Redding, California, Aug. 23, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Latin America Livestock Diagnostics Market by Product (Consumables {Brucellosis, Influenza}, System, Software), Technology (Immunodiagnostics {ELISA}, PCR), Animal Type (Swine, Bovine, Poultry), End User (POC, Lab, Veterinary Hospital) - Forecast to 2030,’ published by Meticulous Research®, the Latin America livestock diagnostics market is expected to grow at a CAGR of 9.8% from 2023 to reach $51.43 million by 2030.
Several animal diseases, such as bovine viral diarrhea, influenza, swine fever, brucellosis, and blue tongue, among others, greatly burden farmers in Latin America. These diseases severely impact animals' health and food-producing abilities, incurring huge losses to farmers. Latin America, being an agriculture and livestock production-dependent economy, the use of diagnostic tests to ensure healthy animals by early disease diagnosis and treatment is crucial.
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The growth of this market is driven by the growing demand for animal-derived food products, the increasing prevalence of food-borne & zoonotic diseases, and favorable government initiatives. Additionally, increasing awareness regarding animal health among farmers is expected to create growth opportunities for the stakeholders in this market.
Favorable Initiatives Drive the Livestock Diagnostics Market in Latin America
Organizations and governments in Latin America have been implementing disease control and eradication programs to address major livestock diseases like foot-and-mouth disease, brucellosis, and avian influenza. These programs often involve regular testing, monitoring, and surveillance of livestock populations, creating a demand for diagnostic tests and services. For instance, as reported by the Pan American Health Organization (PAHO) in 2022, almost 99% of cattle in South America are free of foot and mouth disease (FMD) and moving towards its eradication by 2025. This was achieved by countries' prevention, surveillance, and control measures, including livestock vaccination, early detection, and rapid control of outbreaks by the governments of the countries in the region.
Moreover, governments have been investing in improving veterinary services and infrastructure to enhance animal health management. This includes setting up diagnostic laboratories, training veterinary professionals, and strengthening disease surveillance networks. Such government initiatives are expected to drive the livestock diagnostics market in Latin America.
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The key players profiled in this market study are IDEXX Laboratories, Inc. (U.S.), Zoetis Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Bio-Rad Laboratories, Inc. (U.S.), bioMérieux S.A. (France), INDICAL BIOSCIENCE GmbH (Germany), Agrolabo SpA (Italy), Neogen Corporation (U.S.), IDvet (France), BioChek B.V. (Hungary), VMRD, INC. (U.S.), and GD Animal Health (Netherlands).The report also includes an extensive assessment of the product portfolios, geographic presence, and key strategic developments of the leading market participants over the past years.
The Latin America livestock diagnostics market is segmented by product [consumables (bovine viral diarrhea, influenza, swine fever, brucellosis, blue tongue virus, and other diseases), systems, and software] animal type [ruminants (bovine and other ruminants), poultry, swine, and other livestock], technology [immunodiagnostics (ELISA and others), molecular diagnostics (PCR and other molecular diagnostic technologies), and other technologies] end user [reference laboratories, veterinary hospitals & clinics, and Point-of-Care/at-farm testing], and Geography. The study also evaluates industry competitors and analyzes the market at country levels.
Based on the product, the Latin America livestock diagnostics market is segmented into consumables, systems, and software. The consumables segment is expected to grow at the highest CAGR during the forecast period. The segment’s growth is mainly attributed to the increasing awareness regarding animal health, growing preference for on or near animal testing, and increasing prevalence of diseases in farm animals. Farm animals' diseases are highly prevalent as they live in herds. The diseases spread quickly, affecting large populations in a short amount of time. Therefore, the need for early and rapid diagnosis arises to stop the spread of infections and take preventive measures.
Based on animal type, the Latin America livestock diagnostics market is segmented into ruminants, poultry, swine, and other livestock. The ruminants segment is expected to grow at the highest CAGR during the forecast period. Factors contributing to the segment’s growth are increasing demand and consumption of animal-derived food products, increasing livestock populations to meet the growing demand, and increasing animal-derived food products export to other countries. To meet the demand for animal-derived food products, Latin American countries are actively focused on the export of animal-derived food products. The farmers are increasing the number of their livestock, and the increase in the livestock number is expected to increase the adoption of diagnostic tests to keep them healthy and disease free. For instance, according to the Agriculture and Horticulture Development Board (U.K.), in 2021, Brazil exported 1.6 million tonnes of beef.
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Based on technology, the Latin America livestock diagnostics market is segmented into immunodiagnostics, molecular diagnostics, and other technologies. The immunodiagnostics segment is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to farmers' growing preference towards farm testing offered by immunodiagnostic tests and the need for constant monitoring of animal health to maintain high productivity. Diagnosis of a disease is crucial in the early stages in animals to prevent the degradation of animal health at an irreversible level. The diseases spread quicker in animal herds which can incur heavy losses to farmers. Therefore, there arises a need for rapid and near-animal testing options for quick disease diagnostics. Immunodiagnostic test kits offer rapid and on-site results without transporting samples to laboratories or veterinary hospitals.
Based on end user, the Latin America livestock diagnostics market is segmented into reference laboratories, veterinary hospitals & clinics, and point-of-care/at-farm testing. The point-of-care/at-farm testing segment is expected to grow at the highest CAGR during the forecast period. The growing awareness among farmers regarding early disease diagnosis in animals and growing preference towards near-animal testing are the factors driving the growth of this segment. Transporting large animals, such as bovine animals, to a veterinary institution to test for the disease is tedious and expensive. Transporting a sample to labs can impact the test results as there is a high chance of sample damage while transporting. The test results to be obtained from a lab may take 3-4 days, depending upon the test type, leading to delays in the treatment process. Near animal testing helps farmers prevent all the challenges mentioned above, enable rapid and early disease diagnosis, and start the treatment early, preventing severe health deterioration in animals.
Based on geography, in 2023, Brazil is expected to dominate the Latin America livestock diagnostics market. The large share is attributed to the growing demand and consumption of animal-derived food proteins, the presence of large exporters of animal products, high animal-derived food products from Brazil, government initiatives to improve agricultural and animal husbandry outcomes, and the rising incidence of various zoonotic diseases. Brazil is one of the large exporters of animal-derived foods from the Latin America region. To ensure the high quality of these foods, diagnostic testing plays a crucial role in keeping animals healthy and ensuring good quality products for export.
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Scope of the Report:
Latin America Livestock Diagnostics Market Assessment, by Product
- Consumables
- Bovine Viral Diarrhea
- Influenza
- Swine Fever
- Brucellosis
- Blue Tongue
- Other diseases
(Other diseases include Bovine herpes virus (BHV), Foot and Mouth Diseases, Porcine Reproductive And Respiratory Syndrome (PRRS), and Avian Mycoplasma, among others)
- Systems
- Software
Latin America Livestock Diagnostics Market Assessment, by Animal Type
- Ruminants
- Bovine Animals
- Other Ruminants
(Other ruminants include sheep, goats, deer, elk, giraffes, and camels)
- Poultry
- Swine
- Other Livestock
(Other livestock include zoo animals, equine, and fish)
Latin America Livestock Diagnostics Market Assessment, by End User
- Veterinary Hospitals & Clinics
- Pharmacies
- Mobile Veterinary Units
Latin America Livestock Diagnostics Market Assessment, by Geography
- Brazil
- Argentina
- Colombia
- Peru
- Mexico
- Chile
- Uruguay
- Rest of Latin America
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