Veterinary Molecular Diagnostics Market Growth and Competition Analysis 2032

In 2022, the global Veterinary Molecular Diagnostics Market is expected to be worth US$ 182.1 million. With the adoption of multiple testing panels and the increasing consolidation in the veterinary diagnostics industry, the overall demand for Veterinary Molecular Diagnostics is expected to grow at a CAGR of 6.84% between 2022 and 2032, totaling approximately US$ 352.8 Million by 2032.

Factors such as the global increase in pet animal population, increased animal health spending, and advancements in veterinary molecular diagnostics are expected to drive the growth of the veterinary molecular diagnostics market during the analysis period.

Developments in the animal farming industry, as well as changing societal attitudes toward pet animals, have increased demand for quick and dependable diagnostic techniques. Molecular diagnostics have the potential to meet this increasing demand.

More than 60% of the US population owned a pet/companion animal in 2018. Pets are increasingly being treated as family members, which has increased the demand for veterinary applications. One of the reasons for rising animal health care costs worldwide is the growing pet population. 

According to the American Pet Products Association, total American pet industry expenditure in 2019 is expected to reach USD 75.38 billion, up from USD 72.56 billion in 2018. The increase in animal health expenditure is expected to drive the growth of the veterinary molecular diagnostics market, as a significant portion of pet owners will use advanced diagnostic modalities for animals for a variety of disease conditions.

Furthermore, the livestock population is growing as a result of the high demand for animal-derived products. The demand for molecular diagnostic tests is expected to rise in the coming years as a result.

In 2022, the US Veterinary Molecular Diagnostics Market is expected to have the highest market share of 34.6%. Because of factors such as rising pet adoption and rising per capita animal healthcare expenditure, the United States is expected to dominate the market. Furthermore, an increase in the prevalence of various animal diseases and injuries is expected to fuel market growth during the forecast period.

The rapid increase in the number of veterinary practitioners, as well as the rise in income levels in developed economies, are important factors driving the growth and demand for veterinary molecular diagnostics. Furthermore, rising demand for pet insurance and rising animal health expenditure are driving growth in the global market during the forecast period.

Furthermore, rising demand for animal-derived food products and the increasing prevalence of animal zoonotic diseases are boosting market growth. Likewise, the high growth in companion animal population is also lifting the market growth in the forthcoming years.

Browse More@ https://www.futuremarketinsights.com/reports/veterinary-molecular-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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