The global equine diagnostic services market was worth roughly US$ 165 million in 2019 and is expected to increase at a stable rate of around 5% through 2030. The COVID-19 outbreak is expected to have a minor influence on the industry’s short-term prospects. Concerns about transmission between veterinary practitioners and clients are causing operational difficulties for equine veterinarians and limiting cash flow for market participants as non-urgent cases are postponed.
The coronavirus pandemic, on the other hand, is anticipated to create growth prospects in telemedicine and increased knowledge of equine coronavirus among horse owners, both of which are likely to benefit the industry in the long run.
Key Takeaways from Equine Diagnostic Services Market Report
- North America is a major regional market, owing to a thriving horse sporting and leisure industry, as well as increased expenditure on veterinary diagnosis and treatment, as well as investments in genomic testing.
- Diagnostic services for horse disorders are mostly provided by hospitals and clinics, which are aided by improved access to technologies such as MRIs and whole-body scans.
- The equine diagnostic services market is being driven by the lab and mobile testing, which is being aided by increased access to technical skills for advanced diagnostics, such as molecular tests.
- Diagnostics for horse trypanosomosis will continue to be vital for market growth, notably in the development of preventative drugs to improve clinical outcomes.
- In the short term, the COVID-19 pandemic is projected to have a moderate impact on the worldwide equine diagnostic services market.
“Growing interest in horse sports in the Asia Pacific, increased prevalence of zoonotic diseases, and demand for insurance, along with constant expansion in the number of veterinary experts, are projected to drive the rise of the equine diagnostic services market,” according to a Fact.MR analyst.
Equine Diagnostic Services Market Insights by Service Type
Equine diagnostic methods have made significant breakthroughs in terms of accuracy and service personalization in recent years, which has aided the global industry. The equine diagnostic services market can be divided into genetic testing, phenotypic testing, and infectious disease testing, among other services, all of which are expected to grow shortly.
During the forecast period, however, infectious disease testing is expected to account for a large market share. Demand for quick testing of illnesses like streptococcus equi and horse influenza has fueled growth. Furthermore, rising awareness among horse owners regarding preventable diseases is projected to aid the growth of the equine diagnostic services market in the coming years.
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