Veterinary Molecular Diagnostics Market to a value of US$ 242.6 Mn by 2026 end at a CAGR of 7.6% during 2018-2026 | Future Market Insights
According to the latest market report published by Future Market Insights, titled ‘Veterinary Molecular Diagnostics Market: Global Industry Analysis (2013-2017) and Forecast (2018-2026)’, the global veterinary molecular diagnostics market is expected to expand at a CAGR of 7.6% during the forecast period 2018–2026.
The market is segmented based on product type, disease type, species type, end-user, and region. On the basis of product type, the market has been segmented into four segments such as PCR kits, INAAT kits, microarray kits, DNA sequencing kits.
PCR kits segment is expected to be the fastest-growing segment over the forecast period, registering a significant CAGR of 7.8% in terms of revenue, over the forecast period. The increasing demand for advanced veterinary molecular diagnostic kits, such as RT-PCR kits, DNA sequencing kits, and microarray-based diagnostic kits owing to the growing number of diagnostic procedures in livestock and companion animals worldwide is expected to boost the growth of the veterinary molecular diagnostics market over the forecast period.
The PCR kits segment dominates the market with a market value of US$ 63.4 Mn in 2017. Also, the segment is expected to maintain its dominance over the forecast period with a market value of US$ 124.0 by 2026 end and expands at a significant CAGR.
On the basis of disease type, the market has been segmented into Anaplasma spp., Ehrlichia spp., New Castle Disease, Influenza, Porcine Reproductive & Respiratory Syndrome (PRRS), and others.
Based on species type, the market has been segmented into livestock animals including Aquatic, Bovine, Porcine, Ovine, Poultry, and Equine.
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On the basis of end-user, the market has been segmented into veterinary hospitals, clinical laboratories, and veterinary research institutes.
On the basis of region, the market has been segmented into North America, Latin America, Europe, the Asia Pacific Excluding China (APEC), China, and the Middle East and Africa (MEA).
Increasing set up of new production facilities by the key manufacturers in growing economies coupled with increasing adoption of molecular diagnostic techniques in animals is anticipated to boost the production for molecular diagnostic kits and drives the growth of the veterinary molecular diagnostics market over a forecast period.
The increasing prevalence of chronic disorders in animals such as influenza, new castle disease, and diabetes coupled with the high prevalence of infectious diseases is further anticipated to fuel the demand for the veterinary molecular diagnostics market. Increasing preference for molecular diagnosis on the account of their high specificity and efficacy in diagnosing chronic diseases in animals and the presence of a strong distribution channel is further anticipated to drive the growth of the veterinary molecular diagnostics market over the forecast period. Rising adoption of pets, increasing financial grants for innovation in veterinary diagnostics, fast FDA approvals for reagents used in animal molecular diagnostics, and increased consumer spending on veterinary care is also expected to drive the market revenue growth over the forecast period.
Increasing spending on pet care in developing economies such as Japan and India in the APEC region is anticipated to have a positive impact on the veterinary molecular diagnostics market in the APEC region. However, the increasing demand for advanced veterinary molecular diagnostic kits, such as RT-PCR kits, DNA sequencing kits, and microarray-based diagnostic kits owing to the growing number of diagnostic procedures in livestock and companion animals is further anticipated to drive the growth of the veterinary molecular diagnostics market in North America and Europe over the forecast period.
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However, gaps in epidemiological knowledge of certain virulent veterinary diseases, high costs associated with veterinary molecular diagnosis and stringent regulatory approval process for novel molecular diagnostic kits resulting into product delays, may hamper the demand for veterinary molecular diagnostic kits and restrain the growth of veterinary molecular diagnostics market over forecast period. Also, the improper veterinary care research infrastructure in the emerging economies, limited reimbursement policies and Visa restrictions strangling vet practices coupled with shortage of veterinary doctors and colleges are some other factors anticipated to hinder the growth of the global veterinary molecular diagnostics market.
This report assesses trends driving the growth of segmental markets and offers analysis and insights into the regional veterinary molecular diagnostics market. North America is estimated to dominate the veterinary molecular diagnostics market with a maximum value share by the end of 2017. By 2026, North America and Europe markets cumulatively are expected to account for over 67.8% revenue share of the global veterinary molecular diagnostics market by the end of 2026.
Some key companies covered in this report include bioMérieux SA, IDEXX Laboratories, Inc., Thermo Fisher Scientific Inc., Qiagen N.V., Neogen Corporation, ID.Vet, INDICAL BIOSCIENCE GmbH, and Veterinary Molecular Diagnostics, Inc. These leading players focus to consolidate their position in the global veterinary molecular diagnostics market by actively participating in activities such as partnerships, mergers, acquisitions and collaborations. Companies focus on extending their product line and expansion of production capacities to meet the growing demands for veterinary molecular diagnostics kits worldwide.
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