Reported about 1 year ago
As the trend of underpopulation continues, the pet industry market is growing bigger. Taiwan's small factory, Rui-Magnetic Biological Technology (6598), has developed a testing technology where a drop of bodily fluid can detect various diseases quickly and affordably. This technology has caught the attention of IDEXX, a global leader in pet testing with a 70% market share, leading to a collaboration for pet testing equipment and digital biological barcodes used in labs across the US and in China. With the pet industry rapidly expanding, Research And Markets forecasts the global pet medical market to increase from $624 billion in 2021 to $908 billion in 2026, driven by aging populations, faster lifestyles, increased pet companionship demand, growing pet owner's prioritization of their pets, and the gradual popularity of pet medical insurance. IDEXX and Rui-Magnetic's partnership in pet testing is significant as diagnostics play an increasing role in pet healthcare, with predictions showing a value of $14.7 billion by 2032. With 30%, 29%, and 27% of pet owners having difficulty finding suitable veterinarians in Germany, the US, and the UK, respectively, coupled with a shortage of manpower in pet clinics, there is a need for stronger tools and transformation to enhance efficiency in the industry.
Source: YAHOO