According to a new report published by Transparency Market Research
(TMR) titled “Veterinary Molecular Diagnostics Market: Global
Industry Analysis, Size, Share, Growth, Trends, and Forecast,
2017–2025”, the global veterinary molecular diagnostics market
was valued at US$ 377.2 Mn in 2016 and is projected to expand at a
CAGR of 8.6% from 2017 to 2025 to reach value of US$ 792.5 Mn by
2025. This report offers a thorough understanding of the global
veterinary molecular diagnostics market including key trends,
drivers, restraints, and opportunities. Rising awareness about
molecular diagnostics among veterinarians and general public in both
developed and developing countries is expected to drive the global
veterinary molecular diagnostics market in the near future. High test
sensitivity and specificity and development of new products against
new diseases in animals are also driving the global veterinary
molecular diagnostics market. The Asia Pacific region is witnessing
gradual adoption of new technologies in veterinary molecular
diagnostics, increasing animal health care expenditure, and changing
dynamics of the in vitro diagnostics industry. Due to this, the
veterinary molecular diagnostics market in Asia Pacific is
anticipated to expand at a CAGR of 9.2% from 2017 to 2025.
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The global veterinary molecular diagnostics market has been
witnessing a significant shift from manual systems toward automated
systems. Incidence of new diseases such as helminth parasitic
diseases and protozoal parasitic diseases is rising. Development of
better methods such as molecular diagnostics to detect and fight
these diseases promptly is expected to drive the global veterinary
molecular diagnostics market in the next few years. Factors
indicating the growing importance of livestock diagnostics,
medicines, and vaccines such as surging demand for improved nutrition
(particularly, animal protein), limited natural resources, and
widened focus on food safety are anticipated to boost the veterinary
molecular diagnostics market during the forecast period.
Technological Advancements to drive Global Market
Veterinary molecular diagnostics offers several advantages over the
conventional diagnostic techniques such as rapid turnaround time
(2.5–3 hours), high test sensitivity and specificity, and better
differentiation between avirulant and birulent strains. These added
advantages are anticipated to drive the global veterinary molecular
diagnostics market during the forecast period. Technological
advancements in devices and reagents available for veterinary
molecular diagnostics have enabled veterinarians to provide proper
emergency assistance to patients. Improvement in the health care
infrastructure, government campaigns, and increase in per capita
income have raised awareness regarding the importance of preventive
care and sophisticated diagnostic tools among veterinarians and
general public. Pet owners are becoming more conscious about proper
and timely diagnosis of disease suffered by their pets. This rise in
awareness among the people in both developed and developing countries
is expected to drive the global veterinary molecular diagnostics
market in the next few years. Sophisticated molecular diagnostic
instruments and assays are well-recognized and validated for proper
testing. However, high costs associated with these systems and assays
presents a significant challenge for the market.
Kits & Reagents Segment dominates the Market, followed by
Instruments & Software Segment
The global veterinary molecular diagnostics market has been segmented
based on product, technology, animal type, disease indication,
end-user, and geography. Based on product, the global veterinary
molecular diagnostics market has been segmented into instruments &
software, kits & reagents, and services. The kits & reagents
segment is expected to dominate the global veterinary molecular
diagnostics market during the forecast period. This is attributable
to the rising number of customized kits and reagents used in disease
detection and health surveillance processes. Growing inclination
toward preventive animal care and diagnosis is leading to high-volume
processing, which augments the demand for high-throughput instruments
and software.
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Polymerase Chain Reaction (PCR) to be the Most Promising
Technology
Based on technology, the market has been segmented into polymerase
chain reaction (PCR), microarrays, and DNA sequencing. The polymerase
chain reaction (PCR) segment is anticipated to remain highly
lucrative during the forecast period, owing to several advantages
over the conventional detection methods; for example, quick and
accurate results. In terms of animal type, the market has been
segregated into companion animals and livestock animals. Based on
disease indication, the market has been segmented into vector-borne
diseases, respiratory pathogens detection, diarrhea pathogens
detection, and others. Based on end-user, the market has been
segmented into hospitals/clinics and reference laboratories.
Asia Pacific to offer Lucrative Growth Opportunities
Geographically, the global veterinary molecular diagnostics market
has been segmented into five regions: North America, Europe, Asia
Pacific, Latin America, and Middle East & Africa. North America
is projected to be the largest market for veterinary molecular
diagnostics between 2017 and 2025. Growth of the market in the region
can be attributed to increase in government and private funding and
large volume of tests performed in the region. The Asia Pacific
region is witnessing gradual adoption of new veterinary molecular
diagnostics technologies, increase in health care expenditure, and
change in dynamics of the in vitro diagnostics industry. High
adoption of veterinary diagnostics drugs, vaccines, and medicated
feed additives for the well-being of rapidly increasing population of
livestock animals in the region makes Asia Pacific one of the most
lucrative markets for veterinary molecular diagnostics.
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Key Players such as IDEXX Laboratories, Inc. and VCA, Inc. likely
to continue to lead Global Veterinary Molecular Diagnostics Market
Major companies competing in the global veterinary molecular
diagnostics market and profiled in the report are IDEXX Laboratories,
Inc., VCA, Inc., Thermo Fisher Scientific, Inc., Novacyt Group,
QIAGEN N.V., Biomedica Medizinprodukte GmbH & Co KG, HealthGene
Corporation, and Bioneer. IDEXX Laboratories dominates the market due
to high market penetration of its flagship products in the global
veterinary molecular diagnostics market.
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