According to the latest market report published by Future Market Insights titled ‘veterinary molecular diagnostics Market: Global Industry Analysis (2013-2017) and Forecast (2018-2026)’, the global veterinary molecular diagnostics market is expected to expand in Compound annual growth rate of 7.6% During the forecast period 2018-2026.
The market is segmented based on product type, disease type, species type, end user, and region. On the basis of product type, the market has been segmented into four segments such as PCR kits, INAAT kits, Microarray kits, and DNA sequencing kits.
The PCR kits segment is expected to be the fastest growing segment during the forecast period, registering a large number Compound annual growth rate of 7.8% In terms of revenue, during the forecast period. The growing demand for advanced veterinary molecular diagnostic kits, such as RT-PCR kits, DNA sequencing kits, and microarray-based diagnostic kits, due to the increasing number of diagnostic procedures in livestock and companion animals worldwide is expected to boost the growth of the veterinary medicine market Molecular diagnosis during the prediction period.
The PCR kits segment dominates the market with a market capitalization of 63.4 million US dollars In 2017. Also, the sector is expected to maintain its dominance during the forecast period with a market value of 124.0 USD by 2026 and expanding at a significant compound annual growth rate.
On the basis of disease type, the market has been segmented into Anaplasma spp. , Ehrlichia spp. , New Castle Disease, influenza, swine reproductive and respiratory syndrome (PRRS), and others.
Based on species type, the market has been segmented into livestock animals including aquatic animals, bovines, pigs, bovines, poultry, and horses.
On the basis of the end user, the market has been segmented into veterinary hospitals, clinical laboratories, and veterinary research institutes.
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On the basis of region, the market has been segmented into North America, Latin America, Europe, Asia Pacific excluding China (APEC) and China, Middle East and Africa (MEA).
Increased establishment of new production facilities by major manufacturers in developing economies along with increased adoption of molecular diagnostic technologies in animals is expected to boost the production of molecular diagnostic kits and drive growth of the veterinary molecular diagnostics market during an forecast period.
The increasing prevalence of chronic disorders in animals such as influenza, new castle disease and diabetes along with the high prevalence of infectious diseases is expected to increase the demand for veterinary molecular diagnostics market. An increase in preference for molecular diagnostics due to its high specificity and efficacy in diagnosing chronic diseases in animals and the presence of a strong distribution channel is also expected to drive the growth of the veterinary molecular diagnostics market during the forecast period. Increased pet adoption, increased grants for innovation in veterinary diagnostics, rapid FDA approvals for reagents used in animal molecular diagnostics, and increased consumer spending on veterinary care are also expected to drive market revenue growth over the forecast period.
Increased spending on pet care in developing economies such as Japan and India in the APEC region is expected to have a positive impact on the veterinary molecular diagnostics market in the APEC region. However, the growing demand for advanced veterinary molecular diagnostic kits, such as RT-PCR kits, DNA sequencing kits, and microarray-based diagnostic kits due to the increasing number of diagnostic procedures in livestock and companion animals is expected to drive the growth of the veterinary molecular diagnostics market in America Northern and Europe during the forecast period.
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However, gaps in the epidemiological knowledge of some veterinary malignancies, the high costs associated with veterinary molecular diagnostics and a stringent regulatory approval process for new molecular diagnostic kits leading to product delays, may hamper the demand for veterinary molecular diagnostic kits and constrain the growth of the veterinary molecular diagnostics market during the forecast period . Inadequate veterinary care research infrastructure in emerging economies, limited reimbursement policies and visa restrictions stifling veterinarian practices along with shortage of veterinary physicians and colleges are some of the other factors that are expected to impede the growth of the global veterinary molecular diagnostics market.
This report evaluates the trends driving the growth of the segmental markets and provides analysis and insights into the regional Veterinary Molecular Diagnostics market. North America is expected to dominate the veterinary molecular diagnostics market at maximum value by the end of 2017. By 2026, the North American and European markets are expected to cumulatively represent more than 67.8% of the revenue share of the global veterinary molecular diagnostics market by the end of 2026.
Some of the major companies covered in this report include bioMérieux SA, IDEXX Laboratories, Inc. and Thermo Fisher Scientific Inc. and Qiagen NV, Neogen Corporation, ID.Vet, INDICAL BIOSCIENCE GmbH, Veterinary Molecular Diagnostics, Inc. their position in the global veterinary molecular diagnostics market by actively participating in activities such as partnerships, mergers and acquisitions, and collaborations. The companies are focusing on expanding their product line and expanding their production capabilities to meet the growing demands of veterinary molecular diagnostic kits worldwide.
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