Dublin, Aug. 14, 2023 (GLOBE NEWSWIRE) -- The "Veterinary Biomarker Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The global veterinary biomarker market is projected to witness substantial growth with a CAGR of 11.8% over the forecast period.
The COVID-19 pandemic initially impacted the market due to lockdowns and government regulations limiting access to veterinary services, resulting in a shortage of qualified veterinary staff. However, the sales of veterinary products increased significantly during the pandemic, leading to market recovery. Factors driving market growth include a high prevalence of chronic diseases in animals, rising adoption rates, and a growing population of companion animals.
The biomarkers, kits & reagents segment is expected to witness significant growth, with increasing adoption for disease diagnosis and treatment in animals. Continuous product launches by major players are positively influencing the segment's expansion.
North America is anticipated to dominate the veterinary biomarker market, fueled by a high adoption rate of companion animals and significant annual expenditure on pet care. The United States, in particular, leads in revenue share, supported by the presence of prominent players and a rising number of veterinarians and veterinary specialty organizations.
The market is fragmented, with numerous global and regional companies operating in the space. Some key players in the market include Zoetis Inc., Virbac, Veterinary Biomarkers, Inc., Merck & Co., Inc., IDEXX Laboratories, Inc., and others.
Overall, the veterinary biomarker market shows promising growth prospects driven by increasing pet adoption rates, rising demand for veterinary products, and the importance of biomarkers in disease diagnosis and monitoring animal health. However, challenges related to increasing pet care costs may impede the market's growth.
Key Topics Covered
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 High Prevalence of Chronic Diseases in Animals
4.2.2 Implementation of Innovative R&D Strategies by Prominent Players
4.2.3 Rising Pet Adoption Rates
4.3 Market Restraints
4.3.1 Expanding Pet Care Costs
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value in USD million)
5.1 By Animal Type
5.1.1 Companion Animals
5.1.1.1 Dogs
5.1.1.2 Cats
5.1.1.3 Other Companion Animals
5.1.2 Farm Animals
5.1.2.1 Cows
5.1.2.2 Pigs
5.1.2.3 Other Farm Animals
5.2 By Product Type
5.2.1 Biomarkers, Kits & Reagents
5.2.2 Biomarker Readers
5.3 By Application
5.3.1 Disease Diagnostics
5.3.2 Preclinical Research
5.3.3 Other Applications
5.4 By Disease Type
5.4.1 Inflammatory & Infectious Diseases
5.4.2 Cardiovascular Diseases
5.4.3 Skeletal Muscle Diseases
5.4.4 Tumors
5.4.5 Other Disease Types
5.5 By Geography
5.5.1 North America
5.5.2 Europe
5.5.3 Asia-Pacific
5.5.4 Middle East and Africa
5.5.5 South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Zoetis
6.1.2 Virbac
6.1.3 Veterinary Biomarkers, Inc.
6.1.4 ACUVET BIOTECH
6.1.5 Merck & Co. Inc.
6.1.6 IDEXX Laboratories, Inc.
6.1.7 MI:RNA Diagnostics Ltd.
6.1.8 Mercodia AB
6.1.9 Antech Diagnostics, Inc.
6.1.10 Avacta Animal Health Limited
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/7nnwi9
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Attachments
- Veterinary Biomarker Market Number Of United States Households That Own A Pet By Type Of Animal In Millions 2021
- Veterinary Biomarker Market Veterinary Biomarker Market Growth Rate By Region
