Animal health care has become an increasingly important market for the veterinary sector. The sector is driven by improved diagnostic and medical capabilities for companion animals. Improvement in diagnostics, the greater focus on wellness and prevention by veterinarians, and enhanced nutrition have expanded the scope for use of veterinary diagnostic services and medications. To elaborate further, a study titled “Veterinary Molecular Diagnostics Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017-2025” has been broadcasted to the wide research database of Market Research Hub (MRH). The study primarily offers comprehensive analysis and insights on the key factors driving the growth of the veterinary molecular diagnostics market.
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At first, the report begins with an overview of the veterinary molecular diagnostics market globally. The key historical trends for 2016 and 2017 have been studied in detail in the report, and an analysis for the forecast period 2017-2025 has been included for the perusal of the readers. To provide in-depth and accurate results, the study targets some of the prime regions, such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Apart from that, the global veterinary molecular diagnostics market has been segmented based on product, technology, animal type, disease indication and end-user.
Key Highlights from the Study
According to the analysts’ projections, the global veterinary molecular diagnostics market was valued at US$ 377.2 Mn in 2016 and is projected to expand at an impressive CAGR of 8.6% from 2017 to 2025 to reach a value of US$ 792.5 Mn by 2025. These findings are driven by some major factors and trends which are explained in the market overview section. In the present time, incidence of new diseases such as helminth parasitic diseases and protozoal parasitic diseases is rising. To overcome this, development of better methods such as molecular diagnostics is anticipated to drive the global veterinary molecular diagnostics market in coming years.
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As per the report, raising awareness about molecular diagnostics among veterinarians and public in both developed and developing countries are expected to propel global veterinary molecular diagnostics market growth in the near future. High test sensitivity and specificity and development of new products against new diseases in animals are also driving the market.
Geographically, the Asia Pacific region is witnessing the gradual adoption of new technologies in veterinary molecular diagnostics, increasing animal healthcare expenditure, and changing dynamics of the in vitro diagnostics industry. By product type, the researchers analyzed that the kits & reagents segment is expected to dominate the global market during the forecast tenure.
The final section of the report discusses the competitive dashboard that offers a clear picture of the rivalry prevalent among active vendors in the market. Key companies outlined in the research report are Thermo Fisher Scientific, Inc., IDEXX Laboratories, Inc., QIAGEN N.V., VCA, Inc., HealthGene Corporation, Novacyt Group, Biomedica Medizinprodukte GmbH & Co KG, and Bioneer.
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