial trends that determine the growth of the equine diagnostic services market. This report discusses vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders and new players. The study also provides the dynamics that are responsible for influencing the future status of the equine diagnostic services market over the forecast period.
A detailed assessment of equine diagnostic services value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of top companies operating in the equine diagnostic services market along with their product portfolios enhances the reliability of this comprehensive research study.
Equine Diagnostic Services Market: Report Summary
The study offers a comprehensive analysis on diverse features, including demand, product developments, revenue generation, and sales in the equine diagnostic services market across the globe.
A comprehensive estimate on the equine diagnostic services market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the sales of equine diagnostic services during the forecast period. Price point comparison by region with global average price is also considered in the study.
Equine Diagnostic Services Market: Segmentation
Fact.MR has analyzed the equine diagnostic services market with detailed segmentation on the basis of service type, service setting, and key regions.
Hospitals & Clinics
Lab Testing & Mobile Settings
Infectious Disease Testing
Middle East & Africa
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Equine Diagnostic Services Market: Analysis on Market Size Evaluation
The equine diagnostic services market has been analyzed for each market segment in terms of value (US$ Mn).
Market estimates at global and regional levels for equine diagnostic services are available in terms of “US$ Mn” for value. A Y-o-Y growth contrast on prominent equine diagnostic services market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global equine diagnostic services market.
Equine Diagnostic Services Market: Inspected Assessment on Regional Segments
Key sections have been elaborated in the equine diagnostic services market report, which have helped deliver projections on regional markets. These chapters include regional factors (political, economic, and business environment outlook), which are expected to have significant influence on the growth of the equine diagnostic services market during the forecast period.
Country-specific valuation on the demand for equine diagnostic services has been offered for each regional market, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value and volume for emerging countries has also been included in the report.
Equine Diagnostic Services Market: In-depth Analysis on Competitive Landscape
The report sheds light on leading participants in the equine diagnostic services market, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in the provision of equine diagnostic services has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.
Company profiles have been included in the report, which include essentials such as product portfolio and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status and predicting the competition level in the equine diagnostic services market. Prominent companies operating in the global equine diagnostic services market include Generatio GmbH, Equiseq Inc., VetGen, Animal Genetics Inc., Veterinary Genetics Laboratory, Etalon Inc., Equine Diagnostic Solution Inc., IDEXX Laboratories Inc., B&W Equine Vets, and Neogen Corporation.
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