The global veterinary molecular diagnostics market is poised for significant growth, with its valuation projected to rise from US$ 194.47 million in 2023 to US$ 377.22 million by 2033. This represents a compound annual growth rate (CAGR) of 6.84% over the forecast period, according to the latest industry analysis. The increasing demand for fast and accurate diagnostic techniques, coupled with advancements in veterinary healthcare, is driving market expansion.
Key growth drivers include the adoption of multiple testing panels, growing consolidation in the veterinary diagnostics industry, and the rising global population of pet animals. As pet ownership increases, so does the demand for better healthcare services for animals, leading to increased spending on veterinary health. Moreover, the development of the animal farming sector and a shift in societal attitudes toward pet care are further boosting the demand for veterinary molecular diagnostics.
The market is also being shaped by technological advancements in diagnostic methods. Molecular diagnostics, which offer high accuracy, speed, and reliability, are increasingly being adopted by veterinary clinics, research institutions, and animal health companies. This shift is allowing for faster detection of infectious diseases, genetic disorders, and other health conditions in animals, thereby improving treatment outcomes and reducing disease transmission risks.
With growing investments in veterinary healthcare and the increasing importance of animal welfare, the veterinary molecular diagnostics market is expected to continue its upward trajectory. Industry players are focusing on product innovation and the development of portable, easy-to-use diagnostic devices to cater to the rising demand for point-of-care testing solutions in veterinary care.
Key Takeaways:
- The global veterinary molecular diagnostics market is expected to grow from US$ 194.47 million in 2023 to US$ 377.22 million by 2033, at a CAGR of 6.84%.
- Growth is driven by increased adoption of multiple testing panels, consolidation in the veterinary diagnostics industry, and rising pet ownership worldwide.
- Technological advancements in molecular diagnostics are enabling faster, more accurate detection of animal diseases, driving demand for point-of-care solutions.
- The development of the animal farming sector, coupled with societal shifts toward enhanced pet care, is expected to create sustained market growth opportunities.
- Key industry players are focusing on innovations in diagnostic tools to meet the growing demand for fast, accurate, and user-friendly veterinary testing solutions.
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Key Market Drivers
- Rising Adoption of Multiple Testing Panels: The increasing use of comprehensive testing panels for diagnosing various animal diseases is driving demand in the market.
- Consolidation in the Veterinary Diagnostics Industry: The growing consolidation among companies in the veterinary diagnostics sector is enhancing capabilities and expanding product offerings.
- Growing Pet Population: An increase in the global pet population is leading to higher demand for veterinary care and diagnostics.
- Increased Animal Health Spending: Rising expenditures on animal health, including diagnostics, are contributing to market growth.
- Advancements in Veterinary Molecular Diagnostics: Innovations in diagnostic technologies are improving the speed and accuracy of disease detection in animals.
- Developments in Animal Farming: Changes in societal attitudes towards pet ownership and advancements in the animal farming sector are further boosting the demand for effective diagnostic solutions.
- Demand for Fast and Reliable Diagnostic Techniques: The need for quick and accurate diagnostic methods is increasing, with molecular diagnostics being well-positioned to meet this demand.
Key Companies Profiled
- bioMérieux SA
- IDEXX Laboratories, Inc.
- Neogen Europe, Ltd.
- Veterinary Molecular Diagnostics, Inc.
- Thermo Fisher Scientific, Inc.
- ID-Vet, Qiagen N.V.
Key Segments Covered in the Veterinary Molecular Diagnostics Industry Analysis
By Product Type:
- PCR Kits
- RT-PCR Kits
- RAPD-PCR Kits
- INAAT Kits
- Microarray Kits
- DNA Sequencing Kits
By Species Type:
- Livestock Animals
- Equine
- Porcine
- Poultry
- Cattle
- Aquatic
- Ovine
- Companion Animals
- Canine
- Feline
- Avian
By Disease Type:
- Anaplasma spp.
- Ehrlichia spp.
- New Castle Disease
- Influenza
- Porcine Reproductive & Respiratory Syndrome (PRRS)
- Others
By End User:
- Veterinary Hospitals
- Clinical Laboratories
- Veterinary Research Institutes
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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