Veterinary Molecular Diagnostics Market Size, Share, Growth, Trends and Forecast to 2030
Posted by Shrikant Mandlik on September 14th, 2022
Veterinary Molecular Diagnostics Market: Introduction
According to the report, the global veterinary molecular diagnostics market was valued at US$ 479.3 Mn in 2019 and is projected to expand at a CAGR of ~8% from 2020 to 2030. Molecular diagnostics are laboratory methods to examine the RNA, DNA, or other proteins in animals and identify diseases or the predisposition stage. Different technologies are used in the diagnosis of veterinary diseases, including conventional PCR, singleplex PCR, multiplex PCR, and real-time PCR. The growth of the global veterinary molecular diagnostics market can be ascribed to increase in zoonotic disease concerns and rise in pet ownership & spending in the pet industry. North America dominated the global veterinary molecular diagnostics market in 2019. The trend is anticipated to continue during the forecast period. Highly structured healthcare industry, early adoption of new products, high prevalence rate of zoonotic diseases, and presence of major players are expected to drive the veterinary molecular diagnostics market in North America.
Asia Pacific is likely to be a highly lucrative market for veterinary molecular diagnostics during the forecast period. The market in the region is projected to expand at a high CAGR from 2020 to 2030.
Increase in Zoonotic Disease Concerns and Rise in Pet Ownership & Spending in Pet Industry to Drive Global Market
A disease that spreads between animals and humans is termed as zoonotic disease. It can be caused by viruses, bacteria, parasites, and fungi. Scientists estimate that more than six in 10 infectious diseases in humans are spread from animals. Prevalence of several zoonotic and vector-borne diseases are likely to increase in the near future due to changing social habits, habitat modification, exotic vector introductions, and climate change. Hence, the need of development of rapid and precise diagnosis methods for the prevention of these diseases is anticipated to drive the global veterinary molecular diagnostics market. Rise in pet ownership and spending in the pet industry is another major factor boosting the growth of the global market. According to a survey conducted by the American Pet Products Association (APPA), in 2019–2020, 67% of the U.S. households or about 85 million families, own a pet.
According to a report published by the Federal Trade Commission (FTC), in 2018, the U.S. Government spent around US$ 72.5 Bn on the pet industry, which included food, veterinary care, prescription, and OTC medications, and other pet services and products.
Enquiry Before Buying: https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=42437
Kits & Reagents to Dominate Veterinary Molecular Diagnostics Market
In terms of product type, the global veterinary molecular diagnostics market has been divided into instruments & software, kits & reagents, and services. The kits & reagents segment dominated the global veterinary molecular diagnostics market in 2019. The trend is likely to continue during the forecast period. This can be attributed to increase in demand for customized reagents and kits. A second wave of automation, which includes replacement of existing old technology and low throughput automated systems with advanced fully automated and high throughput systems, is anticipated to lead to uptake of automated veterinary molecular diagnostic analyzer units in the market.
Moreover, consolidation among diagnostic laboratories and rise in demand for small volume point-of-care automated veterinary molecular diagnostic analyzer systems are projected to fuel the growth of the segment. Instruments & software was the second largest segment in terms of market share in 2019. The growth of the segment can be attributed to advantages of automated instruments & software such as quick results with less labor.
Real-time PCR to be Highly Lucrative Technology
Based on technology, the global veterinary molecular diagnostics market has been categorized into conventional PCR, singleplex PCR, multiplex PCR, real-time PCR, and others. The real-time PCR segment accounted for prominent share of the global veterinary molecular diagnostics market in 2019. Real-time PCR has higher precision, increased sensitivity (down to one copy), increased dynamic range (greater than 8 logs), and high resolution (less than two-fold differences). These factors are likely to boost the growth of the segment during the forecast period.
Vector-borne Diseases to Offer Growth Opportunities
In terms of disease type, the global veterinary molecular diagnostics market has been categorized into vector-borne diseases, respiratory pathogens, diarrhea pathogens, and others. The vector-borne diseases segment accounted for major share of the global veterinary molecular diagnostics market in 2019. This can be ascribed to rise in awareness about diseases transmitted by common ectoparasites such as ticks, mosquitos, and fleas. Trypanosomiasis is one of the major vector-born animal disease constraints to livestock production. For instance, in sub-Saharan Africa, this disease affects meat production, which is reduced by 5% to 30% and milk production from 10% to 40%.
Companion Animals to be Highly Lucrative Segment
Based on animal type, the global veterinary molecular diagnostics market has been bifurcated into companion animals and livestock animals. The companion animals segment has been split into canine, feline, and others. The companion animals segment accounted for a prominent share of the global veterinary molecular diagnostics market in 2019 due to rise in pet ownership in North America and Europe. According to the European Pet Food Industry Federation, over 75 million households in Europe own a pet each. This number is expected to rise exponentially in the near future.
Hospital and Clinics to be Major End Users
In terms of end user, the global veterinary molecular diagnostics market has been segregated into hospitals/clinics and reference laboratories. The reference laboratories segment led the global veterinary molecular diagnostics market in terms of revenue in 2019. The trend is expected to continue during the forecast period. Reference laboratories are dedicated facilities, which have all the necessary reagents, kits, instruments, software, and technicians with the required skill set to perform sophisticated molecular diagnostic tests. This makes reference laboratories the preferred choice of most of the veterinary hospitals and clinics for their diagnostic needs, especially small private clinics and hospitals. These factors are expected to fuel the growth of the reference laboratories segment during the forecast period.
North America to Dominate Veterinary Molecular Diagnostics Market
In terms of region, the global veterinary molecular diagnostics market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global veterinary molecular diagnostics market in 2019, followed by Europe. North America is also home to several key players such as Idexx, VCA, and Thermo Fisher. Additionally, increase in pet ownership in the U.S. is likely to fuel the growth of the market in North America. According to a survey conducted by the American Pet Products Association (APPA), in 2017–2018, around 94.2 million cats and 89.7 million dogs were owned as pets in the U.S.
The veterinary molecular diagnostics market in Asia Pacific is anticipated to expand at a high CAGR from 2020 to 2030. This can be ascribed to the high adoption of veterinary diagnostic products for the well-being of the rapidly increasing livestock animal population.
Request For Custom Research: https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=42437
Competition Landscape of Veterinary Molecular Diagnostics Market
The global veterinary molecular diagnostics market is fragmented in terms of number of players. Key players operating in the global market include IDEXX Laboratories, Inc., Thermo Fisher Scientific, Inc., Zoetis, Inc., Neogen Corporation, bioMérieux SA, QIAGEN N.V., Biomedica Medizinprodukte GmbH & Co KG, Bioneer, VCA, Inc. (subsidiary of Mars, Incorporated), and ID.VET.
Global Veterinary Molecular Diagnostics Market
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
For More Research Insights on Leading Industries, Visit Our YouTube Channel and hit subscribe for Future Update - https://www.youtube.com/channel/UC8e-z-g23-TdDMuODiL8BKQ
Like it? Share it!
About the AuthorShrikant Mandlik
Joined: July 7th, 2022
Articles Posted: 168
More by this author