Overview of the Global Veterinary Molecular Diagnostics Market
Higher demand for animal-derived food, increased pet insurance demand, and increased animal health spending are driving the Veterinary Molecular Diagnostics Market. The rise in animal molecular diagnostics acceptance accounts for high specificity and efficiency in a short period of time, as well as the expansion of the Veterinary Molecular Diagnostics Market. The market is expected to increase further because of the high prevalence of infectious diseases in animals, quick FDA approvals for reagents used in molecular diagnosis, and strong distribution channels.
Animal healthcare awareness is lacking in rising countries such as India, Brazil, and China, as well as a few Southeast Asian countries. Although the pet insurance market is growing, the number of animals covered for treatment remains low. In addition, according to the Society for Practicing Veterinary Surgeons, the cost of veterinary treatment is rising at a rapid rate, even as pet insurance costs rise. Another element contributing to rising pet healthcare costs is the number of animal health clinics with veterinary doctors. However, when compared to other advanced-degree professions such as dentistry and law, veterinary practitioners are under pressure to increase their prices.
Definition of the Global Veterinary Molecular Diagnostics Market
Molecular diagnostics is the assessment of a wide spectrum of animal infections using molecular techniques. Traditional, real-time, and quantitative PCR techniques are used in molecular diagnosis. These sophisticated approaches aid in the diagnosis of infectious diseases by detecting macromolecules quickly and accurately. Veterinary molecular diagnosis has a number of advantages over traditional methods, including a shorter testing time, better separation between virulent and non-virulent strains, and excellent specificity and sensitivity. Veterinary molecular diagnostics focus on detecting, identifying, and genotyping pathogens, as well as doing research on animal samples.
This report includes market status and forecast of global and major regions, with the introduction of vendors, regions, product types, and end industries; and this report counts product types and end industries in global and major regions.
Some of the Major Market Key Players –
- IDEXX Laboratories, Inc.
- ABAXIS, Inc.
- VCA, Inc.
- Neogen Corporation
- Thermo Fisher Scientific, Inc.
- Zoetis, Inc.
- GE Healthcare
- Heska Corporation
- ID.Vet, Virbac,
- Veterinary Molecular Diagnostics, Inc.
- AGFA Healthcare.
From 2022 to 2029, this research anticipates revenue growth at the global, regional, and country levels, as well as an analysis of the most recent industry trends in each of the sub-segments. Zion Market Research has split the worldwide veterinary diagnostics market research by product, species, illness type, testing type, end-use, and region for this study:
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Key Market Segmentation:
By Product Segment Analysis
- Instruments & Software
- Kits & Reagents
By Technology Segment Analysis
- Polymerase Chain Reaction (PCR)
- DNA Sequencing
By Animal Type Segment Analysis
- Companion Animals
- Livestock Animals
by Disease Indication Segment Analysis
- Vector-borne Diseases
- Respiratory Pathogens Detection
- Diarrhea Pathogens Detection
By End-User Segment Analysis
- Veterinary Hospitals
- Clinical Laboratories
- Research Institutes
By Regional Segment Analysis
- North America: U.S, Canada, Mexico
- South America: Brazil, Argentina, Colombia
- Europe: U.K, Germany, Italy, France, Poland, Belgium, Spain, Russia
- APAC: China, Australia, South Korea, India, Japan
- Rest of the World: Middle East, Africa
In 2021, North America had the greatest revenue share, accounting for more than half of all revenue. In the region, veterinary healthcare expenditure has increased significantly, which is likely to fuel market expansion. Furthermore, the presence of healthcare programs and an increase in the number of initiatives promoting animal health are expected to boost the region’s growth potential. The North American Pet Health Insurance Association, for example, is working to raise awareness about pet health insurance coverage.
Animal welfare organizations’ effective procedures in the event of an emergency or sudden illness breakout are also likely to contribute to market growth in North America. During the projection period, the Asia Pacific regional market is expected to develop at the fastest rate. The emergence of middle-class households, higher disposable income, acceptance of pet animals, and a high need for animal proteins are all predicted to fuel regional market growth.
The Impact of the COVID-19 Crisis on the Veterinary Molecular Diagnostics Market
The COVID19 pandemic has had a significant impact on most markets. The virus is spreading rapidly over the world, causing huge disruptions in important activities in every country. However, no one can accurately describe the impact of the pandemic on the veterinary molecular diagnostics business. The impact is negative and strong enough to have caused the market’s expansion to slow. During the projection term, however, the market is expected to pick up and prosper.
Frequently Asked Questions (FAQ):
- Which are the top industry players in the global veterinary diagnostics market?
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- Which is the largest technology segment in the global veterinary diagnostics market?
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