Veterinary Molecular Diagnostics Market: Strong Pipeline to Rapidly Surge Growth

The global Veterinary Molecular Diagnostics Market size is expected to be valued at US$ 182.1 Million in 2022. With the adoption of multiple testing panels, coupled with the growing consolidation in the veterinary diagnostics industry, the overall demand for Veterinary Molecular Diagnostics is projected to grow at a CAGR of 6.84% between 2022 and 2032, totaling around US$ 352.8 Million by 2032. 

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.  

As of 2018, more than 60% of the US population owned a pet/companion animal. There is an increasing trend of treating pets as family members, which has increased the healthcare demands for veterinary applications. The increasing pet population is one of the reasons for the rising health expenditure on animals, globally. 

As per the estimates of the American Pet Products Association, the total American pet industry expenditure is expected to reach USD 75.38 billion by end 2019, up from USD 72.56 billion in 2018. The rise in animal health expenditure is expected to drive the growth of the veterinary molecular diagnostics market, as a significant portion of pet owners are expected to use advanced diagnostic modalities for animals, for various disease conditions.

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.

Key Takeaways from the Market Study

  • Global Veterinary Molecular Diagnostics Market was valued at US$ 182.1 Mn by 2022-end
  • From 2017 to 2021, the market demand expanded 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 Animals 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 Mn.

“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.

Key Players:

  • bioMérieux SA
  • IDEXX Laboratories, Inc.
  • Neogen Europe, Ltd.
  • Veterinary Molecular Diagnostics, Inc.
  • Thermo Fisher Scientific, Inc.
  • ID-Vet, Qiagen N.V.

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

Read More@ https://www.futuremarketinsights.com/reports/veterinary-molecular-diagnostics-market

Comments

Post a Comment

Popular posts from this blog

Targeted Therapies for Sandhoff Disease | Assessing the Global Market Landscape

Image
The global Sandhoff Disease Therapeutics Market Size is expected to be worth US$ 10 million in 2023 and US$ 17.91 million by 2033, with a CAGR of 6% from 2023 to 2033. From 2018 to 2022, the Sandhoff Disease Treatments market increased at a 4% CAGR. According to the most recent studies, Sandhoff sickness is a rare disorder that affects 1 in 1,000,000 people. The rising demand for these medications is projected to spur the discovery of novel therapies, propelling the market forward in the coming years. Gene therapy is being investigated as a potential treatment for Sandhoff disease. The therapy restores the ability to break down GM2 ganglioside by delivering a functional copy of the missing enzyme into the patient's cells. This has the potential to reduce or stop disease progression while also improving patient quality of life. Key Takeaways from the Market Study   The Sandhoff Disease Therapeutics market increased at a 4% CAGR from 2018 to 2022. From 2023 to 2033, the global Sandh
Read more

A Safer Tomorrow | Emerging Trends in Hospital-Acquired Infection Control Market

Image
According to Future Market Insights' recently released Hospital-acquired Infection Control Market analysis report, global Hospital-acquired Infection Control sales in 2023 are expected to be US$ 6.5 billion. The market is expected to increase at a CAGR of 7% between 2023 and 2033, reaching $12.7 billion by 2033. Hospitals and intensive care units are predicted to create significant income in the market, with a CAGR of 7.6%. The occurrence of hospital-acquired infections, increasing proportion of surgical procedures, growing geriatric population and increasing prevalence of chronic diseases, technological advancements in sterilisation equipment, and growing awareness of environmental and personal hygiene are the key factors driving the Hospital-acquired infection control market. The increased use of e-beam sterilisation, as well as the reintroduction of ethylene oxide sterilisation, is predicted to increase demand for hospital-acquired infection management. The percentage of treatm
Read more

Transforming Trauma | Emerging Therapies and Interventions in Post-Traumatic Stress Disorder Treatment Market

Image
According to Future Market Insights, the Post-Traumatic Stress Disorder (PTSD) Treatment Market Sales would grow at a 5% CAGR between 2023 and 2033. By 2033, the global market for post-traumatic stress disorder (PTSD) therapy is expected to reach US$ 27.37 billion. The market's growth might be attributed to the increased prevalence of PTSD globally. According to the National Centre for PTSD, approximately 7-8% of the US population will develop PTSD at some point in their lives, with greater percentages among military veterans and persons who have experienced sexual assault or other types of trauma. The COVID-19 pandemic has also been highlighted as a possible cause of PTSD, with healthcare workers, first responders, and people immediately impacted by the virus being especially vulnerable. In addition, there is a growing emphasis on using digital therapies and other non-pharmacological techniques to treat PTSD. For example, virtual reality exposure treatment (VRET) has shown potent
Read more