IMARC Group, a leading market research company, has recently releases report titled “Veterinary Molecular Diagnostics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global veterinary molecular diagnostics market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the veterinary molecular diagnostics market?
The global veterinary molecular diagnostics market size reached US$ 634.9 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,064.8 Million by 2028, exhibiting a growth rate (CAGR) of 8.8% during 2023-2028.
What is veterinary molecular diagnostics?
Veterinary molecular diagnostics aid in identifying, detecting, and genotyping a wide range of bacterial, viral, and vector-borne pathogens among animals using molecular-based methods. Some of the commonly used diagnostics involve conventional, real-time, fluorescent in situ hybridization (FISH), proteomic innovations, peptide nucleic acids (PNA), biochips, nanotechnology, an electrochemical reaction in DNA, and quantitative polymerase chain reaction (PCR) techniques. They are extensively utilized in veterinary clinics, home testing, and diagnostic centers to allow sensitive detection of nucleic acids and diagnosis of contagious diseases. Nowadays, various molecular techniques of different complexity are employed in veterinary health centers and research laboratories to enable the fast and specific diagnosis of animal diseases.
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What are the growth prospects and trends in the veterinary molecular diagnostics industry?
The market is primarily driven by the expanding animal husbandry and rising prevalence of numerous animal diseases. In addition, the rising adoption of advanced diagnostic techniques and growing awareness about food safety is contributing to the market growth. Moreover, the sudden outbreak of coronavirus disease (COVID-19) has increased the requirement for PCR testing to examine the effect of the infection in animals.
This, coupled with governing agencies supporting veterinary practices and commercial animal-production programs, represents another growth-inducing factor catalyzing the demand for veterinary molecular diagnostics for better diagnosis and treatment of livestock.
Apart from this, the introduction of advanced genotyping techniques, such as whole-genome sequencing (WGS), in confluence with the surging demand for customized reagents and kits, is anticipated to create a positive market outlook.
Other factors, including rising technological advancement in research and development (RD) activities, and increasing pet ownership due to inflating income levels, are positively influencing the market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Product:
- Kits and Reagents
- Instruments
- Software and Services
Breakup by Technology:
- Real Time PCR
- Microarray
- DNA Sequencing
Breakup by Animal Type:
- Companion Animal
- Livestock Animal
Breakup by Disease Type:
- Vector-borne Diseases
- Respiratory Pathogens
- Diarrhea Pathogens
- Others
Breakup by End User:
- Veterinary Hospitals
- Clinical Laboratories
- Research Institutes
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Biochek B.V.
- bioMérieux SA
- HealthGene Corporation
- Heska Corporation
- IDEXX Laboratories Inc.
- INDICAL BIOSCIENCE GmbH
- Ingenetix GmbH
- NEOGEN Corporation
- Qiagen N.V
- Thermo Fisher Scientific Inc.
- Veterinary Molecular Diagnostics Inc.
- Zoetis Inc.
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