Veterinary Molecular Diagnostics Market to Expand Twofold by 2026; COVID-19 Crisis to Impact Demand in Near Term
global veterinary molecular diagnostics market is expected to expand at a CAGR of 7.6% during the forecast period 2018–2026Growing prevalence of zoonotic diseases is estimated to fuel the expansion of the veterinary molecular diagnostics market size during the forecast period of 2018 to 2026. According to CDC, zoonotic diseases are common in the U.S. as well as around the world.
According to data by CDC, estimates suggest that, 6 out of every 10 new known infectious diseases in people can be spread from animals, and 3 out of 4 new or emerging infectious diseases in people come from animals The growing fondness of people towards their pets have created a whole new medical diagnostics market for pets. A new research has been conducted to analyze the global veterinary molecular diagnostics market, which has witnessed an impressive growth with the growing number of people owning pets and also growing cases of chronic diseases witnessed among animals.
Molecular diagnostics are laboratory methods to examine the RNA, DNA, or other proteins in animals and identify diseases or the predisposition stage. Different technologies are used in the diagnosis of veterinary diseases, including conventional PCR, singleplex PCR, multiplex PCR, and real-time PCR. The growth of the global veterinary molecular diagnostics market can be ascribed to increase in zoonotic disease concerns and rise in pet ownership & spending in the pet industry.
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Research and development activities are likely to play a key role in driving the global veterinary molecular diagnostics market in the upcoming decade. Some of the recent novel and ground breaking discoveries in diverse diagnostics and therapeutic tools pertaining to animal health are expected to open up new avenues for the players involved in the current veterinary molecular diagnostics market
Popularly the market is known to include diagnostic kits such as PCR kits, INAAT kits, Microarray kits, and more. These are now used for mass veterinary applications. It helps in an accurate analysis of the health issues that may occur in different animals and based on DNA testing. The diagnostics industry is actively manufacturing various diagnostic kits and reagents to control and prevent animal diseases.
The manufacturers are also motivated by the recent moves of government and FDA. The government has approved many financial grants in the sector to continue the research and development to be carried in veterinary diagnostic industry. The initiative will offer funding to the animal health professionals pursuing innovative ideas for advancements in the veterinary diagnostic medicine. The potential of molecular diagnosis segment has also pushed FDA to approve reagents used in the diagnostics in order to continue the developments.
The market is expected to continue witnessing surge in the foreseen years and reach a market value of over US$ 240 Mn by the end of 2026, growing at a stellar CAGR of 7.6% during the forecast period, as projected by Future Market Insights.
However, the outbreak of COVID-19 in December 2019 has led to social distancing and lockdowns in more than 100 countries across the world. This has disrupted the supply chain of the market, thereby imparting a negative impact. The impact of COVID-19 is significant, and is expected to continue to be felt on the veterinary molecular diagnostics market in 20201 as well.
Efficiency and Reliability of Molecular Diagnostic Kits to Stabilize Market Growth
Veterinary diagnostics tests are executed via distinct methods that use blood, tissue samples and feces, from animals. The global veterinary diagnostics market has registered a paradigm shift over the past decade on the account of emergence of number of novel and technologically advanced products, which had a positive impact on the overall growth of the market. The products for veterinary molecular diagnostics such as PCR kits, DNA sequencing kits, microarray and INAAT diagnostic kits have evolved back in 1990, but they became significant and the market for veterinary molecular diagnostic kits and reagents boomed over past ten years.
These products have provided a more efficient way of medically testing an animal and also diagnosing the issue being faced. It is also considered to give the most accurate results. It is a result of a simple automated workflow that these kits work upon, which also minimizes the chances of sample handling and risks of cross contamination.
Segmental Analysis of Global Veterinary Molecular Diagnosis Market
The rise in adoption of molecular diagnosis has promoted the market’s growth especially by veterinary hospitals. The segment covers highest share in the global market with a robust growth rate of over 7.8% CAGR during the forecast period. As the pet insurance companies provide affordable plans to the pet owners, people are witnessed to be more inclined towards better and complete health checkup provided by the veterinary hospitals. The segment is expected to stay upbeat even in the coming years, as the market progresses.
In terms of regions, North America accounts for the highest market share in the global market. However, Asia Pacific is also expected to project lucrative opportunities for the businesses in the years coming ahead. APAC’s veterinary molecular diagnosis market is expected to grow at a significant rate and provide better growth prospects for the companies.
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