Livestock Diagnostics Market Worth $ $2.02 Billion by 2028 - Exclusive Report by Meticulous Research®

Meticulous Research®- a leading global market research company published a research report titled "Livestock Diagnostics Market by Product (Consumables {Influenza, Foot and Mouth Disease}, System, Software), Technology (Immunodiagnostics {ELISA}, Molecular diagnostics {PCR}), Animal Type (Bovine, Swine, Poultry), and End Users - Global Forecast to 2028". According to this latest publication from Meticulous Research®, the livestock diagnostics market is expected to reach $2.02 billion by 2028, growing at a CAGR of 8.2% from 2021 to 2028.

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The increasing prevalence of various foodborne and zoonotic diseases, rising demand for livestock-derived food products, favorable government initiatives, and technological advancements in veterinary diagnostics are the key factors driving steady growth in the global livestock diagnostics market. However, the shortage of veterinary practitioners for livestock animals is hindering the market's growth to some extent.

Impact of COVID-19 on Livestock Diagnostics Market

Since its emergence in November 2019, the COVID-19 pandemic has affected many industries. The authorities took several preventative measures to stop the spread of the virus. Also, the dairy and meat products market witnessed a setback as restaurants were shut down. Several meat processing plants in the U.S. were identified as hotspots of the COVID-19 infection. This led to the temporarily shutting down of these meat processing plants.

The diagnostics of livestock animals were also affected as most of the resources were directed for human testing. The shortage of commonly used RNA testing kits and specimen swabs, PCR machines, and others affected livestock animal testing. Moreover, animal disease testing and related research were suspended due to lockdowns and the closure of veterinary labs and institutions. Also, due to travel restrictions, there was little to no access for sample collection due to restricted access to farms, transport of samples, and shortage or lack of instruments and personal protective equipment.

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Livestock Diagnostics Market Overview

The overall livestock diagnostics market study presents market data on the basis of product (consumables, systems, and software), technology (immunodiagnostics, molecular diagnostics, and other technologies), animal type (ruminants, swine, poultry, and other animals), end user (reference laboratories, veterinary hospitals & clinics, and point-of-care testing), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).

Based on product type, the livestock diagnostics market is segmented into consumables, systems, software. The consumables segment is expected to grow at the highest growth rate during the forecast period. Factors driving this segment's growth include the commercial availability of a diverse range of reagents and consumables for various diseases & animal health screening, and the availability of diseases-specific test kits and assays. Moreover, the emergence of various POC tests and assays is expected to create significant opportunities in the livestock diagnostic consumables market.

Based on technology, the immunodiagnostics segment is expected to grow at the fastest CAGR during the forecast period. This technique is implemented in diagnostics and quality-control programs as it is rapid, convenient, and an accurate research tool for detecting and quantitation targets. Further, the higher preference for immunodiagnostics tests by veterinary practitioners owing to its high accuracy standards, increasing usage of miniaturized devices contributes to its growth.

Based on animal type, the ruminants segment is estimated to account for the largest share of the overall livestock diagnostics market in 2021 due to the growing population of ruminants, rising government initiatives for improving their health, and growing demand for food products derived from ruminants. However, the swine segment is expected to grow at the fastest CAGR during the forecast period. The increasing demand for pork, rising incidence of swine infections, development of schemes & campaigns for the prevention of zoonotic diseases, and funding for swine research are the key factors contributing to its growth.

Based on end user, the reference laboratories segment is estimated to account for the largest share due to the higher adoption of livestock diagnostic products by reference laboratories and growing R&D activities to impart advancements in the procedures of animal health checkups. Moreover, growing initiatives by vendors in collaboration with reference laboratories for better animal health are expected to boost this market's growth in the coming years.

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Geographically, in 2021, North America is estimated to account for the largest share of the global livestock diagnostics market, followed by Europe and Asia-Pacific. However, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. Growth in this market is expected to be driven by factors such as the large population of livestock animals, rising incidence of various zoonotic diseases, rising awareness about animal health, and increasing income levels.

The report also includes an extensive assessment of the key strategic developments of leading market participants in the industry over the past four years. In recent years, the livestock diagnostics market has witnessed several new product launches & enhancements, approvals, agreements & partnerships, expansion, and acquisitions. For instance, in April 2021, Indical Biosciences GmbH (Germany) acquired Svanova (Sweden), a company that offers veterinary diagnostics solutions. The acquisition will aid Indical Biosciences to expand its product portfolio. In February 2020, Zoetis Inc. (U.S.) acquired Ethos Diagnostic Science (U.S.) to expand its diagnostics market presence for offering comprehensive and enhanced value solutions to veterinarians in the U.S.

The key players operating in the global livestock diagnostics market IDEXX Laboratories, Inc. (U.S.), Zoetis Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Bio-Rad Laboratories, Inc. (U.S.), bioMérieux S.A. (France), INDICAL BIOSCIENCE GmbH (Germany), Agrolabo SpA (Italy), Neogen Corporation (U.S.), IDvet (France), GD Animal Health (Netherlands), BioChek B.V. (Netherlands), and VMRD, Inc. (U.S.) among others.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/livestock-diagnostics-market-5085

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