A molecular diagnostic is a laboratory test that examines DNA, RNA, and other proteins in humans and animals to detect diseases or the predisposition stage. Veterinary molecular diagnostics have a variety of advantages over other traditional diagnostic procedures, including a faster shift time of 2.5–3 hours, improved differentiation, and excellent test specificity and sensitivity across avirulant and birulent strains. One of the major factors driving the growth and demand of the veterinary molecular diagnostics market is the rapid increase in the number of veterinary practitioners and the rise in income levels in developed economies. Furthermore, rising demand for pet insurance and rising animal health spending are both contributing to the worldwide market's growth over the forecast period.
Region Analysis:
North America will have the highest share of the global veterinary diagnostics market in 2020. The increasing population of companion and food-producing animals, rising meat and dairy product consumption, the availability of technologically advanced veterinary reference laboratories, rising veterinary healthcare expenditure, and growth in pet insurance coverage are all factors driving the veterinary diagnostics market in North America to grow.
Key Highlights:
- INDICAL BIOSCIENCE GmbH (Germany) bought the Svanova product portfolio from Boehringer Ingelheim in April 2021, allowing INDICAL to expand its portfolio by 25 assays for cattle.
- BioChek (Netherlands) built a new office in Johannesburg, South Africa, in April 2021.
- Lacuna Diagnostics (US) was acquired by Heska Corporation (US) in January 2021, bolstering the company's portfolio of point-of-care digital cytology technology and telemedicine services.
- NEOGEN Corporation (US) released a preventative care DNA screening tool for detecting genetic illnesses in dogs in December 2020.
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Key Market Insights from the report:
Global Veterinary Molecular Diagnostics Market accounted for US$ 2.98 billion in 2020 and is estimated to be US$ 5.36 billion by 2030 and is anticipated to register a CAGR of 6.10%. The Global Veterinary Molecular Diagnostics Market report segments the market on the basis of product, technology, animal type, end-user and region.
- Based on Product, Global Veterinary Molecular Diagnostics Market is segmented into Consumables (Leukemia, Influenza), System and Software.
- Based on Technology, Global Veterinary Molecular Diagnostics Market is segmented into ELISA, PCR and Hematology.
- Based on Animal Type, Global Veterinary Molecular Diagnostics Market is segmented into Canine, Feline, Swine, Bovine and Poultry.
- Based on End-User, Global Veterinary Molecular Diagnostics Market is segmented into Point of Care Testing and Veterinary Hospital.
- By Region, the Global Veterinary Molecular Diagnostics Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Competitive Landscape & their strategies of Global Veterinary Molecular Diagnostics Market:
The key players operating in the Global Veterinary Molecular Diagnostics Market includes DEXX Laboratories, Inc., NeoGenomics Laboratories, Inc., Abaxis, Heska Corporation, Zoetis, Thermo Fisher Scientific, Inc., Virbac, CAREVET, Agfa-Gevaert Group., Veterinary Molecular Diagnostics, Inc., Novacyt Group, Qiagen, AT Veterinary Systems Ltd., Animage LLC, Veterinary Laboratory - HealthGene Corp., Ingenetix, INDICAL BIOSCIENCE GmbH, bioMérieux SA., Core Imaging LLC, and Quality Vet Lab among other domestic and global players.
