The Veterinary Molecular Diagnostics Market is all set to go great guns in the forecast period. Big data makes way for real-time data visualization, thereby identifying the high-risk populations. Healthcare organizations are into sharing more data. This creation and collection of bigger datasets are likely to increase precision and help organizations in spotting trends. These trends are expected to keep the entire healthcare vertical on the toes.
The Global revenue from the Veterinary Molecular Diagnostics Market was approximately US$ 183.4 Million in 2022, with the global market expected to grow at a CAGR of 8.2% to reach a valuation of approximately US$ 437.7 Million by the end of 2033.
Rise in population has led to significant increase in the amount of meat and dairy consumption across the world. In addition, growing concerns over the consumption of healthy meat and dairy products is also soaring high. Rising concerns about veterinary health in both, livestock as well as companion animals, are also leading the veterinary molecular diagnostics market toward significant growth. In America, the American Veterinary Medical Association conducts various awareness programs, and such efforts by organizations to create awareness are boosting the growth of the veterinary molecular diagnostics market.
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However, the outbreak of COVID-19 in December 2019 has led to social distancing and lockdowns in more than 100 countries across the world. This has disrupted the supply chain of the market, thereby imparting a negative impact. The impact of COVID-19 is significant, and is expected to continue to be felt on the veterinary molecular diagnostics market in 2020 as well.
Company Profiles:
- Cree, Inc.
- GE Lighting LLC
- Philips Lumiled Lighting Company
- OSRAM Light AG
- Samsung Groups
- Epistar corporation
- Toshiba Lighting and Technology Corporation
- Verbatim Ltd
- Cooper Industries Plc
- Galaxia
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Competition Landscape
To compete in the market, the key players are employing a variety of market strategies. Such strategies include a partnership agreement between the manufacturer and the supplier, as well as product marketing to capture the maximum market share. Another strategy could be opportunistic manufacturing in terms of immediate demand, such as the spread of contagious diseases like strep throats, colds, and flu.
A few examples of strategies acquired by the key players:
In September 2022, bioMérieux a leader of in vitro diagnostics, and BrightInsight a regulated digital health solution collaboration announced to manufacture and supply a Clinical Digital Solutions for Diagnostics help to take clinical decisions in pet disease area.
In April 2020, the IDEXX Laboratories, Inc. launched the IDEXX SARS-CoV-2 (COVID-19) RealPCR™ Test for pet animals in order to meet the customer requirement and encounter the rising evidences of risk in pets being infected with the virus.
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Rise in Consolidation Activities by Key Players
Key manufacturers in the global veterinary molecular diagnostics market are highly focused on adopting strategies that will have a positive impact on their product portfolio and as well as enhance their presence in the veterinary molecular diagnostics market. Manufacturers are actively implementing strategies such as collaborations, mergers, partnerships, and acquisitions, which is helping them create a stronger footprint in the global market.
- For instance, Thermo Fisher Scientific Inc. acquired Qiagen N.V. in March 2020.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on veterinary molecular diagnostics market in its latest study, presenting historical demand assessment of 2015 – 2019 and projections for 2020 – 2030, on the basis of product (PCR kits, INAAT kits, microarray kits, and DNA sequencing kits), disease (anaplasma spp.,ehrlichia spp., new castle disease, influenza, porcine reproductive & respiratory syndrome (PRRS), and others), species (livestock animals and companion animals), and end user (veterinary hospitals, clinical laboratories, and veterinary research institutes), across seven key regions.
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