Veterinary Molecular Diagnostics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Veterinary Molecular Diagnostics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The veterinary molecular diagnostics market is expected to register a CAGR of 7.5% over the forecast period (2022-2027).

The outbreak of COVID-19 showed a significant impact on the veterinary molecular diagnostics market because healthcare services were significantly reduced due to social distancing measures taken by governments across the globe. Moreover, the COVID-19 pandemic affected the global economy and significantly impacted the functioning of general hospital care for non-COVID-19 patients in hospitals across the globe. The United Nations Office for the Coordination of Humanitarian Affairs in its article titled “Impact of COVID-19 on the delivery of veterinary services and animal disease reporting: (May–June 2020/June–August 2020)” published in July 2021 indicated that the pandemic had direct impacts on account of movement restrictions, and a fear of the spread of virus infection, and indirect impacts which resulted from resources being directed away from animal health surveillance activities to COVID-19-related activities. Thus, the COVID-19 pandemic had a pronounced impact on the growth of the studied market.

Veterinary molecular diagnostics is primarily driven by the growing pet animal population around the globe, increased animal health spending, and advancements in veterinary molecular diagnostics. Developments in the animal farming sector and changing societal attitudes toward pet animals have resulted in an increased demand for fast and reliable diagnostic techniques. Molecular diagnostics possess the potential to address this growing demand.

According to the pet population data published in March 2021 by the Pet Food Manufacturers Association, in 2021, over 59% of households in the United Kingdom had pets. The report estimated that there were over 32.6 million in the nation in the year 2021. There is an increasing trend of treating pets as family members, which has increased the healthcare demands for veterinary applications. The increasing pet population is one of the reasons for the rising health expenditure on animals, globally.

As per the estimates of the American Pet Products Association published in April 2022, the total American pet industry expenditure reached USD 123.6 billion in the year 2021, up from USD 103.6 billion in 2020. The rise in animal health expenditure is expected to drive the growth of the veterinary molecular diagnostics market, as a significant portion of pet owners are expected to use advanced diagnostic modalities for animals, for various disease conditions.

Furthermore, there is an increase in the livestock population, owing to the huge demand for animal-derived products. This is expected to increase the demand for molecular diagnostic tests in the next coming years.

Several key market players are also aiding the growth of the studied market. For instance, in April 2022, Carolina Liquid Chemistries corp of Greensboro signed a semi-exclusive agreement to distribute a portable analyzer for the United States market. The company will distribute the SeamatySMT-120 VP veterinary automated chemistry analyzer, a compact, fully automatic chemistry, electrolyte immunoassay, and coagulation analyzer for animal health diagnosis.

However, the lack of skilled personnel and the high cost of diagnostic tests are expected to slow down the market growth over the forecast period.

Key Market TrendsThe Kits and Reagents Segment is Expected to Register Robust Growth Over The Forecast Period

The majority of the commercial products in the global veterinary molecular diagnostics market are available in the form of kits. These kits are predominantly based on PCR techniques and help in the screening of a family of related disorders.

The rise in the prevalence of animal diseases is a major factor contributing to the growth of the segment over the forecast period. As per the United States Department of Agriculture data on the Highly Pathogenic Avian Influenza in Commercial and Backyard, as of September 2, 2022, around 40.8 million birds were affected by the highly pathogenic avian influenza virus in the year 2022. The large bird population affected by the disease requiring efficient diagnostic measures is adding to the growth of the veterinary molecular diagnostics market over the forecast period.

The kits based on microarrays are steadily increasing their market share. Over the forecast period, many products based on immune assays are expected to receive marketing approval. There are several assays linked to pathogen and viruses detection, which are combined with the PCR techniques, such as Porcine Epidemic Diarrhea Virus (PEDv), Porcine Deltacoronavirus (PDCoV), and Transmissible Gastroenteritis Virus (TGEV).

Moreover, companies are involved in the development of veterinary diagnostics kits and launching new products, this is likely to expand the segment growth. For instance, in July 2020 Bionote USA launched the in-vitro diagnostic test kit for the quantitative measurement of NT-proBNP concentration in canine serum, in its Vcheck product line. The Vcheck diagnostics line includes immune analyzers and tests for the veterinary marketplace.

Hence, over the forecast period, the kits and reagent segment is poised to register rapid growth, due to the growing trend of performing tests at a large scale across multiple hospitals.

North America is Expected to Retain a Major Share in the Market Over the Forecast Period

The North American veterinary molecular diagnostics market is projected to have the largest share over the forecast period. Additionally, the North American region is expected to exhibit the highest growth rate over the forecast period. This is primarily due to the increasing trend of pet ownership in the region and the rising demand for animal-based proteins in the region.

The United States is expected to retain its significant market share, owing to factors, such as rising pet adoption and increasing per capita animal healthcare expenditure. In addition, the rise in the prevalence of various animal diseases and injuries has been identified as the major factor fueling the market growth. According to the 2021-2022 National Pet Owners Survey, conducted by the American Pet Products Association (APPA), around 70% of United States households owned a pet, which equates to 90.5 million homes, including 45.3 million cats and 69 million dogs. The same source also reports that the annual expenditure on a routine visit for dogs accounts for USD 242, whereas it is USD 178 for cats in the country. The rising number of pet adoption in the nation is expected to add to the growth of the studied market over the forecast period.

The increasing number of product launches in the North American region focusing on molecular diagnostics for animals is driving market growth in the region. For instance, in January 2022, IDEXX Laboratories, Inc. expanded its reference laboratory menu of tests and services that will enable veterinarians to better meet the challenges of diagnosing and treating cancer. The expansion includes a liquid biopsy test that utilizes next-generation DNA sequencing technology to aid in diagnosing canine cancers. Such activities are expected to add to the growth of the studied market over the forecast period.

Thus owing to the increasing prevalence of pet adoption in the region along with the rising innovative diagnostic product launches, the veterinary molecular diagnostics market in North America is expected to grow significantly over the forecast period.

Competitive Landscape

The market players in veterinary molecular diagnostics are focusing on R&D and new product launches to expand their market share. The veterinary molecular diagnostics market is moderately fragmented and competitive. The key market players include Biomerieux SA, Ingenetix GmbH, Idexx Laboratories Inc., Neogen Corporation, and Thermo Fischer Scientific Inc. among others.

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