Global Veterinary Molecular Diagnostics Market Estimated At A CAGR Of 7.6% During The Forecast Period 2017 - 2026

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Global Veterinary Molecular Diagnostics Market

The pet care spending has increased considerably over the period of few years. People have grown more concerned about their pets health and have adopted more advanced forms of healthcare technologies and diagnostic techniques, including products available in the market such as PCR kits, INAAT kits, Microarray kits, and DNA sequencing kits. A recent market report by Persistence Market Research reveals PCR kits as the highly lucrative segment which is expected to continue leading in upcoming years. These kits are considered to be better than other kits in a lot of ways.

A major attribute of the PCR kits is its reproducibility. It is capable of running multiple tests together, and yet coming up with the most sensitive results which hold 99.9% accuracy. These upgraded technologies are set to pose high competition for other techniques available in the global market. Among different types of PCR kits, RT-PCR kits holds the most lucrative share in the market as they are expected to witness healthy expansion at a CAGR of 7.9% during the forecast period. The overall PCR kits segment is expected to hold the highest market share of over US$ 12O Mn by the end of 2026.

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Pet insurance and consolidating nature of market to trigger the growth of veterinary molecular diagnostic market
There are various trends that have contributed to the growth of global veterinary molecular diagnostic market, and the one that holds a great value is the rise in pet insurance. Rise in pet insurance is an ongoing trend especially in the developed economies. This is also a result of high rate of pet ownership and the increase in expenses incurred in turn of owning a pet. There are a number of emerging players that are capitalizing on pet insurance trends and are expected to boost the turnover by building a new sales channel for diagnostic kits & reagents and other pet diagnostic services.

The trends are further witnessed to be the consolidation of the market. Merger and acquisition activities are gaining wider footprint within the companion and livestock animal molecular diagnostics segment in developed markets, which is expected to widen product availability and ease market access.

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Gaps in epidemiological knowledge and high costs to emerge as a hurdle in markets growth
Epidemiological knowledge of veterinary diseases has gaps due to variation in the disease patterns. This has limited the scope of molecular diagnostic markets growth. It hampers discovery and production limit for molecular diagnostic kits to prevent spread of the disease by introducing new disease diagnostic methodologies. The markets growth may also face hindrance due to the high costs associated and lack of expertise to handle the testing kits available in the global veterinary molecular diagnostics market.

Average tier II and tier III veterinary hospitals lack the upgraded facilities and expertise to perform molecular testing procedures, which necessitates the referral to a specialty vet hospital with high infrastructure and expertise veterinarians. The advanced vet hospitals can be expensive for many, and especially for the ones who do not have a pet insurance registered to themselves. However, the molecular diagnosis technique is cost prohibitive for a large number of pet owners as they do not have pet insurance scheme. The cost of a RT-PCR kit is high, thus pet owners prefer other diagnostic methods that incur low costs.

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