The high growth of the veterinary POC diagnostics market is majorly accredited to the innovation in PoC testing and its benefits over other methods of veterinary diagnostics. In addition, aspects such as increasing pet adoption and increasing pet population, growing demand for animal-derived food products, implementation of pet insurance, and augment in pet expenditure are also predicted to assist market growth. Moreover, emerging regions deliver augmenting growth opportunities for players functioning in the veterinary PoC diagnostics market.
The growth of veterinary PoC diagnostics is predicted to be propelled by the growing adoption of speedy diagnostic tools by veterinary doctors. Moreover, the growing awareness concerning the health of pets and livestock is predicted to propel the market of veterinary PoC diagnostics. Certain benefits of veterinary PoC diagnostics such as cost-efficient, the flexibility of qualitative and quantitative techniques, simplicity of usage, and rapidity among others are predicted to propel the growth of the global veterinary PoC diagnostics market. Relaxed regulatory protocols are also among the aspects that are predicted to foster the growth of the global veterinary PoC diagnostics market.
According to the SPER market research, ‘Veterinary PoC Diagnostics Market– Analysis of Market Size, Share & Trends for 2019 – 2020 and Forecast to 2027’ state that the global veterinary PoC market is predicted to rise at a CAGR of 7.4% from 2020 to reach USD 2.47 billion by 2027.
Adoption of improved state-of-art diagnostic approaches observed lucrative opportunities for the veterinary PoC diagnostic market. Medical discoveries have made tremendous changes in veterinary healthcare systems such as PoC, it allows speedy results in non-laboratory settings. There is traction in the veterinary PoC diagnostics market owing to the implementation of improved and innovative diagnostic testing methods. Augmented prevalence of different pandemic diseases, specific results, less span of time, change in diagnostic trends and implementation of state-of-art technologies are projected to foster the veterinary PoC diagnostic market over the review time frame.
Robust investments in research & development are predicted to propose a user-friendly veterinary PoC diagnostics market. Companies are aimed at veterinary PoC testing to get great results in non-clinical laboratory settings. Augmented ease of testing is generating demand for PoC test kits. Favorable government policies are observed to accelerate the market over the review duration.
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North America is predicted to register the global veterinary PoC diagnostics market due to the growing acceptance of pet owners to pay for veterinary health care services. In addition, the effective growth in awareness concerning the impact of livestock health on human health and the food chain in the developed regions of North America and Europe is predicted to propel the global veterinary PoC market in these regions.
In addition, aspects such as an augment in the prevalence of zoonotic diseases in livestock animals and the requirement for the detection of these diseases are propelling the growth of the veterinary PoC diagnostics market. Benefits of point care technology as associated to clinical laboratory is predicted to increase the growth of veterinary PoC diagnostics market.
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