Veterinary Biomarkers Market Size
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 10.40 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Veterinary Biomarkers Market Analysis
Over the next few years, the veterinary biomarkers market is expected to register a CAGR of 10.4%.
The COVID-19 pandemic has had a substantial impact on the veterinary biomarker market and highlighted the capability and response of veterinary biomarkers and their role in maintaining animal health. Due to the forced cancellation and reduction of veterinarian appointments, the pandemic has made it harder for pet owners to receive proper veterinary treatment. For instance, "as per an article published by NCBI in June 2021," the number of veterinary services in Romania was reduced by 18% during the pandemic as compared to the year 2019. It also stated that working hours were reduced in more than half of the veterinary workplaces among the surveyed population, and only a few veterinarians received only emergency cases. This indicates that the COVID-19 pandemic was noted to have slightly slowed veterinary biomarker market growth.
Growing R&D activities by key market players, a growing companion animal population, rising pet adoption rates, a growing number of veterinary practitioners, and disposable income in developing regions are some of the growth factors driving market growth.
The increasing prevalence of chronic conditions such as cancer and cardiovascular diseases in animals is also propelling the growth of the market. For instance, in April 2022, according to the American Veterinary Medical Association (AVMA), approximately 1 in 4 dogs will develop cancer, and the incidence of cancer in dogs over the age of 10 is about 50%. Purebred dogs as a group have a higher relative risk for cancer claims than non-purebred dogs do, at 1.9 times the relative risk. The increased demand for accurate and timely illness diagnosis, as well as the humanization of pets in developing countries, is fueling the growth of the veterinary biomarkers industry.
Additionally, the launch of new diagnostics by key players in the market is also propelling the growth of the market. For instance, in April 2022, Elanco and Ginkgo BioWorks launched Biomedit, a new animal health company leveraging microbiome technology. It intends to introduce differentiated products that address some of the greatest needs for innovation in animal health, including health and therapeutics for livestock and pet species, as well as biosecurity technology for animal disease monitoring.
Moreover, the collaborations among the market players are also boosting the market's growth. For instance, in November 2022, vetigenics announced a new partnership with animal health pharma to explore multiple novel therapeutic antibodies for treating challenging pet diseases. Such collaborations promote the development of novel diagnostic tests and increase the market's growth.
Veterinary Biomarkers Market Trends
This section covers the major market trends shaping the Veterinary Biomarkers Market according to our research experts:
The Biomarkers, Kits & Reagents Segment is Expected to Witness Growth Over the Forecast Period.
The biomarkers, kits, and reagents segment is expected to witness significant growth in the veterinary biomarkers market over the forecast period owing to factors such as rising awareness of biomarkers used in the veterinary industry, strategic initiatives by key market players, and technological advancement in kits and reagents. For example, in December 2021, an article from veterinary science research revealed the microRNA as a potential biomarker for reproduction, diagnosis, prognosis, and therapeutics in domestic animals, and miRNAs were discovered to be involved in disease pathogenesis and reproduction physiology in animals.
Moreover, rising strategic initiatives and increasing technological advancements are expected to increase the growth of the studied segment over the forecast period. For instance, in October 2020, Bionote USA launched Vcheck biomarkers for the diagnosis of heart failure. It helps detect canine heart disease in just minutes and is used in-clinic as a complement to a point-of-care lab for time-saving diagnosis and faster initiation of treatment plans.
Additionally, in February 2021, Life Science Diagnostics developed three monoclonal antibodies for SAA, an acute-phase protein that is an excellent biomarker for inflammation and tissue injury. Elisa employs three monoclonals as an HRP conjugate and a capture antibody. Therefore, the biomarkers, kits, and reagents segment is expected to witness significant growth over the forecast period due to the above-mentioned factors.
North America is Expected to Dominate the Veterinary Biomarkers Market
North America held a notable market share of the veterinary biomarkers market, and the high share of the region is due to the significant presence of key players, the adoption of various strategies initiated by key companies to increase market penetration, rising research activities, rising diagnostic rates, and increasing animal population and vet care expenditure. Another factor contributing to the growth of the veterinary biomarker market is the increasing number of veterinary clinics in the countries with licensed and trained veterinarians.
Furthermore, with rising pet adoption coupled with pet insurance schemes, the overall market is expected to grow significantly throughout the forecast period. For instance, according to the American Pet Products Association (APPA), in 2021, about 70% of United States households will have a minimum of one pet. The country has witnessed an increase in overall and per capita spending on pet care in the past few decades.
Additionally, rising pet adoption rates are also one of the factors driving the veterinary biomarkers market. For instance, in May 2021, according to the American Society for the Prevention of Cruelty to Animals, a survey showed that 1 in 5 households had acquired a cat or dog since the beginning of the COVID-19 crisis, which would account for approximately 23 million American households.
Additionally, increasing research and development activities around veterinary biomarkers and post-genomic technologies in the region is likely to boost market growth. The advanced strategies initiated by animal health key players to identify novel biomarkers or disease indicators are further enhancing the opportunity for segment growth. For instance, in April 2022, Boehringer Ingelheim welcomed any partnership or collaboration to develop novel cancer therapeutic concepts with a specific biomarker-based approach. This is likely to propel research in the arena of veterinary biomarkers, thereby increasing the regional growth rate.
Veterinary Biomarkers Industry Overview
The market for veterinary biomarkers is emerging and consolidating. Leading players deploy numerous strategic initiatives that include competitive pricing strategies, partnerships, product expansion, sales and marketing initiatives, and mergers and acquisitions. Among the market's key players are Zoetis, Virbac, Life Diagnostics, Acuvet Biotech, Merck & Co., Idexx Laboratories, Inc., MI: RNA Diagnostics Ltd., Mercodia Ab, Antech Diagnostics, Inc., and Avacta Life Sciences Limited. The market players are introducing cutting-edge biomarker-based solutions to strengthen their position as the industry's leaders.
Veterinary Biomarkers Market Leaders
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Zoetis
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Virbac
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Life Diagnostics
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Merck & Co
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Acuvet Biotech
*Disclaimer: Major Players sorted in no particular order
Veterinary Biomarkers Market News
- June 2022: The Zoetis pharmaceutical company made an agreement to acquire Basepaws pet genetics, which offers individualized breed and health reports that can identify traits, biomarkers, and potential hereditary conditions in pets. The acquisition will advance Zoetis' portfolio in the precision animal health space and will inform and shape its future pipeline of pet care innovations.
- November 2022: VolitionRx Limited collaborated with Heska and launched the Nu. Q Vet cancer screening test for veterinary early cancer detection. It is an accurate, affordable, and non-invasive diagnostic for cancer screening and monitoring in dogs.
Veterinary Biomarkers Market Report - Table of Contents
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
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4.2 Market Drivers
- 4.2.1 Increasing Prevalence of Chronic Conditions Such as Cancer and Cardiovascular Diseases in Animals
- 4.2.2 Growing R & D Activities by Key Market Players
- 4.2.3 Growing Companion Animal Population and Pet Adoption Rates
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4.3 Market Restraints
- 4.3.1 Cost Effectiveness and Anticipation of Biomarkers Availability
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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 - USD million)
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5.1 By Product Type
- 5.1.1 Biomarkers, Kits & Reagents
- 5.1.2 Biomarker Readers
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5.2 By Animal Type
- 5.2.1 Companion Animals
- 5.2.1.1 Dogs
- 5.2.1.2 Cats
- 5.2.1.3 Others
- 5.2.2 Production Animals
- 5.2.2.1 Cows
- 5.2.2.2 Pigs
- 5.2.2.3 Others
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5.3 By Disease Type
- 5.3.1 Inflammatory & Infectious Diseases
- 5.3.2 Cardiovascular Diseases
- 5.3.3 Skeletal Muscle Diseases
- 5.3.4 Tumor
- 5.3.5 Other Disease Types
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5.4 By Application
- 5.4.1 Disease Diagnostics
- 5.4.2 Preclinical Research
- 5.4.3 Other Applications
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5.5 Geography
- 5.5.1 North America
- 5.5.1.1 United States
- 5.5.1.2 Canada
- 5.5.1.3 Mexico
- 5.5.2 Europe
- 5.5.2.1 Germany
- 5.5.2.2 United Kingdom
- 5.5.2.3 France
- 5.5.2.4 Italy
- 5.5.2.5 Spain
- 5.5.2.6 Rest of Europe
- 5.5.3 Asia-Pacific
- 5.5.3.1 China
- 5.5.3.2 Japan
- 5.5.3.3 India
- 5.5.3.4 Australia
- 5.5.3.5 South Korea
- 5.5.3.6 Rest of Asia-Pacific
- 5.5.4 Middle-East and Africa
- 5.5.4.1 GCC
- 5.5.4.2 South Africa
- 5.5.4.3 Rest of Middle East and Africa
- 5.5.5 South America
- 5.5.5.1 Brazil
- 5.5.5.2 Argentina
- 5.5.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 Zoetis
- 6.1.2 Virbac
- 6.1.3 Life Diagnostics
- 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 Life sciences Limited
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityVeterinary Biomarkers Industry Segmentation
As per the scope of the report, veterinary biomarkers are substances that are introduced into an animal organism to examine organ function or other aspects of animal health. The veterinary biomarkers market is segmented by product type (biomarkers, kits, reagents, and biomarker readers), animal type (companion animals and production animals), disease type (inflammatory and infectious diseases, cardiovascular diseases, skeletal muscle diseases, tumors, and others), application (disease diagnostic, preclinical research, and others), and geography (North America, Europe, Asia-Pacific, the Middle East, Africa, and South America). The report offers the value (in USD million) for the above segments.
| By Product Type | Biomarkers, Kits & Reagents | |
| Biomarker Readers | ||
| By Animal Type | Companion Animals | Dogs |
| Cats | ||
| Others | ||
| By Animal Type | Production Animals | Cows |
| Pigs | ||
| Others | ||
| By Disease Type | Inflammatory & Infectious Diseases | |
| Cardiovascular Diseases | ||
| Skeletal Muscle Diseases | ||
| Tumor | ||
| Other Disease Types | ||
| By Application | Disease Diagnostics | |
| Preclinical Research | ||
| Other Applications | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Italy | ||
| Spain | ||
| Rest of Europe | ||
| Geography | Asia-Pacific | China |
| Japan | ||
| India | ||
| Australia | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | Middle-East and Africa | GCC |
| South Africa | ||
| Rest of Middle East and Africa | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America |
Veterinary Biomarkers Market Research FAQs
What is the current Veterinary Biomarkers Market size?
The Veterinary Biomarkers Market is projected to register a CAGR of 10.40% during the forecast period (2024-2029)
Who are the key players in Veterinary Biomarkers Market?
Zoetis, Virbac, Life Diagnostics, Merck & Co and Acuvet Biotech are the major companies operating in the Veterinary Biomarkers Market.
Which is the fastest growing region in Veterinary Biomarkers Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Veterinary Biomarkers Market?
In 2024, the North America accounts for the largest market share in Veterinary Biomarkers Market.
What years does this Veterinary Biomarkers Market cover?
The report covers the Veterinary Biomarkers Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Veterinary Biomarkers Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Veterinary Biomarkers Industry Report
Statistics for the 2024 Veterinary Biomarkers market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Veterinary Biomarkers analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
