The global Veterinary Molecular Diagnostics Market sales is estimated to be worth US$ 194.47 million in 2023, surpassing US$ 377.22 million by 2033. Between 2023 and 2033, the demand for Veterinary Molecular Diagnostics is expected to expand at a CAGR of 6.84%.
Factors such as the growing pet animal population around the globe, increased animal health spending and advancements in Veterinary Molecular Diagnostics are expected to propel the growth of the Veterinary Molecular Diagnostics market over the analysis period.
Developments in the animal farming sector and changing societal attitude toward pet animals have resulted in an increased demand for fast and reliable diagnostic techniques. Molecular diagnostics possess the potential to address this growing demand.
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More than 61% of the US population owns a pet/companion animal as of 2022. Pets are increasingly being treated as family members, which has raised the demand for veterinary applications. One of the reasons for increased animal health care costs worldwide is the growing pet population.
Pet care prices have risen dramatically in the previous ten years. Veterinary care is the second-highest source of spending in the pet care community, according to the APPA 2019 report. In 2018, the United States spent more than US$ 18.11 billion on veterinary care, a 6.1% increase over the previous year. In 2019, this is estimated to reach US$ 19.98 billion.
Furthermore, there is an increase in the livestock population, owing to the huge demand for animal-derived products. This is expected to increase the demand for molecular diagnostic tests in the next coming years.
The Veterinary Molecular Diagnostics Market in the US is expected to accumulate the highest market share of 34.6% in 2022. The United States is expected to dominate the market, attributed to factors, such as rising pet adoption and increasing per capita animal healthcare expenditure. In addition, the rise in the prevalence of various animal diseases and injuries is another major factor that is anticipated to fuel the market growth during the forecast period.
The high growth in the number of veterinary practitioners and rise in income levels in developed economies is amongst the important factors intensifying the growth and demand of Veterinary Molecular Diagnostics market. In addition, the increasing demand for pet insurance and growing animal health expenditure is also contributing to the growth in the global market during the forecast period.
In addition, the increasing demand for animal-derived food products and rising incidence of animal zoonotic diseases are also enhancing the growth of the market. Likewise, the high growth in companion animal population is also lifting the market growth in the forthcoming years.
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Key Takeaways from the Market Study
- The US Veterinary Molecular Diagnostics market is estimated to have the highest market share of 34.6% in 2022.
- In 2023, Germany’s Veterinary Molecular Diagnostics market is predicted to have a 9.5% market share.
- In 2023, India’s Veterinary Molecular Diagnostics market is predicted to reach a market share of 5%.
- In 2023, PCR Kits are expected to have the greatest market share of 50.8% in the Veterinary Molecular Diagnostics sector.
- The livestock animals category is predicted to increase by 71.0% in 2023, depending on the species type.
“Factors such as the rising per capita animal healthcare expenditure, coupled with rising pet adoption globally are expected to escalate the growth of the Veterinary Molecular Diagnostics Market over the analysis period”, remarks an FMI analyst.
Competitive Landscape
Players in the global Veterinary Molecular Diagnostics Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
- In April 2021, INDICAL BIOSCIENCE GmbH (Germany) acquired Boehringer Ingelheim’s Svanova product portfolio which helped INDICAL widen its portfolio by adding 25 assays for livestock.
- In April 2021, BioChek (Netherlands) opened a new office in Johannesburg, South Africa.
- In January 2021, Heska Corporation (US) acquired Lacuna Diagnostics (US), this acquisition strengthened the company’s portfolio of point-of-care digital cytology technology and telemedicine services.
- In December 2020, NEOGEN Corporation (US) launched a preventative care DNA screening tool for detecting genetic diseases in dogs.
- In November 2020, NEOGEN Corporation (US) collaborated with Transnetyx Inc. (US), this partnership helped NEOGEN to increase its presence in the animal genomics and diagnostics market.
Key Players:
- bioMérieux SA
- IDEXX Laboratories, Inc.
- Neogen Europe, Ltd.
- Veterinary Molecular Diagnostics, Inc.
- Thermo Fisher Scientific, Inc.
- ID-Vet, Qiagen N.V.
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Key Segments Covered in the Veterinary Molecular Diagnostics Industry Analysis
Veterinary Molecular Diagnostics Market by Product Type:
- Veterinary Molecular Diagnostics PCR Kits
- Veterinary Molecular Diagnostics INAAT Kits
- Veterinary Molecular Diagnostics Microarray Kits
- Veterinary Molecular Diagnostics DNA Sequencing Kits
Veterinary Molecular Diagnostics Market by Species Type:
- Veterinary Molecular Diagnostics for Livestock 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
- Veterinary Molecular Diagnostics for Porcine Reproductive & Respiratory Syndrome (PRRS)
- Others
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
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