Market Research Report
Veterinary Molecular Diagnostics Market - Growth, Trends, and Forecasts (2020 - 2025)
|Veterinary Molecular Diagnostics Market - Growth, Trends, and Forecasts (2020 - 2025)|
Published: August 1, 2020
Mordor Intelligence Pvt Ltd
Content info: 114 Pages
Delivery time: 2-3 business days
The veterinary molecular diagnostics is primarily driven by the growing pet animal population around the globe, increased animal health spending and advancements in veterinary molecular diagnostics.
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 Kits and Reagents Segment is Expected to Register Robust Growth During The Forecast Period
North America is Expected to Retain the Largest Share in the Market
North America veterinary molecular diagnostics market is projected to have the largest share over the forecast period. Additionally, the North American region is expected to exhibit the highest growth rate over the forecast period. This is primarily due to the increasing trend of pet ownership in the region and rising demand for animal-based proteins in the region. The United States is expected to retain its significant market share, owing 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 has been identified as the major factor fueling the market growth.
The market players in veterinary molecular diagnostics are focusing on R&D and new product launches to expand their market share. The key market players include, Biomerieux SA, Ingenetix GmbH, Idexx Laboratories Inc., Neogen Corporation and Thermo Fischer Scientific Inc. among others.