Veterinary Molecular Diagnostics Market to Reach USD 377.22 Million by 2033 at a 6.84% of CAGR
Veterinary Molecular Diagnostics Market
The global veterinary molecular diagnostics market is expected to experience significant growth, with an estimated value of USD 194.47 million in 2023, and is projected to surpass USD 377.22 million by 2033. The market is forecast to grow at a compound annual growth rate (CAGR) of 6.84% during the forecast period from 2023 to 2033. This surge in demand for veterinary molecular diagnostics is driven by several key factors, including advancements in animal health and the increasing need for accurate, rapid diagnostic tools.
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One of the primary drivers of market growth is the rising adoption of multiple testing panels, which provide comprehensive diagnostics for a wide range of veterinary diseases and conditions. Additionally, the ongoing consolidation in the veterinary diagnostics industry is enhancing the availability and distribution of advanced diagnostic tools. These factors, coupled with the growing pet animal population globally, are contributing to the increased demand for molecular diagnostics in veterinary care.
Moreover, advancements in veterinary molecular diagnostics are making it possible to address the growing demand for faster and more reliable diagnostic techniques. As pet owners and animal health professionals seek quicker solutions to diagnose and treat various conditions, molecular diagnostics have become increasingly valuable in delivering timely results. Developments in the animal farming sector and shifting societal attitudes toward pet care further fuel the market’s growth, as animal health spending continues to rise.
Key Takeaways:
- The veterinary molecular diagnostics market is projected to grow from USD 194.47 million in 2023 to USD 377.22 million by 2033, with a CAGR of 6.84%.
- The adoption of multiple testing panels and the consolidation of the veterinary diagnostics industry are driving market expansion.
- The growing global pet animal population and increased animal health spending are contributing to the demand for advanced diagnostics.
- Advances in veterinary molecular diagnostics and a growing focus on faster, more reliable testing techniques are key factors supporting market growth.
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Key Growth Drivers
- Rising Pet Adoption: Increasing pet ownership globally has led to higher healthcare demands for companion animals, driving the need for advanced diagnostic tools.
- Increased Animal Health Expenditure: As pet owners treat their animals as family members, there is a corresponding rise in spending on veterinary care, including molecular diagnostics.
- Growing Livestock Population: The demand for animal-derived products is contributing to an increase in the livestock population, which in turn drives the need for effective diagnostic tests to ensure animal health.
- Technological Advancements: Innovations in molecular diagnostic technologies are enhancing the accuracy and efficiency of disease detection in animals, making these tools more appealing to veterinary practices.
- Awareness of Animal Wellness: There is a growing emphasis on animal welfare and health, prompting veterinarians and pet owners to adopt advanced diagnostic modalities.
Key Companies Profiled
bioMérieux SA; IDEXX Laboratories, Inc.; Neogen Europe, Ltd.; Veterinary Molecular Diagnostics, Inc.; Thermo Fisher Scientific, Inc.; ID-Vet, Qiagen N.V.
Key Segments Covered in the Veterinary Molecular Diagnostics Industry Analysis
By Product Type:
- PCR Kits
- RT-PCR Kits
- RAPD-PCR Kits
- INAAT Kits
- Microarray Kits
- DNA Sequencing Kits
By Species Type:
- Livestock Animals
- Equine
- Porcine
- Poultry
- Cattle
- Aquatic
- Ovine
- Companion Animals
- Canine
- Feline
- Avian
By Disease Type:
- Anaplasma spp.
- Ehrlichia spp.
- New Castle Disease
- Influenza
- Porcine Reproductive & Respiratory Syndrome (PRRS)
- Others
By End User:
- Veterinary Hospitals
- Clinical Laboratories
- Veterinary Research Institutes
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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