Poultry Diagnostics Market Is Set to Expand at A CAGR Of 10.5% To Reach US$ 1.1 Billion By the Year 2028
Future Market Insights in its new report has projected positive growth prospects for the Poultry Diagnostics Market for the assessment period between 2022 and 2028. High consumption of chicken on a global scale and increasingly strict food safety standards in developed countries will held aid growth.
Widespread outbreaks of infectious diseases such as avian influenza is a key factor driving the demand for diagnostic infrastructure in the poultry industry. Also, awareness campaigns by public and private bodies about avian diseases among poultry farmers is positively influencing the industry.
Furthermore, concerns over food security and investments by governments and international bodies towards the intensive farming sector will drive cultivation of poultry. This will also support the demand for poultry diagnostics in the long-term.
- ELISA tests are expected to continue holding major market share through 2030, owing to superior accuracy and cost efficiency.
- Diagnostics for avian influenza has been estimated to reflect higher market share on the back of widespread incidences in developing countries.
- Newer ailments such as mortality syndrome are expected to generate lucrative opportunities in terms of product development and interest from the veterinary sector.
- Virology services are expected to be a major contributor to the market owing to higher risk from viral infections for human consumers.
- South Asia & Pacific, will reflect fast growth, with poor hygiene standards in developing nations. North America will continue to hold larger market share, owing to superior infrastructure.
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Insights on the Coronavirus Impact
As the covid-19 outbreak continues to wreak havoc on the global economy, the poultry diagnostics market is expected to also be adversely impacted during the crisis period. While chickens and other poultry birds are not at risk to the virus, the pandemic is likely to hurt consumption, logistics, and sales of birds. This can be largely attributed to strict regulations on the food service businesses.
These factors are expected to reduce chicken stocks in the poultry industry for the short term, which in turn will reduce the demand for diagnostic tools and infrastructure in the industry. The market is likely to recover strongly towards 2021, as demand for poultry products picks up. Strict food safety laws and concerns over other strains of coronavirus will aid market developments.
Market leaders in the poultry diagnostic industry include but are not limited to Agrobiotek Internacional, Bioneer Corporation, Affinitech Ltd., Zoetis Inc., Biochek, Thermo Fisher Scientific, Bioingentech Biotechnologies Inc., Qiagen N.V., Bionote Inc., Megacor Diagnostik GmbH, and Idexx Laboratories Inc.
Market participants are increasingly focused on the product research with the aim of developing and launching improved testing tools for faster and accurate results. In addition, strategic industry collaborations and acquisitions are being used to build a foundation in a moderately competitive landscape.
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