Dublin, Sept. 25, 2023 (GLOBE NEWSWIRE) -- The "Global Livestock Diagnostics Market Size, Share, Growth Analysis, By product type - Industry Forecast 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The global livestock diagnostics market, which was valued at USD 6.61 billion in 2021, is poised to witness substantial growth, reaching USD 14.36 billion by 2030, with an anticipated Compound Annual Growth Rate (CAGR) of 9% during the forecast period spanning from 2023 to 2030.
Role of Livestock Diagnostics
Livestock diagnostics play a pivotal role in identifying pathogens and ensuring the health of animals, encompassing various species, including livestock, wild animals, and pets. They are essential for early disease detection, management, and control, particularly for zoonotic diseases. These diagnostics are used in industries such as reference labs, veterinary hospitals, and private outpatient clinics.
Market Growth Drivers
Several factors are driving the significant growth of the global livestock diagnostics market:
- Increasing Demand for Pomegranate Products: The growing consumption and demand for processed pomegranate products, including pomegranate powder, juice, and cosmetics, are contributing to market growth. Governments are also taking initiatives to support the pomegranate industry through subsidies and training for farmers and exporters.
- Advanced Diagnostic Technologies: The adoption of advanced diagnostic technologies is enhancing the diagnosis and treatment of livestock diseases, further fueling market expansion.
- Regional Growth: While North America currently holds the largest market share, the Asia-Pacific region is expected to exhibit the highest CAGR. Factors like a large population of livestock animals, increasing incidence of zoonotic diseases, and rising income levels are driving growth in Asia-Pacific.
Segments and Trends
The global livestock diagnostics market is segmented based on product type, technology, animal type, end user, and region. The consumables segment is expected to witness the highest growth rate, with immunodiagnostics being the fastest-growing technology segment. North America leads the market, while Asia-Pacific is poised for rapid growth.
Key Players
Prominent companies in the market include IDEXX Laboratories, Heska Corporation, Neogen, Zoetis, Thermo Fisher Scientific, Boehringer Ingelheim International GmbH, and Virbac.
Market Challenges
Despite its growth potential, the market faces challenges such as the high cost associated with advanced diagnostic procedures and instances of human-to-animal transmission of diseases.
Competitive Landscape
Key players are actively expanding the industry through partnerships, new product introductions, and research investments to develop cutting-edge products.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 157 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $7.2 Billion |
| Forecasted Market Value (USD) by 2030 | $14.36 Billion |
| Compound Annual Growth Rate | 9.0% |
| Regions Covered | Global |
Companies Mentioned
- IDEXX Laboratories Inc.
- Neogen Corporation
- Zoetis Inc.
- Thermo Fisher Scientific Inc.
- Heska Corporation
- Virbac SA
- QIAGEN N.V.
- IDvet
- Bio-Rad Laboratories, Inc
- GD Animal Health
- Agrolabo Spa
- BioMerieux SA
- Boehringer Ingelheim Vetmedica, Inc
- Randox Laboratories Ltd.
- ABAXIS, Inc
- AniGenics Inc.
- Bionote, Inc
- Eurofins Scientific SE
- VCA Inc.
- AgriProtein
For more information about this report visit https://www.researchandmarkets.com/r/558vft
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