In 2023, it is anticipated that the market for veterinary molecular diagnostics will be worth US$ 194.47 million, and it will reach US$ 377.22 million by 2033. Between 2023 and 2033, the market for veterinary molecular diagnostics is anticipated to expand at a CAGR of 6.84%.
In 2022, the market for veterinary molecular diagnostics is projected to be worth US$182.1 million. The overall demand for veterinary molecular diagnostics is anticipated to increase at a CAGR of 6.84% between 2022 and 2032, reaching a total of about US$ 352.8 Million by 2032 due to the adoption of multiple testing panels and the growing consolidation in the veterinary diagnostics industry.
According to the latest market report published by Future Market Insights, titled ‘Veterinary Molecular Diagnostics Market: Global Industry Analysis (2013-2021) and Forecast (2022-2026)’, the global veterinary molecular diagnostics market is expected to expand at a CAGR of 7.6% during the forecast period 2022–2028.
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The market is segmented based on product type, disease type, species type, end-user, and region. On the basis of product type, the market has been segmented into four segments such as PCR kits, INAAT kits, microarray kits, DNA sequencing kits.
PCR kits segment is expected to be the fastest-growing segment over the forecast period, registering a significant CAGR of 7.8% in terms of revenue, over the forecast period. The increasing demand for advanced veterinary molecular diagnostic kits, such as RT-PCR kits, DNA sequencing kits, and microarray-based diagnostic kits owing to the growing number of diagnostic procedures in livestock and companion animals worldwide is expected to boost the growth over the forecast period.
The PCR kits segment dominates the market with a market value of US$ 63.4 Mn in 2017. Also, the segment is expected to maintain its dominance over the forecast period with a market value of US$ 124.0 by 2026 end and expands at a significant CAGR.
On the basis of disease type
The market has been segmented into Anaplasma spp., Ehrlichia spp., New Castle Disease, Influenza, Porcine Reproductive & Respiratory Syndrome (PRRS), and others.
Based on species type, the market has been segmented into livestock animals including Aquatic, Bovine, Porcine, Ovine, Poultry, and Equine.
On the basis of end-user
The market has been segmented into veterinary hospitals, clinical laboratories, and veterinary research institutes.
On the basis of region
The market has been segmented into North America, Latin America, Europe, the Asia Pacific Excluding China (APEC), China, and the Middle East and Africa (MEA).
Increasing set up of new production facilities by the key manufacturers in growing economies coupled with increasing adoption of molecular diagnostic techniques in animals is anticipated to boost the production for molecular diagnostic kits and drives the growth of the veterinary molecular diagnostics market over a forecast period.
This report assesses trends driving the growth of segmental markets and offers analysis and insights into regional North America is estimated to dominate the veterinary molecular diagnostics market with a maximum value share by the end of 2017. By 2026, North America and Europe markets cumulatively are expected to account for over 67.8% revenue share of the global veterinary molecular diagnostics market by the end of 2026.
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Some key companies covered in this report include
bioMérieux SA, IDEXX Laboratories, Inc., Thermo Fisher Scientific Inc., Qiagen N.V., Neogen Corporation, ID.Vet, INDICAL BIOSCIENCE GmbH, and Veterinary Molecular Diagnostics, Inc. These leading players focus to consolidate their position in the global veterinary molecular diagnostics market by actively participating in activities such as partnerships, mergers, acquisitions and collaborations. Companies focus on extending their product line and expansion of production capacities to meet the growing demands for veterinary molecular diagnostics kits worldwide.
The global veterinary molecular diagnostics market is segmented as follows:
By Product Type
- PCR kits
- INAAT kits
- Microarray kits
- DNA sequencing kits
By Disease Type
- Anaplasma spp.
- Ehrlichia spp.
- New Castle Disease
- Influenza
- Porcine Reproductive & Respiratory Syndrome (PRRS)
- Others
By Species
- Livestock Animals
- Aquatic
- Bovine
- Porcine
- Ovine
- Poultry
- Equine
- Companion Animals
- Canine
- Feline
- Avian
By End User
- Veterinary Hospitals
- Clinical Laboratories
- Veterinary Research Institutes
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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