Equine Diagnostic Services Market
Equine Diagnostic Services Market By Service Type (Genetic Testing, Phenotype Testing, Infectious Disease Testing), By Service Settings (Hospitals & Clinics, Lab Testing & Mobile Settings)- Global Market Insights 2020 to 2030
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 personal protective equipment 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.
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.
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.”
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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.
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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: Segmentation
Fact.MR has analyzed the equine diagnostic services market with detailed segmentation on the basis of service type, service setting, and key regions.
- Genetic Testing
- Phenotype Testing
- Infectious Disease Testing
- Hospitals & Clinics
- Lab Testing & Mobile Settings
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
“This taxonomy is confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized and prohibited.”
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