Global Veterinary Molecular Diagnostics Market (2019-2024): Growth, Trends and Forecasts - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--May 23, 2019--
The “Global Veterinary Molecular Diagnostics Market (2019-2024): Growth, Trends and Forecasts” report has been added to ResearchAndMarkets.com’s offering.
- Developments in the animal farming sector and changing societal attitude toward pet animals have resulted in an increased demand for fast and reliable diagnostic techniques. Molecular diagnostics possess the potential to address this growing demand. As of 2018, more than 60% of the US population owned a pet/companion animal. There is an increasing trend of treating pets as family members, which has increased the healthcare demands for veterinary applications. Additionally, there is a booming market for molecular diagnostics technology in the United States. The players in the molecular diagnostics market are expanding to provide services beyond human applications in the form of animal diagnostics.
- The increasing pet population is one of the reasons for the rising health expenditure on animals, globally. As per the estimates of the American Pet Products Association, the total American pet industry expenditure is expected to reach USD 75.38 billion by end 2019, up from USD 72.56 billion in 2018. The rise in animal health expenditure is expected to drive the growth of the veterinary molecular diagnostics market, as a significant portion of pet owners are expected to use advanced diagnostic modalities for animals, for various disease conditions.
- Furthermore, there is an increase in the livestock population, owing to the huge demand for animal-derived products. This is expected to increase the demand for molecular diagnostic tests in the next coming years.
The Kits & Reagents Segment is Expected to Register Robust Growth During the Forecast Period
Majority of the commercial products in the global veterinary molecular diagnostics market are available in the form of kits. These kits are predominantly based on PCR techniques and help in the screening of a family of related disorders. The kits based on microarrays are steadily increasing their market share. Over the forecast period, many products based on immune-assays are expected to receive marketing approval.
There are several assays linked to pathogen and viruses detection, which are combined with the PCR techniques, such as Porcine Epidemic Diarrhea Virus (PEDv), Porcine Deltacoronavirus (PDCoV), and Transmissible Gastroenteritis Virus (TGEV). Different companies have specialization and resources restricted for assays to be useful for a certain category of animals, which is among the major challenge for the use of molecular diagnostics. However, over the forecast period, the kits and reagent segment is poised to register rapid growth, due to the growing trend of performing tests at the large scale across multiple hospitals.
North America is Expected to Retain the Largest Share in the Market
In 2018, North America had the largest share in the market studied. Additionally, the North American region is expected to exhibit the highest growth rate over the forecast period. This is primarily due to the increasing trend of pet ownership in the region and rising demand for animal-based proteins in the region.
The United States is expected to retain its significant market share, owing to factors, such as rising pet adoption and increasing per capita animal healthcare expenditure. In addition, the rise in the prevalence of various animal diseases and injuries has been identified as the major factor fueling market growth.
There are several well-established companies operating in the global market, with diagnostics kits and reagents specific to molecular diagnostics, such as IDEXX. The vet provides its customer with a range of products to simplify real-time PCR testing, including kits for sample preparation, extraction, and amplification.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rise in Prevalence of Animal Diseases
4.2.2 Increase in Demand for Animal-derived Proteins
4.2.3 Growth in Animal Health Expenditure
4.3 Market Restraints
4.3.1 Lack of Skilled Personnel
4.3.2 High Cost of Diagnostic Tests
4.4 Porter’s Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By Product
5.1.2 Kit and Reagents
5.1.3 Software and Services
5.2 By Application
5.2.1 Infectious Diseases
5.2.3 Other Applications
5.3 By Technology
5.3.3 DNA Sequencing
5.4.1 North America
18.104.22.168 Rest of Europe
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.4.4 Middle East & Africa
188.8.131.52 South Africa
184.108.40.206 Rest of Middle East & Africa
5.4.5 South America
220.127.116.11 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Biochek B.V.
6.1.2 bioMerieux S.A.
6.1.3 Bioneer Corporation
6.1.4 IDEXX Laboratories Inc.
6.1.5 Ingenetix GmbH
6.1.6 Neogen Corporation
6.1.7 Thermo Fischer Scientific Inc.
6.1.8 Veterinary Molecular Diagnostics Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/fblsip
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Related Topics:Animal Healthcare/Veterinary
INDUSTRY KEYWORD: HEALTH VETERINARY
SOURCE: Research and Markets
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PUB: 05/23/2019 08:36 AM/DISC: 05/23/2019 08:36 AM