The global equine diagnostic services market was valued at around US$ 165 Mn in 2019, and is projected to witness steady growth of approximately 5% through 2030. The impact of the COVID-19 outbreak on the short-term prospects of the industry is likely to be moderate. Concerns over transmission between veterinary professionals and clients is creating operational challenges for equine vet practices, and reducing cash flow for market players as non-urgent cases are postponed.
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However, the coronavirus pandemic is also likely to generate growth opportunities in terms of telemedicine, and from growing awareness about equine coronavirus among horse owners, which are likely to contribute to the sector in the long term. Furthermore, higher interest in diagnostic standardization with ISO parameters and investments in technologies for MRI devices and full body scans are expected to aid the growth of the equine diagnostic services market for years to come.
Key Takeaways from Equine Diagnostic Services Market Report
- North America is a leading regional market, driven largely by a prominent equine sporting and leisure industry, and higher spending for veterinary diagnostics and treatment, in addition to investments in genomic testing in the region.
- Hospital and clinics are the primary source for diagnostic services associated with equine ailments, supported by easier access to technologies such as MRIs and full body scans.
- Lab and mobile testing are driving the equine diagnostic services market, supported by rising access to technical expertise for advanced diagnostics, including molecular assays.
- Diagnostics for equine trypanosomosis will remain important for market developments, particularly in terms of prophylactic drug development for better clinical outcomes.
- The COVID-19 pandemic is expected to have a moderate effect on the global equine diagnostic services market in the short term.
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“Growing interest in equine sports in Asia Pacific, rising incidence of zoonotic ailments, and demand for insurance coupled with steady growth in the number of veterinary professionals are expected to support the rise of the equine diagnostic services market,” says a Fact.MR analyst.
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.
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Product Development and Strategic Acquisitions – Critical to Growth
Prominent players in the equine diagnostic services market such as Generatio GmbH, Equiseq Inc., VetGen, Animal Genetics Inc., Veterinary Genetics Laboratory, Etalon Inc., and IDEXX Laboratories Inc. are largely emphasizing on product and service development associated with equine ailments, and strategic acquisitions and collaborations to invest in geographic and capacity expansion.
For instance,
- Zoetis Inc. announced the acquisition of Phoenix Central Laboratory for Veterinarians with the aim of providing point of care diagnostic testing for full spectrum analysis, including equine, feline, canine, and avian health requirements.
- Equine Biotech, in collaboration with the Indian Institute of Science, has developed an RT-PCR kit to trace the presence of SARS-CoV-2 in equine patient samples, which requires amplification and reverse transcription processes in real time.
These factors are expected to be major contributors to market revenue and service improvements, particularly with MRIs and full body scans gaining traction in a fairly competitive market landscape, for years to come.
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