The global Industry for Veterinary Molecular Diagnostics is poised for remarkable expansion, with a substantial increase in its estimated value. According to the latest report from Future Industry Insights, the Industry, which was valued at US$182.1 million in 2022, is expected to reach a staggering US$377.22 million by 2033, marking a momentous growth journey. The forecast period of 2023 to 2033 anticipates an impressive Compound Annual Growth Rate (CAGR) of 6.84%.
This substantial growth can be attributed to several key factors. The adoption of multiple testing panels and the increasing consolidation within the veterinary diagnostics industry have played pivotal roles in driving the demand for veterinary molecular diagnostics. As a result, the Industry is projected to reach a total value of about US$352.8 million by 2032.
The global veterinary molecular diagnostics Industry has garnered significant attention in recent years, and this latest Industry report, titled “Veterinary Molecular Diagnostics Industry: Global Industry Analysis (2013-2021) and Forecast (2022-2026),” underscores the sector’s dynamic potential. The report indicates that the Industry is expected to expand at an impressive CAGR of 7.6% during the forecast period of 2022 to 2028, showcasing substantial opportunities for investors, manufacturers, and healthcare professionals.
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The Industry is segmented based on product type, disease type, species type, end-user, and region. On the basis of product type, the Industry has been segmented into four segments such as PCR kits, INAAT kits, microarray kits, DNA sequencing kits.
PCR kits segment is expected to be the fastest-growing segment over the forecast period, registering a significant CAGR of 7.8% in terms of revenue, over the forecast period. The increasing demand for advanced veterinary molecular diagnostic kits, such as RT-PCR kits, DNA sequencing kits, and microarray-based diagnostic kits owing to the growing number of diagnostic procedures in livestock and companion animals worldwide is expected to boost the growth over the forecast period.
The PCR kits segment dominates the Industry with a Industry value of US$ 63.4 Mn in 2017. Also, the segment is expected to maintain its dominance over the forecast period with a Industry value of US$ 124.0 by 2026 end and expands at a significant CAGR.
On the basis of disease type
The Industry has been segmented into Anaplasma spp., Ehrlichia spp., New Castle Disease, Influenza, Porcine Reproductive & Respiratory Syndrome (PRRS), and others.
Based on species type, the Industry has been segmented into livestock animals including Aquatic, Bovine, Porcine, Ovine, Poultry, and Equine.
On the basis of end-user
The Industry has been segmented into veterinary hospitals, clinical laboratories, and veterinary research institutes.
On the basis of region
The Industry 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 Industry over a forecast period.
This report assesses trends driving the growth of segmental Industrys and offers analysis and insights into regional North America is estimated to dominate the veterinary molecular diagnostics Industry with a maximum value share by the end of 2017. By 2026, North America and Europe Industrys cumulatively are expected to account for over 67.8% revenue share of the global veterinary molecular diagnostics Industry 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 Industry 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 Industry 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
Author
Sabyasachi Ghosh (Associate Vice President at Future Industry Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Industry Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Industry Insights (FMI)
Future Industry 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 Industry. FMI stands as the leading global provider of Industry intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals Industrys. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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