Pune, India, March 24, 2022 (GLOBE NEWSWIRE) -- Rising prevalence of various animal diseases is a key factor driving the global veterinary molecular diagnostics market, says Fortune Business Insights in a report, titled “Veterinary Molecular Diagnostics Market Size, Share and Global Trend By Animal (Livestock, Companion), By Product (Instruments & Software, Kit & Reagents, Services), By Disease Indications (Infectious diseases, Respiratory diseases, Metabolic diseases), By End User (Hospitals, Clinics, Others) and Geography Forecast till 2026.” Adoption of advanced diagnostic techniques is expected to aid the growth of the global veterinary molecular diagnostics market.
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Rising Prevalence Of Various Animal Diseases Will Boost Growth
High sensitivity and specificity testing with molecular diagnostics is a key factor expected to favor the growth of the global veterinary molecular diagnostics market during the forecast period. Few molecular diagnostic techniques involve polymerase chain response (PCR), fluorescent in situ hybridization (FISH), peptide nucleic acids (PNA), nanotechnology, biochips, proteomic innovations, and electrochemical location of DNA. Further, the increasing cases of numerous animal diseases are expected to stimulate the global veterinary molecular diagnostics market growth. Rising importance of animal health and the surge in the number of veterinary diagnostic centers are predicted to aid the expansion of the global veterinary molecular diagnostics market shares.
COVID-19 Impact
COVID-19 Pandemic Hindered Market Revenue Owing to Decreasing Diagnosis Processes
The COVID-19 pandemic adversely influenced the market in 2020. The concerns such as scarcity of workforce & staff, the threat of transmission of COVID-19, and the deterioration in the imaging processes such as PET-CT SPECT procedures posed a test for the market growth in 2020. The decline in the procedures can be accredited to the interruption in supply chains, logistical challenges, and adoption of safety measures, which is difficult to maintain by centers.
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Moreover, the launch of Salmonella Enteritidis-Typhimurium-Heidelberg DNA Test Kit and Infectious Bronchitis Virus RNA Test Kit is predicted to aid growth of the global veterinary molecular diagnostics market. For instance, BioChek announced the launch of Salmonella Enteritidis-Typhimurium-Heidelberg DNA Test Kit and Infectious Bronchitis Virus RNA Test Kit for the detection in avian samples. Furthermore, the adoption of advanced diagnostic techniques and widened focus on food safety is expected to further boost the global veterinary molecular diagnostics market revenue. In addition, the acquisition by key companies is expected to enable growth of the global veterinary molecular diagnostics market. For instance, Neogen announced the acquisition of The University of Queensland Animal Genetics Laboratory (AGL), which made the company the fourth animal genomics laboratory. Nonetheless, high costs associated with sophisticated molecular diagnostics instruments is expected to restrict the growth of the global veterinary molecular diagnostics market.In addition, lack of skilled technicians in emerging countries is also a factor likely to hamper the growth of the global veterinary molecular diagnostics market.
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North America to Offer Lucrative Growth Opportunities
Geographically, the global veterinary molecular diagnostics market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is expected to dominate the global veterinary molecular diagnostics market during the forecast period owing to the rising cases of animal diseases. Increasing government & private funding for animal health along with a large volume of tests performed on animals are predicted to aid the growth of the global veterinary molecular diagnostics market in North America. The veterinary molecular diagnostics market in Europe is predicted to grow during the forecast period due to high usage of superior-quality diagnostics techniques, active government support, along with the surge in a number of veterinary diagnostic centers. Asia Pacific is expected to register significant growth during the forecast period owing to the increasing number of diagnostic laboratories, government and private funding for veterinary health care activities, and rising awareness about veterinary molecular diagnostics in the region.
Leading Players operating in the Veterinary Molecular Diagnostics Market are:
Key players are involved in mergers and acquisition to strengthen their market position. Owing to increasing competition frequent innovations are taking place in the market. Some of the companies operating the industry are:
- Biomedica Medizinprodukte GmbH & Co KG,
- IDEXX Laboratories, Inc.,
- Thermo Fisher Scientific, Inc.,
- VCA, Inc.,
- Novacyt Group,
- QIAGEN N.V.,
- HealthGene Corporation,
- Bioneer
Detailed Table of Content:
By Product
• Instruments & Software
• Kit & Reagents
• Services
• Others
By Disease Indications
• Infectious diseases
• Respiratory diseases
• Metabolic diseases
• Others
By End User
• Hospitals
• Clinics
• Others
By Geography
• North America (USA and Canada)
• Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
• Latin America (Brazil, Mexico and Rest of Latin America)
• Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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