Global Veterinary Molecular Diagnostics Industry Anticipates 6.84% CAGR, Eyes US$ 377.22 Million Value by 2033

The Global Veterinary Molecular Diagnostics Industry is set to achieve remarkable growth, with projections indicating a market worth of US$ 194.47 million in 2023, poised to surge to US$ 377.22 million by 2033. Anticipated to expand at a substantial CAGR of 6.84% between 2023 and 2033, this robust growth is driven by increased demand, adoption of multiple testing panels, and industry consolidation.

In 2022, the market is expected to reach US$ 182.1 million, laying the foundation for a significant upward trajectory. The adoption of advanced testing methodologies and the industry's consolidation contribute to a projected CAGR of 6.84% between 2022 and 2032, culminating in an estimated total market value of about US$ 352.8 million by 2032.

The latest market report by Future Market Insights, titled 'Global Veterinary Molecular Diagnostics Industry: Analysis (2013-2021) and Forecast (2022-2026),' underscores this promising growth trend. According to the report, the veterinary molecular diagnostics market is poised to expand at a robust CAGR of 7.6% during the forecast period from 2022 to 2028.

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The market is segmented based on product type, disease type, species type, end-user, and region. Based on 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 over the forecast period, registering a significant CAGR of 7.8% in terms of revenue, over the forecast period. The increasing demand for advanced veterinary molecular diagnostic kits, such as RT-PCR kits, DNA sequencing kits, and microarray-based diagnostic kits owing to the growing number of diagnostic procedures in livestock and companion animals worldwide is expected to boost the growth over the forecast period.

The PCR kits segment dominates the market with a market value of US$ 63.4 Mn in 2017. Also, the segment is expected to maintain its dominance over the forecast period with a market value of US$ 124.0 by 2026 end and expand at a significant CAGR.

Based on disease type, the market has been segmented into Anaplasma spp., Ehrlichia spp., New Castle Disease, Influenza, Porcine Reproductive & Respiratory Syndrome (PRRS), and others.

Based on species type, the market has been segmented into livestock animals including Aquatic, Bovine, Porcine, Ovine, Poultry, and Equine.

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Based on end-users, the market has been segmented into veterinary hospitals, clinical laboratories, and veterinary research institutes.

Based on region, the market has been segmented into North America, Latin America, Europe, the Asia Pacific Excluding China (APEC), China, and the Middle East and Africa (MEA).

The increasing set up of new production facilities by the key manufacturers in growing economies coupled with increasing adoption of molecular diagnostic techniques in animals is anticipated to boost the production of molecular diagnostic kits and drive the growth of the Global Veterinary Molecular Diagnostics Industry over a forecast period.

This report assesses trends driving the growth of segmental markets and offers analysis and insights into regional North America is estimated to dominate the Global Veterinary Molecular Diagnostics Industry with a maximum value share by the end of 2017. By 2026, North American and European markets cumulatively are expected to account for over 67.8% revenue share of the global Global Veterinary Molecular Diagnostics Industry by the end of 2026.

Some key companies covered in this report include bioMérieux SA, IDEXX Laboratories, Inc., Thermo Fisher Scientific Inc., Qiagen N.V., Neogen Corporation, ID.Vet, INDICAL BIOSCIENCE GmbH, and Veterinary Molecular Diagnostics, Inc. These leading players focus on consolidating their position in the Global Veterinary Molecular Diagnostics Industry by actively participating in activities such as partnerships, mergers, acquisitions, and collaborations. Companies focus on extending their product line and expanding production capacities to meet the growing demands for veterinary molecular diagnostics kits worldwide.

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The Global Veterinary Molecular Diagnostics Industry is segmented as follows:

By Product Type

• PCR kits
• INAAT kits
• Microarray kits
• DNA sequencing kits

By Disease Type

• Anaplasma spp.
• Ehrlichia spp.
• New Castle Disease
• Influenza
• Porcine Reproductive & Respiratory Syndrome (PRRS)
• Others

By Species

• Livestock Animals
  • Aquatic
  • Bovine
  • Porcine
  • Ovine
  • Poultry
  • Equine
• Companion Animals
  • Canine
  • Feline
  • Avian

By End User

• Veterinary Hospitals
• Clinical Laboratories
• Veterinary Research Institutes

Author

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.