Veterinary Molecular Diagnostics Market

Global Market Study on Veterinary Molecular Diagnostics: Increasing Prevalence of Zoonotic Diseases among Livestock & Companion Animals to Spur Growth

Veterinary Molecular Diagnostics Market is segmented by PCR Kits, INAAT Kits, Microarray Kits, DNA Sequencing Kits, Anaplasma spp., Species

  • November-2020
  • PMRREP12874
  • 269 Pages
  • Healthcare

About the Report

Growing prevalence of zoonotic diseases is estimated to fuel the expansion of the veterinary molecular diagnostics market size during the forecast period of 2020 to 2030. According to CDC, zoonotic diseases are common in the U.S. as well as around the world. According to data by CDC, estimates suggest that, 6 out of every 10 new known infectious diseases in people can be spread from animals, and 3 out of 4 new or emerging infectious diseases in people come from animals. Thus, rising efforts to reduce the transmission of these infections to humans involves identifying the diseases in the animals and focusing on their well-being. These factors are expected to contribute toward the growth of the global veterinary molecular diagnostics market. 

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Growing Animal Healthcare Expenditure to Fuel Market Growth

There has been rapid rise in animal healthcare expenditure over the past few years. Rise in adoption of companion animals can be attributed to the psychological benefits that pets offer. Pet owners are increasingly focused on their well-being, thus, leading to increased number of visits to veterinary care centre. According to ASPCA, estimated annual cost of owning a dog averages as much as US$ 1,843. Moreover, rise in pet adoption in developed as well developing countries is leading to increase in animal healthcare expenditure. This is having a positive impact on the growth of the veterinary molecular diagnostics market.

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Regional Outlook of Veterinary Molecular Diagnostics Market

North America holds a considerable veterinary molecular diagnostics market share, expected to be around 40% in 2020, and this market is expected to expand at a CAGR of more than 7% over the forecast period. Rising pet adoption in the U.S. and presence of major players are key factors contributing toward the dominance of North America in the global veterinary molecular diagnostics market. Moreover, rising awareness about animal wellness and increasing efforts by organisations to promote animal welfare activities in the region are further promoting the growth of this regional market. Followed by North America, Europe is the second-most lucrative region in the global veterinary molecular diagnostics market.  

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Veterinary Molecular Diagnostics Market: Competitive landscape

The veterinary molecular diagnostics market is a consolidated market space, with key market players such as Thermo Fisher Scientific Inc., bioMérieux SA, IDEXX Laboratories, Inc. and Qiagen N.V., among others, operating in all regions across the world. Market players are focused on acquiring companies and launching innovative products in the market to strengthen their market presence and enhance their product portfolios, in order to attract more customers. Furthermore, manufacturers are focusing on getting approvals for their products from regional regulatory authorities. These efforts are expected to fuel the growth of the veterinary molecular diagnostics market over the coming years.

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COVID-19 Crisis Impact on Veterinary Molecular Diagnostics Market

The outbreak of the COVID19 pandemic has had a major impact on most markets. The virus is continuously spreading across the globe, and has disrupted major activities in all countries around the world. However, no one can vaguely describe the precisely accurate impact that the outbreak of the pandemic has on the veterinary molecular diagnostics market. The impact is negative and significant enough to have led to slowing down the growth of the market. However, the market is expected to pace up and flourish during the course of the forecast period.

Analysts’ Viewpoint

An extensive analysis of the veterinary molecular diagnostics market has brought our analysts to a conclusion that, the market is growing at a significant pace. Increasing prevalence of zoonotic diseases and rise in animal healthcare expenditure are expected to propel market growth during the forecast period. In addition, continuous efforts by key market players to introduce products that offer reliable results will also help the market grow at a considerable rate. North America and Europe hold a significant share in the global veterinary molecular diagnostics market. However, rise in population in developing countries is resulting in more demand for livestock animals.


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