Growing prevalence of zoonotic diseases is estimated to fuel the expansion of the veterinary molecular diagnostics market size during the forecast period of 2018 to 2026. 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.The key accomplishment in unlocking the potential for developing high specificity molecular diagnostic kits has been attained by initiating mass manufacturing of molecular diagnostic kits for vast veterinary applications.
Properly designed genetic assays, appropriate controls, and experienced test elucidation, are essential for obtaining accuracy and increased specificity in all DNA based molecular testing. Leading companies in the veterinary molecular diagnostics industry are actively manufacturing various diagnostic kits and reagents to control and prevent animal diseases.
However, certain manual handling errors affecting clinical efficacy of molecular tests specificity and high costs of veterinary molecular kits and reagents limit the adoption of animal molecular testing over other diagnostic procedures such as diagnostic imaging, immunodiagnostics, clinical chemistry and others.
There are four potential types of veterinary molecular diagnostic kits used to diagnose various disease conditions in animals: PCR kits, INAAT kits, microarray kits and DNA sequencing.
The increasing demand for advanced veterinary molecular diagnostic kits, such as RT-PCR kits, DNA sequencing kits and microarray based diagnostic kits owing to the growing number of diagnostic procedures in livestock and companion animals, is anticipated to boost the demand for veterinary molecular diagnostics worldwide.
Market Value and Forecast
In terms of value, the global veterinary molecular diagnostics market is estimated to expand from a value of US$ 126.5 Mn in 2017, to a value of US$ 242.6 Mn by 2026 end at a CAGR of 7.6% during the forecast period.
Increasing set up of new production facilities by the key manufacturers in growing economies coupled with increasing adoption of molecular diagnostic techniques in animals is anticipated to boost the production for molecular diagnostic kits and drives the growth for veterinary molecular diagnostics market over a forecast period.
The increasing prevalence of chronic disorders in animals such as influenza, new castle disease and diabetes coupled with high prevalence of infectious diseases is further anticipated to fuel the demand for veterinary molecular diagnostics market.
Increasing preference for molecular diagnosis on the account of their high specificity and efficacy in diagnosing chronic diseases in animals and presence of strong distribution channel is further anticipated to drive the growth of veterinary molecular diagnostics market over forecast period.
Rising adoption of pets, increasing financial grants for innovation in veterinary diagnostics, fast FDA approvals for reagents used in animal molecular diagnostics, and increased consumer spending on veterinary care is also expected to drive the market revenue growth over the forecast period.
However, gaps in epidemiological knowledge of certain virulent veterinary diseases, high costs associated with veterinary molecular diagnosis and stringent regulatory approval process for novel molecular diagnostic kits resulting into product delays, may hamper the demand for veterinary molecular diagnostic kits and restrain the growth of veterinary molecular diagnostics market over forecast period.
Also, the improper veterinary care research infrastructure in the emerging economies, limited reimbursement policies and Visa restrictions strangling vet practices coupled with shortage of veterinary doctors and colleges are some other factors anticipated to hinder the growth of the global veterinary molecular diagnostics market.
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The global veterinary molecular diagnostics market has been segmented into six major regions, namely North America, Latin America, Europe, Asia-Pacific Excluding China (APEC) and the Middle East & Africa (MEA). In terms of value, North America is estimated to dominate the global market with a revenue share of 39.6% in the overall veterinary molecular diagnostics market in 2017.
By 2026, North America and Europe markets cumulatively are expected to account for over 67.8% revenue share of the global veterinary molecular diagnostics market by the end of 2026. Asia Pacific is estimated to be the lucrative and fastest growing region in the global veterinary molecular diagnostics market on the account of increasing adoption of molecular diagnostic techniques in countries such as Australia and India in the APEC region.
Some of the key players identified in the global veterinary molecular diagnostics market report include bioMérieux SA, IDEXX Laboratories, Inc., Thermo Fisher Scientific Inc., Qiagen N.V., Neogen Corporation, ID.Vet, INDICAL BIOSCIENCE GmbH, and Veterinary Molecular Diagnostics, Inc.
The report is enriched through identification of company-specific strategies related to new system development, market consolidation initiatives, and analyses of the various market player’s specific strengths, weaknesses, opportunities, and threats.
Companies in the global veterinary molecular diagnostics market focus to consolidate their position by actively participating in activities such as partnerships, mergers, acquisitions and collaborations.
Companies focus on extending their product line and expansion of production capacities to meet the growing demands for upgraded veterinary molecular diagnostics worldwide and also to achieve economies of scale and to serve different markets to improve geographic footholds in the market.
Market Segmentation by Product Type
On the basis of product type into PCR kits, INAAT kits, microarray kits, DNA sequencing kits. PCR kits segment is expected to be the fastest growing segment over the forecast period, registering the significant CAGR in terms of revenue, over the forecast period. Also, in terms of revenue, the PCR kits segment is the largest segment and is expected to keep constant revenue traction over the forecast period.
On the basis of disease type, the market has been segmented into Anaplasma spp., Ehrlichia spp., New Castle Disease, Influenza, Porcine Reproductive & Respiratory Syndrome (PRRS) and others. Based on species type, the market has been segmented into livestock animals including Aquatic, Bovine, Porcine, Ovine, Poultry and Equine; companion animals including canine, feline and avian.
On the basis of end user, the market has been segmented into veterinary hospitals, clinical laboratories and veterinary research institutes. Among these end user segments the veterinary hospitals segment is projected to be the fastest-growing segment over the forecast period followed by veterinary research institutes. The hospital segment also generates the largest revenue over the forecast period accounting for a revenue share of 50.0% by the end of 2026.