Dublin, March 17, 2022 (GLOBE NEWSWIRE) -- The "Livestock Diagnostics Market by Product (Consumables {Influenza, Foot and Mouth Disease}, System, Software), Technology (Immunodiagnostics {ELISA}, Molecular diagnostics {PCR}), Animal Type (Bovine, Swine, Poultry), and End Users - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The Livestock Diagnostics Market is expected to reach $2.02 Billion by 2028, growing at a CAGR of 8.2% during the forecast period (2021-2028)
The growth in the livestock diagnostics market is mainly attributed to an increase in consumption and production of animal-derived products, rising prevalence of foodborne and zoonotic diseases, favorable government initiatives, and technological advancements in livestock diagnostic technologies. In addition, emerging markets are expected to offer significant growth opportunities for players operating in the livestock diagnostics market.
Based on product, the livestock diagnostics market is segmented into consumables, systems, software. In 2021, the consumables segment accounted for the largest share of the livestock diagnostics market. The growth of consumables is attributed to the availability of disease-specific test kits and assays, growing awareness regarding regular animal health check-ups, and the emergence of various POC tests and assays.
The consumables segment is further segmented based on disease type. In 2021, the bovine viral diarrhea (BVD) segment is estimated to account for the largest share of the livestock diagnostic consumables market. Factors such as high economic losses due to bovine viral diarrhea and rising awareness regarding the early diagnosis of the disease are fueling the growth of the segment.
Based on technology, the immunodiagnostics segment accounted for the largest share of the global livestock diagnostics market in 2021. This technology is further segmented into ELISA and other immunodiagnostic tests. In 2021, the ELISA tests segment is estimated to account for the largest share due to its high sensitivity, specificity, accuracy, and cost-efficiency. Moreover, the availability of several ELISA tests like the sandwich ELISA, indirect ELISA, direct ELISA, and competitive ELISA supported the largest share of this segment.
Based on end user, the reference laboratories segment accounted for the largest share of the global livestock diagnostics market. However, the point-of-care testing segment is expected to grow at the fastest CAGR during the forecast period.
Factors such as availability of a comprehensive test menu, improvised results with immediate care, reduction in time-dependent changes, and shifting trend towards opting for POC testing by farm owners & visiting veterinarians for regular animal health screening & disease diagnosis are contributing to the growth.
Market Overview
Drivers
- Rising Demand for Animal-Derived Food Products
- Increasing Prevalence of Foodborne and Zoonotic Diseases
- Favorable Government Initiatives
- Advancements in Veterinary Diagnostic Methods
Restraints
- Dearth of Veterinary Practitioners for Livestock Animals
Opportunities
- Emerging Markets
The key players operating in the global livestock diagnostics market are
- IDEXX Laboratories Inc. (U.S.)
- Zoetis Inc. (U.S.)
- Thermo Fisher Scientific Inc. (U.S.)
- Bio-Rad Laboratories Inc. (U.S.)
- bioMerieux S.A. (France)
- INDICAL BIOSCIENCE GmbH (Germany)
- Agrolabo SpA (Italy)
- Neogen Corporation (U.S.)
- IDvet (France)
- GD Animal Health (Netherlands)
- BioChek B.V. (Netherlands)
- VMRD Inc. (U.S.).
For more information about this report visit https://www.researchandmarkets.com/r/bdq383
