NEWARK, Del, Sep 19, 2022 (GLOBE NEWSWIRE) — The global veterinary molecular diagnostics market size is expected to be valued at US$182.1 million in 2022. With the adoption of multiple test panels, coupled with the increasing consolidation of the veterinary diagnostic industry, the entire request for veterinary molecular diagnostics is expected to grow at a CAGR of 6.84% between 2022 and 2032, totaling approximately US$352.8 million by 2032.
Factors such as the growing population of pets globally, increasing expenditure on animal healthcare, and advancements in veterinary molecular diagnostics are expected to propel the growth of the veterinary molecular diagnostics market over the analysis period.
Changes in the livestock industry and changing societal attitudes towards companion animals have led to an increased demand for rapid and reliable diagnostic techniques. Molecular diagnostics have the potential to meet this growing demand.
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In 2018, more than 60% of the American population owned a companion animal. There is a growing tendency to treat companion animals like family members, which has increased healthcare demands for veterinary applications. The increase in the number of pets is one of the reasons for the increased expenditure on animal health worldwide.
According to estimates by the American Pet Products Association, total US pet industry spending is expected to reach $75.38 billion by the end of 2019, up from $72.56 billion in 2018. Animal health spending is expected to drive the growth of the veterinary molecular diagnostics market, as a significant share of pet owners are expected to use advanced diagnostic modalities for animals, for various diseases.
In addition, there is an increase in livestock, due to the huge demand for animal products. This is expected to increase the demand for molecular diagnostic tests in the coming years.
The United States Veterinary Molecular Diagnostics Market is expected to accumulate the highest market share of 34.6% in 2022. The United States is expected to dominate the market, owing to factors such as growing pet adoption and rising per capita animal health spending. Furthermore, increasing prevalence of various animal diseases and injuries is another major factor that is expected to fuel the growth of the market over the forecast period.
High growth in the number of veterinary practitioners and rising income levels in the developed economies are some of the significant factors that are intensifying the growth and demand for the veterinary molecular diagnostics market. In addition, growing demand for pet insurance and rising expenditure on animal healthcare are also contributing to the growth of the global market during the forecast period.
In addition, the increasing demand for food products of animal origin and the increasing incidence of animal zoonotic diseases are also enhancing the growth of the market. Likewise, high growth in the pet population is also driving the growth of the market in the coming years.
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Key insights from market research
- The global veterinary molecular diagnostics market was valued at US$ 182.1 Mn by 2022-end
- From 2017 to 2021, market demand grew at a CAGR of 7.3%
- By product type, the PCR kits segment of the veterinary molecular diagnostics market constitutes the bulk of the market with a market share of 50.8%
- By species type, the livestock segment dominates the market with a share of 71.0%
- From 2022 to 2032, Veterinary Molecular Diagnostics sales are expected to flourish at a CAGR of 6.84%.
- By 2032, the market value of Veterinary Molecular Diagnostics is expected to reach US$ 352.8 Min.
“Factors such as the increase in animal health expenditure per capitacoupled to the rise worldwide pet adoption are expected to accelerate the growth of the veterinary molecular diagnostics market over the analysis period,” notes an IMF analyst.
The players in the global veterinary molecular diagnostics market are focused on expanding their global reach through various strategies, such as; partnerships, collaborations and partnerships. The players are also investing significantly in R&D to add innovations to their products that would help them strengthen their position in the global market. Some of the recent developments among the major players are:
- In April 2021, INDICAL BIOSCIENCE GmbH (Germany) acquired the Svanova product portfolio from Boehringer Ingelheim, which helped INDICAL expand its portfolio by adding 25 livestock tests.
- In April 2021, BioChek (Netherlands) opened a new office in Johannesburg, South Africa.
- In January 2021, Heska Corporation (USA) acquired Lacuna Diagnostics (USA), this acquisition strengthened the company’s portfolio of point-of-care digital cytology technology and telemedicine services.
- In December 2020, NEOGEN Corporation (USA) launched a preventive care DNA screening tool to detect genetic diseases in dogs.
- In November 2020, NEOGEN Corporation (USA) collaborated with Transnetyx Inc. (USA), this partnership has helped NEOGEN increase its presence in the animal genomics and diagnostics market.
- bioMérieux SA
- IDEXX Laboratories, Inc.
- Neogen Europe, Ltd.
- Veterinary Molecular Diagnostics, Inc.
- ThermoFisher Scientific, Inc.
- ID-Vet, Qiagen SA
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Key segments covered in the Veterinary Molecular Diagnostics industry analysis
Veterinary Molecular Diagnostics Market by Product Type:
- Veterinary molecular diagnostic PCR kits
- INAAT veterinary molecular diagnostic kits
- Veterinary Molecular Diagnostic Microarray Kits
- Veterinary Molecular Diagnostic DNA Sequencing Kits
Veterinary Molecular Diagnostics Market by Species Type:
- Veterinary molecular diagnostics for farm animals
- Veterinary Molecular Diagnostics for Companion Animals
Veterinary Molecular Diagnostics Market by Disease Type:
- Veterinary molecular diagnostics for Anaplasma spp.
- Veterinary molecular diagnostics for Ehrlichia spp.
- Veterinary molecular diagnostics for New Castle disease
- Veterinary molecular diagnostics for influenza
- Molecular Veterinary Diagnostics for Porcine Reproductive and Respiratory Syndrome (PRRS)
Veterinary Molecular Diagnostics Market by End User:
- Veterinary Molecular Diagnostics for Veterinary Hospitals
- Veterinary Molecular Diagnostics for Clinical Laboratories
- Veterinary molecular diagnostics for veterinary research institutes
1.1. Market overview
1.2. Market analysis
1.3. MFI analysis and recommendations
1.4. Wheel of Fortune
2. Presentation of the market
2.1. Market definition
2.2. Market Taxonomy
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