Rockville, MD., July 03, 2024 (GLOBE NEWSWIRE) -- According to a recent research report by Fact.MR, the global Veterinary Molecular Diagnostics Market is expected to reach US$ 211 million in 2024 and further expand at 7.5% CAGR from 2024 to 2034. By the end of 2034, the market is forecasted to attain $436.3 million.
Growing awareness among veterinarians and pet owners of the benefits of molecular diagnostics in early disease detection and personalized treatment is driving the veterinary molecular diagnostics market forward. Supportive regulatory frameworks, guidelines for animal healthcare, and initiatives promoting responsible pet ownership and animal welfare, are accelerating the use of molecular diagnostic tests in veterinary practices.
The market is expanding at a significant pace due to technologically advanced diagnostic products and solutions for detecting diseases in pets and farm animals. Increasing milk and meat consumption, emergence of unfamiliar diseases in animals, and transmission of infectious diseases from animals to humans are all leading factors influencing the market for veterinary molecular diagnostics.
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Key Takeaways from the Market Study:
- The market in the United States is poised to reach a size of US$ 73 million in 2024.
- Chile is set to occupy a market share of 26.5% in Latin America in 2024.
- Revenue from the sales of veterinary molecular diagnostic kits in Brazil is estimated to reach US$ 9 million in 2024.
- The North American market is evaluated to expand at a CAGR of 7.3% through 2034.
“Rising meat and milk consumption, coupled with the discovery of new diseases and threats such as anthrax and plague, are contributing to veterinary diagnostics market expansion,” says a Fact.MR analyst.
Veterinary Molecular Diagnostics Industry News:
To provide cutting-edge molecular diagnostic technologies specifically suited for veterinary applications, major companies in the veterinary molecular diagnostics market are making significant R&D investments. To spur innovation and grow their clientele, they are forming alliances with universities, research centers, and veterinary clinics.
- Leading in vitro diagnostics business bioMérieux and regulated digital health solutions provider BrightInsight announced in September 2022 that they would be working together to develop and provide Clinical Digital Solutions for Diagnostics, which will help with clinical decision-making in the field of pet diseases.
- IDEXX Laboratories, Inc. increased the range of tests and services offered by its reference laboratory in January 2022, enabling veterinarians to more effectively handle the difficulties associated with cancer diagnosis and treatment. A liquid biopsy test that detects canine tumors using next-generation DNA sequencing technology is part of the extension.
RT-PCR Technology Enabling Real-Time Monitoring of Expression Levels of Multiple Genetic Messages
Factors driving demand growth for molecular diagnostics include the increased use of PCR tests such as real-time PCR, assembly PCR, hot-start PCR, methylation-specific PCR (MSP), and nested PCR. Furthermore, RT-PCR technology is relatively inexpensive and enables real-time monitoring of the expression levels of multiple genetic messages.
The emergence of biochips and their increasing use in the detection of infectious diseases is boosting the adoption of microarray technology, which is also responsible for the growth of the veterinary molecular diagnostics market.
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Leading Players Driving Innovation in the Veterinary Molecular Diagnostics Market:
- Thermo Fisher Scientific Inc.
- IDEXX Laboratories, Inc.
- Qiagen N.V.
- Neogen Corporation
- ID. Vet
- bioMérieux SA
- INDICAL BIOSCIENCE GmbH
- Veterinary Molecular Diagnostics, Inc.
More Valuable Insights:
Fact.MR, in its new offering, presents an unbiased analysis of the veterinary molecular diagnostics market for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges the veterinary molecular diagnostics market based on product type (PCR kits, INAAT kits, microarray kits, DNA sequencing kits), species (livestock animals, companion animals), disease (Anaplasma spp., Ehrlichia spp., Newcastle disease, influenza, porcine reproductive & respiratory syndrome), and end-user (veterinary hospitals, clinical laboratories, veterinary research institutes), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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