The global veterinary molecular diagnostic market is expected to witness significant growth during the forecast period of 2020 to 2027. The key drivers include the increasing companion animal population, prevalence of animal diseases, expenditure on animal care, and advancements in veterinary molecular diagnostics.
According to the American Pet Products Association (APPA), in 2019, 67% of American households (or 84.9 million homes) owned a pet. The population of production animals too, is on the rise, as found by the United States Department of Agriculture in 2020. This booming population will push the demand for veterinary molecular diagnostics, over the forecast period. The veterinary molecular diagnostics market is bifurcated into production animals and companion animals. The companion animals dominate this segment owing to the increasing sentiment of treating pets as family members. The production animal segment will also see a steady growth as the demand for securing healthy food supply increases worldwide.
The product segment of veterinary molecular diagnostics market includes instruments, kits & reagents, and software & services. Diagnostic kits & reagents are anticipated to witness robust growth as they have wide veterinary applications with high efficacy and specificity. The instrument market will see an upward trend owing to vast clinical and research applications. Moreover, the aligned software & services market will observe high adoption rates by veterinary healthcare providers, thereby attributing to growth of overall market in future.
Based on application, the veterinary molecular diagnostics market is divided into infectious diseases, genetics, and others. Amongst these, the infectious zoonotic diseases are on the rise as interaction between humans and animals are at an all-time high. According to Centers for Disease Control & Prevention (CDC), incidence of zoonosis like Salmonella outbreak was higher in 2019 compared to previous years. Genetic or hereditary disease sector is expected to register significant growth over the next few years. This growth will be driven by easy and quick diagnosis of congenital diseases in combination with the technological advancements in this segment.
The end users in the veterinary molecular diagnostics market are segregated into hospitals & clinics and reference laboratories. Hospitals and clinics are the preferred choice of companion animal owners for their pet’s healthcare needs. This segment will keep growing over the forecast period as awareness and sensitivity towards zoonoses increases. Reference laboratories will emerge as promising stars in this segment. This is owing to veterinarians and small clinics referring pet owners to independent, private laboratories for routine and specialty testing.
Based on technology, the veterinary molecular diagnostics market is segmented into PCR, DNA sequencing and microarrays. PCR segment is looking at a high growth as it offers reliable detection and genotyping of microbial infections. The growth of microarrays and DNA sequencing sectors, on the other hand, will be fueled by the need for early diagnosis of genetic and acquired diseases in animals. Combination of assays with PCR techniques hold growth potential in targeted diagnosis of pathogens.
North America dominated the regional market and anticipated to hold its position over the next few years. Key drivers attributing to the dominance are rising demand for animal-based proteins, government & private funding, incidence of zoonotic diseases and pet ownership in the region. The European veterinary molecular diagnostics market expansion will be facilitated by increase in government support, high-quality diagnostic techniques, and number of veterinary diagnostic centers. Asia Pacific market is expected to witness exponential growth with the increasing number veterinary laboratories, government initiatives, private funding, and awareness among public about animal healthcare.
The key players in the market include Idexx Laboratories Inc., Neogen Corporation, Thermo Fischer Scientific Inc., VCA Inc., HealthGene Corporation, Abaxis Inc., and Biomedica Medizinprodukte GmbH. Major Companies are involved in the R&D for specific and efficient veterinary diagnostic kits. Furthermore, the market is witnessing an increase in partnerships and mergers & acquisitions. For instance, in April 2020, Heska Corporation acquired scil animal care from Covetrus Inc. Through this acquisition Heska Corporation is looking to increase its geographic foothold in key European markets like Germany, Spain, and France.
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