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Demand for Equine Diagnostic Services Market to Grow at a CAGR of 5% Through 2030
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The equine diagnostic services market is projected to grow at a 5% CAGR through 2030, driven by telemedicine and diagnostic advancements despite COVID-19 challenges.
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
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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.
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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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The post Demand for Equine Diagnostic Services Market to Grow at a CAGR of 5% Through 2030 appeared first on Latest Market Reports.
The article discusses the projected growth of the equine diagnostic services market at a 5% CAGR through 2030.
COVID-19 has a moderate impact but creates opportunities in telemedicine and raises awareness of equine coronavirus.
North America is a leading market due to its equine sports and leisure industry.
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