The global Veterinary Molecular Diagnostics Market size is expected to be valued at US$ 182.1 Million in 2022. With the adoption of multiple testing panels, coupled with the growing consolidation in the veterinary diagnostics industry, the overall demand for Veterinary Molecular Diagnostics is projected to grow at a CAGR of 6.84% between 2022 and 2032, totaling around US$ 352.8 Million by 2032.
Factors such as the growing pet animal population around the globe, increased animal health spending and advancements in veterinary molecular diagnostics are expected to propel the growth of the veterinary molecular diagnostics market over the analysis period.
Developments in the animal farming sector and changing societal attitude toward pet animals have resulted in an increased demand for fast and reliable diagnostic techniques. Molecular diagnostics possess the potential to address this growing demand.
As of 2018, more than 60% of the US population owned a pet/companion animal. There is an increasing trend of treating pets as family members, which has increased the healthcare demands for veterinary applications. The increasing pet population is one of the reasons for the rising health expenditure on animals, globally.
As per the estimates of the American Pet Products Association, the total American pet industry expenditure is expected to reach USD 75.38 billion by end 2019, up from USD 72.56 billion in 2018. The rise in animal health expenditure is expected to drive the growth of the veterinary molecular diagnostics market, as a significant portion of pet owners are expected to use advanced diagnostic modalities for animals, for various disease conditions.
Furthermore, there is an increase in the livestock population, owing to the huge demand for animal-derived products. This is expected to increase the demand for molecular diagnostic tests in the next coming years.
The Veterinary Molecular Diagnostics Market in the US is expected to accumulate the highest market share of 34.6% in 2022. The United States is expected to dominate the market, attributed to factors, such as rising pet adoption and increasing per capita animal healthcare expenditure. In addition, the rise in the prevalence of various animal diseases and injuries is another major factor that is anticipated to fuel the market growth during the forecast period.
The high growth in the number of veterinary practitioners and rise in income levels in developed economies is amongst the important factors intensifying the growth and demand of veterinary molecular diagnostics market. In addition, the increasing demand for pet insurance and growing animal health expenditure is also contributing to the growth in the global market during the forecast period.
In addition, the increasing demand for animal-derived food products and rising incidence of animal zoonotic diseases are also enhancing the growth of the market. Likewise, the high growth in companion animal population is also lifting the market growth in the forthcoming years.
Key Players:
- bioMérieux SA
- IDEXX Laboratories, Inc.
- Neogen Europe, Ltd.
- Veterinary Molecular Diagnostics, Inc.
- Thermo Fisher Scientific, Inc.
- ID-Vet, Qiagen N.V.
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