Veterinary Molecular Diagnostics Market
Veterinary Molecular Diagnostics Market (Product Type: Instruments & Software, Kits & Reagents, and Services; Technology: Conventional PCR, Singleplex PCR, Multiplex PCR, Real-time PCR, and Others; Disease Type: Vector-borne Diseases, Respiratory Pathogens, Diarrhea Pathogens, and Others; Animal Type: Companion Animal and Livestock Animal; and End User: Hospitals/Clinics and Reference Laboratories) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
Press Release :
New and Improved Diagnostic Techniques to Replace Conventional Diagnostic Methods
Research and development activities are likely to play a key role in driving the global veterinary molecular diagnostics market in the upcoming decade. Some of the recent novel and groundbreaking discoveries in diverse diagnostics and therapeutic tools pertaining to animal health are expected to open up new avenues for the players involved in the current veterinary molecular diagnostics market. Considerable progress made in the detection, management, and treatment of infectious and non-infectious diseases among animals is expected to fuel the demand for veterinary molecular diagnostics during the forecast period.
Innovations in the field of veterinary molecular diagnostics are primarily driven by advancements in technology, research, and increasing investments from private as well as non-private business entities. Progress in veterinary molecular diagnostics has also provided a considerable boost to the economies and food security of several developing nations, including India and China– a factor that is expected to boost the global veterinary molecular diagnostics market during the assessment period. The past and newly developed veterinary molecular diagnostic techniques play an imperative role in the detection and identification of new and emerging pathogens in livestock due to which, the adoption rates continue to move in the upward trajectory.
At the back of these factors, the global veterinary molecular diagnostics market is on course to attain a market value of US$ 1.1 Bn by the end of 2030.
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Entry of New Vaccines and Improvements in Molecular Diagnostic Techniques to Aid Market Growth
The advent of new vaccines and recent progress made by veterinary molecular diagnostic techniques by opting for a genomic approach are anticipated to improve the overall state of veterinary molecular diagnostics worldwide and management of a range of infectious veterinary diseases. Noteworthy progress made by DNA sequencing platforms and major developments in the data analysis space are also some of the key factors that are expected to provide a solid boost to the overall development of the global veterinary molecular diagnostics market during the assessment period. A number of private as well as government laboratories involved in the current market landscape are increasingly focusing on improving the accuracy of their veterinary molecular diagnostics to gain a considerable advantage.
The increasing adoption of DNA sequencing platforms and the high-throughput data generated by leveraging these platforms are increasingly being analyzed by using computational genomics and bioinformatics– a trend that is projected to gain momentum over the course of the forecast period. Improvements in the data analysis space is expected to present a number of opportunities to the players involved in the current veterinary molecular diagnostics market to develop improved therapeutic and veterinary molecular diagnostics tools. This factor is expected to shape the growth of the global veterinary molecular diagnostics market.
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Advancements in Diagnostic Technologies and Increasing Adoption of New Tools to Drive Market
For several decades, conventional laboratory diagnostics for veterinary pathogens have primarily relied on various techniques, including neutralization, enzyme-linked Immunosorbent Assay (ELISA), compliment fixation, and agar gel immunodiffusion. However, due to advancements in technology, veterinarians around the world are increasingly using new veterinary molecular diagnostic techniques, including Western blot and polymerase chain reaction (PCR), which is estimated to increase the demand for veterinary molecular diagnostics in the upcoming years. Although the adoption of conventional techniques remains steady, the incorporation of new molecular techniques is on the rise. Improved immunoassays, increased use of biosensors, adoption of nucleic acid diagnostics, and adoption of preteomic technologies are expected to pave the way for a bright future for the veterinary molecular diagnostics market.
Market Growth Likely to Remain Slower than Usual amid COVID-19 Pandemic
The onset of the novel COVID-19 pandemic is expected to have a strong impact on the overall growth of the global veterinary molecular diagnostics market in 2020. As the majority of the healthcare fraternity and research activities is increasingly focusing on the discovery of a new vaccine for the novel COVID-19 disease, the growth of the veterinary molecular diagnostics market is expected to remain slower than initial projections. The ongoing pandemic is likely to cut-short investments for the development of new veterinary molecular diagnostic techniques, particularly in 2020, as the primary focus continues to remain on pathological tests related to human beings.
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The global veterinary molecular diagnostics market is expected to expand at an impressive CAGR of ~8% during the forecast period. Increase in the number of research and development activities, entry of new veterinary molecular diagnostic methods, advancements in technology, rise in prevalence of vector-borne diseases, and growth in pet ownership worldwide are anticipated to drive the veterinary molecular diagnostics market during the forecast period. Players involved in the current market should focus on research and development, and explore the potential of collaborating with other players in the market to strengthen their market position.
Veterinary Molecular Diagnostics Market: Overview
- Molecular diagnostics are laboratory methods to examine the RNA, DNA, or other proteins in animals and identify diseases or predisposition stage
- Veterinary molecular diagnostics are essential for diagnosis of vector-borne diseases, respiratory pathogens, and diarrhea pathogens in companion as well as livestock animals
- The global veterinary molecular diagnostics market has experienced significant growth in the last decade due to increase in pet ownership and rise in obesity among pets
- Different technologies used for veterinary molecular diagnosis include conventional PCR, singleplex PCR, multiplex PCR, and real-time PCR
Veterinary Molecular Diagnostics: Market Drivers
- Increase in companion animal ownership is a trend witnessed in the animal healthcare segment. Spending capacity on companion animals is also on the rise. According to the National Pet Owners Survey conducted by the American Pet Products Association (APPA) in 2018, around 68% of households own a companion animal or pet in the U.S.
- Rise in obesity among pets and increase in awareness about veterinary diagnostics are projected to drive the global veterinary molecular diagnostics market during the forecast period. According to a report by the Association for Pet Obesity Prevention (APOP), obesity affected around 55.8% of dogs and 59.5% of cats in the U.S. in 2018.
Market Segmentation: Veterinary Molecular Diagnostics Market
- In terms of product type, the global veterinary molecular diagnostics market has been classified into instruments & software, kits & reagents, and services. The kits & reagents segment is anticipated to dominate the global veterinary molecular diagnostics market during the forecast period.
- Based on technology, the global veterinary molecular diagnostics market has been categorized into conventional PCR, singleplex PCR, multiplex PCR, real-time PCR, and others
- In terms of disease type, the global veterinary molecular diagnostics market has been divided into vector-borne diseases, respiratory pathogens, diarrhea pathogens, and others
- Based on animal type, the global veterinary molecular diagnostics market has been bifurcated into companion animals and livestock animals. The companion animals segment has been split into canine, feline, and others.
- In terms of end user, the global veterinary molecular diagnostics market has been segregated into hospitals/clinics and reference laboratories. The reference laboratories segment dominated the global veterinary molecular diagnostics market in terms of revenue in 2019.
- Each of the segments has been analyzed in detail for market trends, recent trends, and developments, drivers, restraints, opportunities, and useful insights. The report provides current and expected revenue (US$ Mn) for each of these segments from 2018 to 2030, considering 2019 as the base year. The compound annual growth rate (% CAGR) has been provided for each segment and market from 2020 to 2030, along with market size estimations.
Regional Overview: Veterinary Molecular Diagnostics Market
- In terms of region, the global veterinary molecular diagnostics market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions have been divided into major countries and sub-regions.
- The current and expected market revenue (US$ Mn) of these regional markets and their major countries have been provided in the report from 2018 to 2030, with their CAGRs from 2020 to 2030
- The study also offers a list of recommendations, highlights, and useful insights of the global veterinary molecular diagnostics market, which would help new companies willing to enter the market, and existing companies to increase market shares and in the decision-making process
Veterinary Molecular Diagnostics Market: Major Players
- The veterinary molecular diagnostics market report concludes with the company profiles section, which includes key information about major players in the global veterinary molecular diagnostics market
- Leading players analyzed in the veterinary molecular diagnostics market report include
- IDEXX Laboratories, Inc.
- Thermo Fisher Scientific, Inc.
- Zoetis, Inc.
- Neogen Corporation
- bioMérieux SA
- QIAGEN N.V.
- Biomedica Medizinprodukte GmbH & Co KG
- VCA, Inc. (subsidiary of Mars, Incorporated)
- Each of these players has been profiled in the veterinary molecular diagnostics market report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments
Veterinary Molecular Diagnostics Market – Scope of the Report
TMR’s report on the global veterinary molecular diagnostics market studies the past as well as the current growth trends and opportunities to gain valuable insights of the indicators for the market during the forecast period from 2020 to 2030. The report provides revenue of the global veterinary molecular diagnostics market for the period 2018–2030, considering 2019 as the base year and 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR %) of the global veterinary molecular diagnostics market from 2020 to 2030.
The report is prepared after an extensive research. Primary research involved bulk of the research efforts, wherein analysts carried out interviews with key opinion leaders, industry leaders, and opinion makers. Secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the veterinary molecular diagnostics market.
Secondary research also included Internet sources, statistical data from government agencies, websites, and trade associations. Analysts employed a combination of top-down and bottom-up approaches to study various attributes of the global veterinary molecular diagnostics market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Moreover, the report sheds light on the changing competitive dynamics in the global veterinary molecular diagnostics market. These serve as valuable tools for existing market players as well as for entities interested in participating in the global veterinary molecular diagnostics market.
The report delves into the competition landscape of the global veterinary molecular diagnostics market. Key players operating in the global veterinary molecular diagnostics market are identified and each one of these is profiled in terms of various attributes. Company overview, financial standings, recent developments, and SWOT are the attributes of players in the global veterinary molecular diagnostics market profiled in this report.
Key Questions Answered in Veterinary Molecular Diagnostics Market Report
- What is the sales/revenue generated by veterinary molecular diagnostics across all regions during the forecast period?
- What are the opportunities in the global veterinary molecular diagnostics market?
- What are the major drivers, restraints, opportunities, and threats in the market?
- Which regional market is set to expand at the fastest CAGR during the forecast period?
- Which product type segment is expected to generate the highest revenue globally in 2030? Which segment is projected to expand at the highest CAGR during the forecast period?
- What are the market positions of different companies operating in the global market?
Veterinary Molecular Diagnostics Market – Research Objectives and Research Approach
The comprehensive report on the global veterinary molecular diagnostics market begins with an overview, followed by the scope and objectives of the study. The report provides detailed explanation of the objectives behind this study and key vendors and distributors operating in the market and regulatory scenario for approval of products.
For reading comprehensibility, the report has been compiled in a chapter-wise layout, with each section divided into smaller ones. The report comprises an exhaustive collection of graphs and tables that are appropriately interspersed. Pictorial representation of actual and projected values of key segments is visually appealing to readers. This also allows comparison of the market shares of key segments in the past and at the end of the forecast period.
The report analyzes the global veterinary molecular diagnostics market in terms of product type, technology, disease type, animal type, end user, and region. Key segments under each criteria are studied at length, and the market share for each of these at the end of 2030 has also been provided. Such valuable insights enable market stakeholders in making informed business decisions for investment in the global veterinary molecular diagnostics market.
Veterinary Molecular Diagnostics Market – Segmentation
TMR’s study on the global veterinary molecular diagnostics market includes information divided into the following segments: product type, technology, disease type, animal type, end user, and region. Changing industry trends and other crucial market dynamics associated with these segments of the global veterinary molecular diagnostics market are discussed in detail.