Meticulous Research®– a leading global market research company, published a research report titled “Veterinary Molecular Diagnostics Market by Product (Kits & Reagents, System & Software), Technology (PCR, Microarray, DNA Seq), Animal Type (Companion, Livestock), Application (Infectious Disease, Genetics), End User (Hospital, Clinical Lab) - Forecast to 2029.”
According to this latest publication from Meticulous Research®, the global veterinary molecular diagnostics market is expected to grow at a CAGR of 9.7% from 2022 to reach $1.61 billion by 2029. Factors such as the growing pet animal population, high animal healthcare expenditure, ongoing advancements in veterinary molecular diagnostics, and the high sensitivity and specificity of MDx tests are supporting the market growth. Moreover, emerging markets, advancements in veterinary diagnostics technologies, and increasing efforts by organizations to promote animal welfare are expected to offer opportunities for the global veterinary molecular diagnostics market.
The global veterinary molecular diagnostics market study presents historical market data in terms of values (2020 and 2021), estimated current data (2022), and forecasts for 2029- by Product (Kits & Reagents, Systems, and Software), Technology (PCR, Microarray and DNA Sequencing), Application (Infectious Diseases, Metabolic Diseases, and Genetics), Animal Type (Companion and Livestock), End User (Clinical Labs, Veterinary Hospitals, and Research Institutes), and Geography. The study also evaluates industry competitors and analyzes the regional and country markets.
On the basis of product, in 2022, the kits & reagents segment is estimated to account for the largest share of the veterinary molecular diagnostics market. The large share of this segment is mainly attributed to the fact that they are frequently used and the availability of a diverse range of reagents and consumables for various diseases.
On the basis of technology, the PCR segment is estimated to account for the largest share of this market in 2022. PCR tests are used in the early stages of an infection, where the level of infection is often below the detection limit (or in the latent phase) of conventional methods. It gives an immediate response to the current infection i.e. PCR offers information about the animal’s current infection status and therefore offers significant value to veterinarians and farmers. The use of techniques, such as PCR and real-time PCR, has led to the development of assays that decrease the problems associated with cross-contamination among samples and facilitates. Thus, these factors are expected to drive the market for this segment.
On the basis of animal type, the companion animals segment is estimated to account for the largest share of the market in 2022. Companion animals can act as a carrier of diseases that infect humans (i.e. zoonotic disease). Therefore, the care and concern by pet owners regarding the health and wellbeing of companion animals are increasing. In recent years, infection of various diseases in companion animals has increased, leading companion diagnostic providers to develop new devices and tests. Also, increasing awareness among pet owners to regularly diagnose glucose levels increases the demand for glucose monitors. Further, companies are developing newer diagnostic products, which are helping expand the segment.
On the basis of application, the infectious diseases segment is estimated to account for the largest share of the veterinary molecular diagnostics market in 2022. The benefits of MDx tests, such as agility, fast and flexibility, and providing results in low resource settings compared to core laboratories, make MDx suitable for infectious disease testing.
This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and the Rest of Europe), Asia-Pacific (Japan, China, India, and RoAPAC), Latin America, and the Middle East & Africa. North America is estimated to dominate the global veterinary molecular diagnostics market in 2022, followed by Europe and Asia-Pacific. The increasing awareness of animal disease diagnosis, rising number of veterinarians, and increased spending on the healthcare of farm & pet animals in the region supported the largest share of North America in the veterinary molecular diagnostics market.
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The key players operating in the global veterinary molecular diagnostics market are IDEXX Laboratories, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), bioMérieux S.A. (France), Neogen Corporation (U.S.), Heska Corporation (U.S.), Biomedica Medizinprodukte GmbH & Co KG (Austria), VCA, Inc. (U.S.), Novacyt Group (U.K.), QIAGEN N.V. (Germany), BioChek B.V (Netherlands), among others.
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