The veterinary molecular diagnostics market is expected to grow

NEWARK, Del, Sept. 19, 2022 (GLOBE NEWSWIRE) — The Global Veterinary Molecular Diagnostics Market Size is expected to estimate $182.1 million in 2022. With the introduction of multiple test panels coupled with increasing consolidation in the veterinary diagnostics industry, the total will Demand for veterinary molecular diagnostics is expected to grow at a CAGR of 6.84% between 2022 and 2032 around $352.8 million until 2032.

Factors such as growing global pet population, rising animal health spending and advances in veterinary molecular diagnostics are expected to propel the growth of veterinary molecular diagnostics market over the analysis period.

Developments in the animal husbandry sector and changing social attitudes towards pets have led to an increased demand for fast and reliable diagnostic techniques. Molecular diagnostics has the potential to meet this growing demand.

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In 2018, more than 60% of the US population owned a pet/companion animal. There is an increasing trend to treat pets as family members, which has increased health requirements for veterinary applications. The growing pet population is one of the reasons for increasing animal health expenditures worldwide.

The American Pet Products Association estimates that total spending by the American pet industry is expected to reach $75.38 billion by the end of 2019, up from $72.56 billion in 2018. The increase in pet health spending is expected to fuel the company’s growth are driving the veterinary molecular diagnostics market as a significant portion of pet owners are expected to utilize advanced animal diagnostic modalities for various disease states.

In addition, the livestock population is increasing due to the huge demand for animal products. This is expected to increase demand for molecular diagnostic tests in the coming years.

That Veterinary Molecular Diagnostics Market in United States is expected to accumulate the highest market share 34.6% in 2022. The United States is expected to dominate the market, driven by factors such as increasing pet adoption and rising per capita animal health spending. Moreover, the increase in the prevalence of various animal diseases and injuries is another important factor that is expected to drive the market growth during the forecast period.

The high growth in the number of veterinarians and the increase in the level of income in the developed economies are among the important factors intensifying the growth and demand of the veterinary molecular diagnostics market. Furthermore, the rising demand for pet insurance and growing pet health spending contribute to the growth of the global market during the forecast period.

In addition, the increasing demand for animal food products and the increasing occurrence of zoonotic animal diseases are also promoting the growth of the market. Likewise, the high growth of the pet population will boost the market growth in the coming years.

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Important insights from the market study

  • Global Veterinary Molecular Diagnostics Market was valued at US$ 182.1 Mn by the end of 2022
  • From 2017 to 2021, market demand increased by a CAGR of 7.3%
  • By product type, the PCR kits segment of the veterinary molecular diagnostics market accounts for the largest portion of the market with a market share of 50.8%
  • By animal species, the livestock segment dominates the market with a share of 71.0%
  • From 2022 to 2032, Veterinary Molecular Diagnostics sales are expected to boom 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 increasing per capita expenditure on animal healthcoupled with climbing Pet adoption worldwide are expected to escalate the Veterinary Molecular Diagnostics Market growth over the analysis period,” notes an FMI analyst.

competitive landscape

Players in the global Veterinary Molecular Diagnostics Market are focused on expanding their global reach through various strategies such as: Partnerships, collaborations and partnerships. The players also invest heavily in R&D to add innovations to their products that would help them strengthen their position in the global market. Some of the recent developments among the major players are:

  • In April 2021, INDICAL BIOSCIENCE GmbH (Germany) acquired the Svanova product portfolio from Boehringer Ingelheim, which helped INDICAL to expand its portfolio by 25 livestock assays.
  • In April 2021, BioChek (Netherlands) opened a new office in Johannesburg, South Africa.
  • In January 2021, Heska Corporation (US) acquired Lacuna Diagnostics (US). This acquisition strengthened the company’s portfolio of point-of-care digital cytology technology and telemedicine services.
  • In December 2020, NEOGEN Corporation (US) launched a preventive DNA screening tool to detect genetic diseases in dogs.
  • In November 2020, NEOGEN Corporation (US) partnered with Transnetyx Inc. (US). This partnership helped NEOGEN expand its presence in the animal genomics and diagnostics market.

Key Characters:

  • bioMerieux SA
  • IDEXX Laboratories, Inc.
  • Neogen Europe, Ltd.
  • Veterinary Molecular Diagnostics, Inc.
  • Thermo Fisher Scientific, Inc.
  • ID Vet, Qiagen NV

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Key Segments Covered in the Veterinary Molecular Diagnostics Industry Analysis

Veterinary Molecular Diagnostics Market by Product Type:

  • Veterinary Molecular Diagnostics PCR Kits
  • INAAT Veterinary Molecular Diagnostic Kits
  • Veterinary Molecular Diagnostic Microarray Kits
  • DNA sequencing kits for veterinary molecular diagnostics

Veterinary Molecular Diagnostics Market by Type:

  • Veterinary molecular diagnostics for livestock
  • Veterinary Molecular Diagnostics for Pets

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)
  • Other

Veterinary Molecular Diagnostics Market by End User:

  • Veterinary molecular diagnostics for veterinary clinics
  • Veterinary molecular diagnostics for clinical laboratories
  • Veterinary molecular diagnostics for veterinary research institutes

Table of Contents
1. Summary

1.1. Market Overview

1.2. market analysis

1.3. FMI analysis and recommendations

1.4. wheel of fortune

2. Market introduction

2.1. market definition

2.2. Market Taxonomy

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