Market Trends of Veterinary Biomarker Industry
This section covers the major market trends shaping the Veterinary Biomarker Market according to our research experts:
Biomarkers, Kits & Reagents Segment is Expected to Witness Significant Growth Over the Forecast Period
In recent years, there has been a surge in the adoption of biomarkers, kits & reagents for the treatment of animals, burgeoning the segment growth. For instance, as per the article published in MDPI in August 2022, with the potential of biomarkers to speed up disease diagnosis, monitor animal health effects, and increase animal welfare and productivity, new biomarkers hold the potential to revolutionize veterinary practice. In addition, because most cardiac disorders in companion animals are progressive, biomarkers of these disorders are crucial in veterinary medicine. According to the article published in Acta Scientific in June 2022, cardiac biomarkers such as pro-BNP and cardiac troponin I (cTnI) are being used either for diagnostic or therapeutic purposes in dogs and cats. Hence, the surging adoption of biomarkers for the diagnosis of treatment of diseases in animals is ultimately driving the segment's growth.
Furthermore, continuous product launches by major players in the market are positively affecting the segment's growth. For instance, in February 2022, VMRD, Inc., the developer and manufacturer of veterinary diagnostic test kits reagents, announced the launch of nucleic acid extraction kits to its molecular product line for gene sequencing and gene expression studies in animals. The kit provides rapid preparation of highly pure viral nucleic acids from tissue homogenates, swabs, serum, and plasma. Thus, owing to the product launches, th market studied is expected to have significant growth over the forecast period.
Therefore, the biomarkers, kits & reagents segment is expected to witness significant growth over the forecast period due to the abovementioned factors.
North America is Expected to Dominate the Veterinary Biomarker Market
North America is expected to dominate the market owing to factors such as the high adoption of companion animals and high annual expenditure on these animals. For instance, as per the study conducted by the American Society for the Prevention of Cruelty to Animals (ASPCA) in May 2021, every 1 in 5 Americans owns a dog or cat. In addition, the annual spending on dogs and cats is significantly high in the United States.; according to the 2021-2022 National Pet Owners Survey, the United States spends approximately $458 on surgical vets, $287 on their food, and $242 on routine visits to the veterinarians every year. Thus, the high adoption of companion dogs and high annual expenditure on them are factors that augment the regional market growth.
In North America, the United States accounts for most of the revenue share because of the presence of prominent players and the surging number of veterinarians in the country. As per the American Veterinary Medical Association (AVMA), the number of veterinarians has increased from 118,624 in 2020 to 121,461 in 2021. Also, the AVMA-recognized veterinary specialty organizations have increased from 13,539 in 2020 to 14,536 in 2021. Thus, the surging number of veterinarians and veterinary specialty organizations are the major factors that are expected to boost the regional market growth during the forecast period.
Furthermore, there has been a surge in the adoption of pet insurance services in the region which covers all veterinary treatments and medications. For instance, according to the survey conducted by the North American Pet Health Insurance Association, Inc., published in May 2022, around 4.41 million pets were insured in North America by the end of 2021, which was a 27.7% high in comparison to the previous year. Thus, the surging adoption of pet insurance services is expected to augment the veterinary biomarkers market growth in the region.
Therefore, owing to the aforesaid factors, the growth of the studied market is anticipated in the North America Region.
