Veterinary Molecular Diagnostics Market Predicted to Expand to USD 437.7 Million by 2033 | Persistence Market Research Report

Overview of the Veterinary Molecular Diagnostics Market

The global Veterinary Molecular Diagnostics Market is a rapidly growing segment within the veterinary healthcare industry, driven by technological advancements and increasing demand for accurate diagnostic solutions. In 2022, the market was valued at approximately US$ 183.4 million, with a projected Compound Annual Growth Rate (CAGR) of 8.2% from 2023 to 2033, potentially reaching US$ 437.7 million by the end of the forecast period. The market primarily benefits from the increasing adoption of molecular diagnostic techniques, which offer higher accuracy and faster results compared to traditional diagnostic methods. Key growth drivers include rising pet adoption rates, the growing consumption of animal-derived food products, and the escalating need to detect zoonotic diseases that could potentially transfer from animals to humans.

The PCR kits segment held a dominant share of around 50.8% in 2022, contributing significantly to market growth due to their accuracy, reliability, and speed in detecting various pathogens. Regionally, North America stands out as the leader in the veterinary molecular diagnostics market, accounting for a substantial market share. This can be attributed to the high adoption of pets, advanced veterinary healthcare infrastructure, and the increasing emphasis on zoonotic disease detection, particularly in the United States. In addition, emerging markets, especially in Asia-Pacific, show growing adoption of veterinary diagnostics driven by increasing awareness and pet ownership.

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Key Highlights from the Report

• The global veterinary molecular diagnostics market size was valued at US$ 183.4 million in 2022.
• The market is expected to grow at a CAGR of 8.2% from 2023 to 2033.
• PCR kits dominated the market with a share of 50.8% in 2022.
• North America accounted for 34.6% of the global market share in 2022.
• Livestock diagnostics represented around 71% of the global market share.
• The increasing number of pet insurance schemes is expected to boost market growth.

Market Segmentation

Based on Product Type

The veterinary molecular diagnostics market is segmented by product types, with PCR-based kits being the most prominent. The high demand for PCR tests is primarily driven by the increasing need for rapid and accurate diagnostic results in both pets and farm animals. These diagnostic tests help in identifying a range of diseases, including viral, bacterial, and parasitic infections, thereby preventing outbreaks and controlling the spread of diseases. Other diagnostic products, such as microarrays, mass spectrometry-based tests, and hybridization-based kits, also contribute to the market's growth, though to a lesser extent.

Based on End-User

In terms of end-users, veterinary hospitals account for a significant portion of the market share, around 49.7% in 2022. This is because these facilities provide routine check-ups and diagnostic testing for both pets and livestock. Furthermore, the increasing adoption of pets and the rising demand for veterinary care in emerging countries are expected to propel the growth of veterinary hospitals as the key end-user segment. Additionally, diagnostic laboratories, research institutes, and government veterinary departments are also key players in the market, particularly in the development of new diagnostic tools.

Regional Insights

North America

North America leads the veterinary molecular diagnostics market, driven by high pet adoption rates, advanced healthcare infrastructure, and an increased focus on preventing zoonotic diseases. The United States, in particular, plays a significant role, contributing to around 34.6% of the global market share in 2022. The growing emphasis on precision medicine and rapid diagnostic technologies, such as PCR kits, to detect diseases in pets and livestock further strengthens the market in this region.

Europe

Europe holds a significant share in the global veterinary molecular diagnostics market, with countries like Germany and the United Kingdom leading the way. Germany, known for its high meat consumption, drives the demand for livestock disease diagnostics, as food-borne pathogens in animals pose health risks to consumers. In addition, Europe's well-established veterinary healthcare infrastructure and high spending on animal healthcare contribute to the growth of the market.

Market Drivers

The veterinary molecular diagnostics market is primarily driven by the increasing demand for precise, rapid, and reliable diagnostic methods. The ability of molecular diagnostics to detect diseases at an early stage with high accuracy is one of the main reasons behind their growing adoption. Moreover, the rising prevalence of zoonotic diseases (diseases that can be transmitted from animals to humans) such as salmonella, Newcastle disease, and avian influenza is propelling the demand for diagnostic solutions that can effectively identify pathogens. Additionally, the rising adoption of pets and the growing awareness of their health among pet owners contribute to the market's expansion.

Market Restraints

Despite the growth prospects, the veterinary molecular diagnostics market faces several challenges. One of the key restraints is the high cost associated with advanced molecular diagnostic techniques, such as PCR tests. Many pet owners, especially in developing countries, may find these tests prohibitively expensive. Additionally, there is a lack of adequate veterinary services and a shortage of skilled professionals, particularly in remote areas. This gap in service provision limits the market's potential, especially in rural and underserved regions.

Market Opportunities

The increasing availability of pet insurance in emerging economies presents a significant opportunity for the growth of the veterinary molecular diagnostics market. Insurance schemes help alleviate the financial burden on pet owners, enabling them to afford diagnostic tests for their animals. Furthermore, the growing focus on preventive healthcare for pets and livestock, especially in developed countries, is expected to create a favorable environment for market growth. Innovation in diagnostic technologies, such as the development of point-of-care diagnostic tools, also offers lucrative growth opportunities in the market.

Reasons to Buy the Report

✔ Comprehensive market analysis covering trends, drivers, restraints, and opportunities in the veterinary molecular diagnostics market.
✔ In-depth segmentation analysis by product type, end-user, disease, species, and region.
✔ Expert insights into regional market trends, particularly in North America, Europe, and Asia-Pacific.
✔ Detailed competitive landscape featuring leading players and recent developments in the market.
✔ Projections for market growth, helping stakeholders plan their investments and strategies.

Company Insights

Key Players

• bioMérieux SA
• IDEXX Laboratories, Inc.
• Thermo Fisher Scientific Inc.
• Qiagen N.V.
• Neogen Corporation
• ID. Vet
• INDICAL BIOSCIENCE GmbH
• Veterinary Molecular Diagnostics, Inc.

Recent Developments

1. In September 2022, bioMérieux partnered with BrightInsight to develop and supply clinical digital solutions for veterinary diagnostics, enhancing clinical decision-making.

2. In April 2020, IDEXX Laboratories, Inc. launched the IDEXX SARS-CoV-2 RealPCRTM Test to detect COVID-19 in pets, responding to the rising concerns of pet infections during the pandemic.

Conclusion

The veterinary molecular diagnostics market is poised for significant growth due to the increasing adoption of advanced diagnostic technologies, the rising incidence of zoonotic diseases, and the growing awareness about animal health. With key players investing in innovative solutions and expanding their presence globally, the market offers substantial opportunities for stakeholders. However, the challenges associated with high costs and a shortage of skilled professionals need to be addressed to realize the full potential of the market.

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