New York, Sept. 11, 2023 (GLOBE NEWSWIRE) -- The global Veterinary Molecular Diagnostics Market revenue was about US$ 183.4 Million in 2022, with the global market predicted to increase at an 8.2% CAGR to a valuation of approximately US$ 437.7 Million by the end of 2033. The Veterinary Molecular Diagnostics Market has witnessed substantial growth in recent years, driven by advancements in biotechnology and increasing awareness of animal health.
Molecular diagnostics in veterinary medicine has emerged as a powerful tool for the rapid and accurate diagnosis of infectious diseases, genetic disorders, and cancer in animals. This comprehensive research report provides a detailed analysis of the Veterinary Molecular Diagnostics Market, including market size, growth drivers, challenges, key players, and future prospects.
The Veterinary Molecular Diagnostics Market has witnessed significant growth due to the growing need for accurate and timely diagnosis in veterinary healthcare. Molecular diagnostics encompasses a wide range of techniques, including polymerase chain reaction (PCR), DNA sequencing, microarrays, and others, which enable veterinarians to detect pathogens, identify genetic mutations, and monitor therapeutic responses in animals.
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Veterinary Molecular Diagnostics Market Growth Factors:
- Increasing Prevalence of Infectious Diseases: The rising incidence of infectious diseases in animals, including companion animals and livestock, has led to a growing demand for accurate and rapid diagnostic tools.
- Advancements in Molecular Biology and Biotechnology: Ongoing advancements in molecular biology techniques and biotechnology have revolutionized the field of veterinary diagnostics. Newer and more sophisticated molecular assays and tools are continuously being developed, enhancing the diagnostic capabilities and accuracy of veterinary tests.
- Rising Pet Ownership and Expenditure on Pet Healthcare: Increasing pet ownership worldwide has resulted in a surge in veterinary healthcare spending. Pet owners are increasingly willing to invest in advanced diagnostic tests to ensure the health and well-being of their companion animals.
- Companion Animal Healthcare: The growing awareness of the importance of regular health check-ups and preventive care for companion animals, such as dogs and cats, has driven the adoption of molecular diagnostics. These tests can detect genetic disorders, screen for infectious diseases, and monitor treatment responses in pets.
- Livestock Health and Food Safety: In the livestock sector, ensuring the health and safety of animals is crucial for food production. Molecular diagnostics play a vital role in monitoring and managing diseases in livestock populations, reducing economic losses, and ensuring food safety by identifying pathogens that may affect animal products.
- Genetic Testing and Breeding Programs: Genetic testing using molecular diagnostics is becoming increasingly common in livestock farming. Farmers and breeders use these tests to identify genetic traits, select animals for breeding programs, and reduce the risk of hereditary diseases, ultimately improving the quality of livestock.
- Point-of-Care Testing: The adoption of point-of-care molecular diagnostics in veterinary practices has grown. These tests allow veterinarians to obtain rapid results, enabling timely treatment decisions. Point-of-care devices and assays are particularly valuable in emergency situations and for on-site farm visits.
- Globalization of Trade and Disease Spread: The globalization of trade in animals and animal products has increased the risk of disease spread across borders. Molecular diagnostics provide a quick and accurate means of diagnosing and monitoring diseases in animals, helping to prevent the international spread of pathogens.
- Increased Awareness and Education: As awareness of the benefits of molecular diagnostics in veterinary medicine grows among veterinarians, pet owners, and farmers, the demand for these services increases. Education and training programs have played a role in enhancing the understanding and utilization of molecular diagnostics in veterinary practice.
- Technological Innovations and Product Development: Continuous innovation in the field of veterinary molecular diagnostics has led to the development of more user-friendly and cost-effective diagnostic tools.
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Market Segmentation
Product (PCR Kits, RT-PCR Kits, RAPD-PCR Kits, INAAT Kits, Microarray Kits, DNA Sequencing Kits)
Disease (Anaplasma spp., Ehrlichia spp., New Castle Disease, Influenza, Porcine Reproductive & Respiratory Syndrome (PRRS), Others)
Species (Livestock Animals, Porcine, Poultry, Bovine/Cattle, Aquatic, Ovine, Companion Animals, Canine, Feline, Avian)
End User (Veterinary Hospitals, Clinical Laboratories, Veterinary Research Institutes)
Region (North America, Latin America, Europe, South Asia, East Asia, Oceania, Middle East and Africa (MEA))
Regional Analysis:
North America, particularly the United States and Canada, holds a significant share of the global Veterinary Molecular Diagnostics Market. This dominance can be attributed to a high level of pet ownership, advanced healthcare infrastructure, and substantial investment in research and development.
Competition Landscape:
The industry's top players use a number of market tactics to compete. A cooperation agreement between the manufacturer and the supplier, as well as product promotion to capture the maximum market share, are examples of such techniques. Another technique could be opportunistic production to meet urgent demand, such as the spread of communicable diseases such as strep throat, colds, and flu.
Key market players include:
- bioMérieux SA
- IDEXX Laboratories, Inc.
- Thermo Fisher Scientific Inc.
- Qiagen N.V.
- Neogen Corporation
- ID. Vet
- INDICAL BIOSCIENCE GmbH
- Veterinary Molecular Diagnostics, Inc.
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Recent Developments:
- In September 2022, BioMérieux, a global leader in in vitro diagnostics, and BrightInsight, a regulated digital health solution partnership, announced a collaboration to develop and market a Clinical Digital Solutions for Diagnostics to aid in clinical decisions in the field of pet disease.
- IDEXX Laboratories, Inc. developed the IDEXX SARS-CoV-2 (COVID-19) RealPCRTM Test for pet animals in April 2020 to meet customer demand and address mounting evidences of hazard in virus-infected canines.
Future Prospects
The Veterinary Molecular Diagnostics Market is poised for continued growth as technology continues to advance. Future prospects include:
- Expansion into emerging markets, particularly in Asia-Pacific.
- Development of more affordable and portable diagnostic devices.
- Increased collaboration between veterinary laboratories and research institutions.
- Expansion of the application spectrum, including veterinary oncology and personalized medicine for animals.
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