Wilmington, Delaware, United States, Feb. 09, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The veterinary molecular diagnostics industry was worth US$ 543.9 million in 2022. A CAGR of 7.9% is forecasted from 2023 to 2031, resulting in a market size of US$ 1.1 billion by 2031. It is expected that molecular diagnostic technologies will continue to progress, creating increasingly complex and intuitive tools. This could involve sensitivity, speed, and automation enhancements, facilitating veterinary practitioners' ability to conduct molecular diagnostics in various contexts.
The creation of point-of-care molecular diagnostic instruments for veterinary medicine is gaining popularity. With the help of these rapid and portable diagnostic instruments, veterinarians could make prompt treatment and on-the-spot decisions. This trend towards point-of-care testing is consistent with the decentralization of diagnostic capacities.
The interpretation of complex genetic data may be improved by the incorporation of AI and big data analytics into molecular diagnostics. This may result in more precise illness prognoses, individualized treatment regimens, and a better comprehension of the genetic variables affecting animal health.
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Invest in educating veterinarians about molecular diagnostic techniques and enhancing their proficiency in using these techniques by providing them with continuing education programs and training. Veterinary professionals need to have access to resources and support in order to help ensure that molecular diagnostic tools are adopted and implemented successfully.
Key Findings of Market Report
- The increasing prevalence of vector-borne diseases has contributed to the growth of the market
- The growing pet ownership market is driving the veterinary molecular diagnostics market demand
- Ready-to-use kits have gained traction in the market due to their ease of use and fewer steps required to complete.
- From 2023 to 2031, the most significant share of the market will be held by the kits & reagents segment.
- Veterinary molecular diagnostics held the largest share in North America in 2022.
Global Veterinary Molecular Diagnostics Market: Key Players
Major players are integrating Artificial Intelligence (AI) in companion animal molecular diagnostics to provide multidimensional images of sample findings. Some prominent veterinary molecular diagnostics market players profiled by TMR are mentioned below:
- IDEXX Laboratories Inc.
- Thermo Fisher Scientific Inc.
- Zoetis Inc.
- Neogen Corporation
- bioMérieux SA
- QIAGEN N.V.
- Biomedica Medizinprodukte GmbH
- Bioneer
- Mars, Incorporated
- Innovative Diagnostics
Key Developments
- In January 2024, IDEXX Laboratories, Inc. announced its IDEXX inVue Dx Cellular Analyzer, a slide-free analyzer that detects cytological changes in ear fluid and blood.
- In January 2024, Zoetis Inc. announced it would add AI Urine Sediment Analysis to its platform Vetscan Imagyst, which offers a variety of diagnostic applications. Using the new application, clinicians can quickly make treatment decisions based on accurate, in-clinic sediment analysis.
Global Veterinary Molecular Diagnostics Market: Growth Drivers
- Animal infectious diseases are becoming more common, which has increased the need for sophisticated diagnostic methods like molecular diagnostics to guarantee prompt and accurate diagnosis.
- Doctors can now diagnose diseases like canine parvovirus, feline leukemia, and avian influenza more quickly and accurately because of veterinary molecular diagnostics, which allows doctors to identify infections at the molecular level.
- The increased awareness among pet owners and livestock farmers of the value of early disease identification and preventative healthcare interventions has spurred the use of molecular diagnostics in veterinary medicine.
- Molecular diagnostic methods benefit from early disease detection, allowing for timely intervention and enhancing overall animal health outcomes. Consequently, there is an increasing tendency in veterinary preventive care, which fuels the need for molecular diagnostic tools.
- Molecular biology and biotechnology developments have produced inventive and effective molecular diagnostic instruments created especially for use in veterinary medicine. These technologies offer excellent sensitivity and specificity in identifying different animal diseases and genetic disorders.
- These technologies include microarray analysis, nucleic acid sequencing, and polymerase chain reaction (PCR). The Veterinary Molecular Diagnostics market is growing due to ongoing research and development in this area, which provides veterinarians with state-of-the-art instruments to improve their diagnostic skills.
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Global Veterinary Molecular Diagnostics Market: Regional Landscape
- North America is expected to drive demand for veterinary molecular diagnostics. The demand for modern veterinary diagnostic services is driven by the region's strong emphasis on pet ownership and the increasing recognition of pets as essential members of the family.
- Demand for advanced diagnostic techniques, such as molecular diagnostics, has surged due to the growing trend of pet humanization, where owners are becoming more and more invested in the health and welfare of their animals.
- The Veterinary Molecular Diagnostics market is largely shaped by the strict laws and standards about food safety and animal health implemented in North America.
- Regulatory agencies stress the importance of precise and trustworthy diagnostic instruments to protect livestock, control zoonotic illnesses, and guarantee the security of animal-derived food items. The adoption of molecular diagnostic tools, which provide great precision and reliability in detecting various infections and genetic disorders in animals, is encouraged by this regulatory environment.
Global Veterinary Molecular Diagnostics Market: Segmentation
By Product Type
- Instruments & Software
- Kits & Reagents
- Services
By Technology
- Conventional PCR
- Singleplex PCR
- Multiplex PCR
- Real-time PCR
- Others
By Disease Type
- Vector-borne Diseases
- Respiratory Pathogens
- Diarrhea Pathogens
- Others
By Animal Type
- Companion Animal
- Livestock Animal
By End User
- Hospitals/Clinics
- Reference Laboratories
By Region
- North America
- Latin America
- Asia Pacific
- Europe
- Middle East & Africa
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