Comparative View of the Veterinary Molecular Diagnostics Market
The Global Veterinary Molecular Diagnostics Industry is poised for remarkable growth, with projections indicating a surge from US$182.1 million in 2022 to a staggering US$377.22 million by 2033. This substantial expansion is expected to unfold at a compelling Compound Annual Growth Rate (CAGR) of 6.84% between 2023 and 2033, as revealed by the latest market report from Future Market Insights.
In 2023, the industry is anticipated to be valued at US$194.47 million, setting the stage for a decade of consistent growth. The market’s upward trajectory is further underscored by the robust CAGR of 6.84%, emphasizing sustained market expansion over the next decade.
The rising demand for veterinary molecular diagnostics is a key driver behind this growth, with the adoption of multiple testing panels and the increasing consolidation within the veterinary diagnostics industry playing pivotal roles. The market is expected to witness an overall demand surge, culminating in a projected total value of approximately US$352.8 million by 2032.
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The market is segmented based on product type, disease type, species type, end-user, and region. Based on product type, the market has been segmented into four segments such as PCR kits, INAAT kits, microarray kits, and DNA sequencing kits.
The PCR kits segment is expected to be the fastest-growing segment over the forecast period, registering a significant CAGR of 7.8% in terms of revenue, over the forecast period. The increasing demand for advanced veterinary molecular diagnostic kits, such as RT-PCR kits, DNA sequencing kits, and microarray-based diagnostic kits owing to the growing number of diagnostic procedures in livestock and companion animals worldwide is expected to boost the growth over the forecast period.
The PCR kits segment dominates the market with a market value of US$ 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 expand at a significant CAGR.
Based on 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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Based on end-users, the market has been segmented into veterinary hospitals, clinical laboratories, and veterinary research institutes.
Based on 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).
The 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 of molecular diagnostic kits and drive the growth of the Global Veterinary Molecular Diagnostics Industry over a forecast period.
This report assesses trends driving the growth of segmental markets and offers analysis and insights into regional North America is estimated to dominate the Global Veterinary Molecular Diagnostics Industry with a maximum value share by the end of 2017. By 2026, North American and European markets cumulatively are expected to account for over 67.8% revenue share of the global Global Veterinary Molecular Diagnostics Industry 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 on consolidating their position in the Global Veterinary Molecular Diagnostics Industry by actively participating in activities such as partnerships, mergers, acquisitions, and collaborations. Companies focus on extending their product line and expanding production capacities to meet the growing demands for veterinary molecular diagnostics kits worldwide.
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The Global Veterinary Molecular Diagnostics Industry is segmented as follows:
By Product Type
PCR kits
INAAT kits
Microarray kits
DNA sequencing kits
By Disease Type
Anaplasma spp.
Ehrlichia spp.
New Castle Disease
Influenza
Porcine Reproductive & Respiratory Syndrome (PRRS)
Others
By Species
Livestock Animals
Aquatic
Bovine
Porcine
Ovine
Poultry
Equine
Companion Animals
Canine
Feline
Avian
By End User
Veterinary Hospitals
Clinical Laboratories
Veterinary Research Institutes
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