IDEXX Laboratories, Inc., Abaxis, Inc., Heska Corporation Dominate the Global Veterinary Chemistry Analyzers Market
The global veterinary chemistry analyzers market is dominated by IDEXX Laboratories, Inc. (U.S.), Abaxis, Inc. (U.S.), and Heska Corporation (U.S.), which together accounted for ~65-70% of the market in 2016.
The leading position of IDEXX Laboratories, Inc. in this market is mainly attributed to its strong product portfolio, wide geographic presence, and strong distribution and services network across the globe. The company operates in more than 175 countries across North America, Europe, Asia-Pacific, and the Rest of the World. The company majorly focuses on product launches and product upgrades to provide the most advanced technology to its end users. The company also focuses on R&D activities to develop animal health solutions that meet the customers’ demands. In 2016, the company invested USD 101.1 million in R&D activities for the discovery and development of new veterinary chemistry analyzer products. For instance, in April 2016, the company launched SediVue DX, a urine sediment analyzer, as a preventive care diagnostic tool for companion animals. Similarly, the company upgraded various analyzers between 2013 and 2016. Moreover, the company focuses on direct interaction with its customers, which gives it a competitive advantage over others.
Abaxis, Inc. held the second-largest share of the global veterinary chemistry analyzers market in 2016. Abaxis, Inc. operates through two major segments, namely, medical market and veterinary market. In 2016, the veterinary market segment accounted for approximately 81% of the company’s total revenue, which influenced the operational and financial condition of the company. During the same fiscal year, the company experienced a 21% increase in the sales of its veterinary instruments. The company heavily depends on North American for its revenue generation as around 80% of its revenue comes from this region. The company focuses on acquisitions and partnerships as its growth strategy. In November 2014, Abaxis acquired Quality Clinical Reagents and Trio Diagnostics Ltd. (U.K.). This acquisition enabled the company to strengthen its product portfolio and expand its business presence. Moreover, the company also pursues the strategy of distribution agreements and partnerships with well-known veterinary suppliers to enhance its presence in the veterinary chemistry analyzers market.
Industry players adopted the strategy of agreements, expansions, and product launches to achieve growth in the market. For instance, in 2015, Heska Corporation entered into a distribution agreement with scil animal care company Canada, a subsidiary of scil animal care company GmbH (Germany). Similarly, in 2015 Randox Laboratories Ltd. (U.K.) launched RX altona, a semi-automated analyzer that can perform clinical chemistry and coagulation testing on the same platform. This launch helped the company to strengthen its diagnostic product portfolio. During the same year, Randox Laboratories Ltd. invested USD 23.3 million (GBP 15 million) to set up a new specialist division, Randox Biosciences dedicated for development of advancing scientific discovery, drug development and companion diagnostics in Crumlin, County Antrim, U.K. These strategic agreements, expansions, and product launches helped the companies to increase its veterinary chemistry analyzer product portfolio, geographic presence, and customer base.
Related Reports:
Veterinary Chemistry Analyzer Market by Product (Chemistry Analyzer, Glucometer, Consumables (Panel, Test Strip, Reagent)) Application (Blood Chemistry Analysis, Urinalysis, Glucose Monitoring) & Animal (Companion & Livestock) - Global Forecast to 2022Contact:
Mr. Rohan
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]
This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.
SEND ME A FREE SAMPLE
