Veterinary Molecular Diagnostics Market to Reach an Opportunity of US$ 792.5 Mn by the End of 202
Veterinary Molecular Diagnostics Market - Snapshot
The global animal health care sector continues to expand at a rapid pace. In developed countries, the sector is driven by improved diagnostic and medical capabilities for companion animals. Technologically advanced diagnostic assays and techniques (such as RTPCR) are experiencing more demand than the conventional diagnosis products. Increased longevity of pet animals led by improvement in diagnostics, greater focus on wellness and prevention by veterinarians, and enhanced nutrition have expanded the scope for use of veterinary diagnostic services and medications. The number of pet ownerships in developed as well as emerging markets is increasing. As a result, expenditure on companion animals is rising globally.
Economic growth in developing regions such as Asia Pacific and Latin America is poised to provide immense opportunities to the veterinary molecular diagnostics market during the forecast period. Opportunities offered by these regions are attributable to several factors such as rise in the disposable income of urban middle-class people in these regions. This boosts the per-capita meat consumption, thereby driving the demand for more efficient livestock production. Moreover, increase in awareness about the importance of healthy livestock is expected to propel the veterinary molecular diagnostics market in developing countries during the forecast period. Increase in the number of companion animal owners is a significant trend in the animal health care sector. In 2013, 62% of the U.S. households owned a companion animal (excluding horses) i.e. around 72.9 million homes.
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Rise in the expenditure on diagnostics, therapeutics, feed additives, and other supplies for companion animals; increase in the number of pet owners and growing urbanization are likely to provide significant opportunities to the veterinary molecular diagnostics market in developing countries during the forecast period. Sophisticated molecular diagnostic instruments and assays are well-recognized and validated for proper testing. However, high costs associated with these systems and assays and lack of skilled technicians pose a significant restraint for the market.
Based on product, the global veterinary molecular diagnostics market has been segmented into instruments & software, kits & reagents, and services. In terms of technology, the market has been divided into polymerase chain reaction (PCR), microarrays, and DNA sequencing. Based on animal type, the market has been segmented into companion animals and livestock animals. Based on disease indication, the market has been classified into vector-borne diseases, respiratory pathogens detection, diarrhea pathogens detection, and others. Based on end-user, the market has been segregated into hospitals/clinics and reference laboratories. The reference laboratories segment is expected to remain dominant throughout the forecast period.
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Geographically, the global veterinary molecular diagnostics market has been segmented into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global veterinary molecular diagnostics market in 2016 and is projected to continue its dominance throughout the forecast period. Growth of the market in North America is primarily attributable to the increase in government and private funding and large volumes of tests performed in the region. North America is also home to several key players such as Idexx, VCA, and Thermo Fisher, which further boosts the market in the region. Europe held the second-largest market share in 2016. The market in the region is projected to expand at a significant CAGR from 2017 to 2025. High adoption and usage of superior-quality diagnostics and treatments in the region is one of the major factors driving the veterinary molecular diagnostics market in Europe. This can be attributed to increase in the number of diagnostic laboratories, government funding for veterinary health care activities, and rise in awareness about veterinary molecular diagnostics in the region. Asia Pacific is a rapidly expanding market across the world. High adoption of veterinary diagnostics, drugs, vaccines, and medicated feed additives for the well-being of rapidly increasing population of livestock animals in the region makes Asia Pacific one of the most lucrative markets for veterinary molecular diagnostics.
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