Veterinary Molecular Diagnostics Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2019-2025– Increasing Prevalence of Veterinary Diseases and Pet Spending by the Owners are the Key Driving Factors for the Growth of Veterinary Molecular Diagnostics Market
Veterinary Molecular Diagnostics Market is valued at USD 456.4 Million in 2018 and expected to reach USD 796.3 Million by 2025 with the CAGR of 8.3 % over the forecast period.
The molecular diagnostic is a technique used to detect a disease or its tendency stage by examining the DNA/RNA/proteins in humans and/or in animals. From the past years, it has been observed that veterinary diseases are rising worldwide. With this, the concerns about animal health are also increasing because animals are the main source of several useful dairy products and meat. With rising awareness about animal health, the market associated with the animals is someway is gaining huge popularity among the population. This trend is expected to make the market development for the veterinary molecular diagnostics market. Around the world, many veterinarians and animal specialist are making aware the population regarding new facts about the diseases affecting different animal species, which in turn is expected to propel the veterinary molecular diagnostics market in the forecast period. However, complex process and difficulty in manufacturing of the molecular diagnostic systems may hamper the veterinary molecular diagnostics market.
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Increasing prevalence of veterinary diseases is expected to derive the market growth of the veterinary molecular diagnostics market. Moreover, rising pet spending by the owners and increasing foodborne diseases are contributing to the market growth of the veterinary molecular diagnostics market. Due to the rising incidence of foodborne diseases such as swine flu, bird flu, and brucellosis, the production of animal has reduced by 15-20% per year, globally. According to the European Food Safety Authority (EFSA), approximately 320 Mn cases of foodborne zoonotic diseases have been reported each year. It has been observed that from 2010 to 2012, the number of salmonellosis cases has decreased by 5.4% in the European region due to rising awareness and initiatives regarding animal healthcare and increasing veterinary disease diagnosis rate.
Veterinary molecular diagnostics market report is segmented on the basis of product type, application, technology, end-user and region & country level. Based upon product type, veterinary molecular diagnostics market is classified into instruments, reagents and kits, and software and services. On the basis of application, market is classified into genetics, infectious diseases, and microbiology, oncology, and others. On the basis of technology, market is classified into polymerase chain reaction (PCR), isothermal nucleic acid amplification technology (INNAT), microarrays, and DNA sequencing. On the basis of end-user, market is classified into clinical laboratories, veterinary hospitals, research institutes, and others.
The regions covered in this veterinary molecular diagnostics market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of veterinary molecular diagnostics is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Key Players for Veterinary Molecular Diagnostics Market Report-
The major players operating in the veterinary molecular diagnostic market are IDEXX Laboratories, Inc., Mars Incorporated, Zoetis Inc., Heska Corporation, Neogen Corp, Thermo Fisher Scientific, Virbac, GE Healthcare, Veterinary Molecular Diagnostics, Inc., and others.
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Grey Wolf Animal Health Inc. Announces the Acquisition of Veterinary Healthcare Solutions Inc.
On 04th January 2019, Grey Wolf Animal Health Inc. formerly known as Grey Wolf has acquired Veterinary Healthcare Solutions Inc. Grey Wolf Animal Health Inc. is a Canadian animal health company dedicated to improving the well-being of pet and veterinary through advanced products and innovative services. This acquisition is expected to boost the growth of Grey Wolf’s business and to complement the company’s existing products portfolio in animal health specialty for the veterinary channel. The deal is expected to provide immediate gradual growth to revenue and EBITDA and portfolio of Grey Wolf’s commercial products with a national and international sales force platform to support the company’s current and future products pipeline.
Rising Pet Ownership Coupled with Rising Affordability to Access the Essential Healthcare Services are the Major Factors Driving the Growth of the Market.
Favorable healthcare services due to rising affordability are largely contributing to the identification and testing of the disease at an early stage. Additionally, the rising influence of western culture specially observed in countries like India, and China has increased the adoption rate for pet ownership. This increases the demand for better veterinary facilities and products which in turn driving the growth of the veterinary molecular diagnostics market. In has been observed from past few years pet ownership has become a status symbol and are very trending in the developing countries. Most of the people also adopt and pet animals such as dogs, cats, and hamster for psychological benefits. In the US, pet ownership has doubled from 67 Mn in the 1970s to 164 Mn in 2012. In 2012, according to the American Pet Products Association (APPA), around 83 Mn pet dogs and 96 Mn pet cats were there in the US. In the US, Week magazine quoted the total expenditure on companion animals were increased from 43 Mn in 2008 to 53 Mn in 2012 which includes animal healthcare, animal food, and other accessories.
North America is expected to dominate the Veterinary Molecular Diagnostics Market.
Geographically, Veterinary Molecular Diagnostics Market report is segmented into North America, Europe, Asia-Pacific and Rest of the World. The North America market is expected to dominate the global veterinary molecular diagnostics market owing high diagnose rate and advanced facilities for research and development activities. The US veterinary molecular diagnostics market is expected to be the most prominent market in North America with significant market share growth. However, growth in the Asia Pacific region is expected to show high growth in the future due to rising incidence of veterinary diseases, awareness, and developing healthcare infrastructure and facilities.
Key Benefits for Veterinary Molecular Diagnostics Market Report–
- Global market report covers in depth historical and forecast analysis.
- Global market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
- Global market report helps to identify opportunities in market place.
- Global market report covers extensive analysis of emerging trends and competitive landscape.
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Global Veterinary Molecular Diagnostics Market Segmentation: –
By Product Type:
- Reagents and Kits
- Software and Services
- Infectious Diseases
- Polymerase Chain Reaction (PCR)
- Isothermal Nucleic Acid Amplification Technology (INAAT)
- DNA Sequencing
- Clinical Laboratories
- Veterinary Hospitals
- Research Institutes
By Regional & Country Level:
- North America
- Asia Pacific
- Southeast Asia
- Latin America
- Middle East and Africa
- Rest of Middle East and Africa
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