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.
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.
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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.
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.
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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
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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