Market Trends of Veterinary Molecular Diagnostics Industry
This section covers the major market trends shaping the Veterinary Molecular Diagnostics Market according to our research experts:
The Instruments Segment is Expected to Register Robust Growth
Veterinary molecular diagnostics instruments include electrolyte analyzers, electrolyte blood, gas analyzers, automated chemistry analyzer, semi-automated chemistry analyzer, hematology analyzers, coagulation analyzers, and immuno-analyzers, such as enzyme-linked immunoassay or colloidal particle-based immune assays, to detect the presence of disease-causing antigens. The rising prevalence of various diseases among animals and the increasing importance of animals are expected to drive the growth of the segment during the forecast period.
The growing prevalence of animal diseases is expected to boost the growth of the segment. According to an article published by Emerging Pathogen Institutes in November 2021, bovine respiratory diseases account for 75% of feedlot illnesses and economic losses to cattle producers exceeding USD 1 billion annually. The estimated costs for pinkeye are USD 150 million yearly, and losses to dairy producers due to foot rot range from USD 120 to USD 350 per animal. Such increasing losses and genetic disorders among animals are expected to drive the demand for veterinary molecular diagnostics, thereby contributing to the growth of the segment.
Product launches by key market players are expected to support the growth of the market over the forecast period. For instance, in April 2022, Carolina Liquid Chemistries corp of Greensboro signed a semi-exclusive agreement to distribute a portable analyzer for the US veterinary 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. In September 2021, Micro Vet diagnostics launched Micro-chem II, a completely new chemistry, electrolyte, immunoassay, and coagulation analyzer for animal health, producing accurate reference and laboratory-quality results.
Thus, due to the above-mentioned factors, the studied segment is expected to witness significant growth during the forecast period.
North America is Expected to Retain a Major Share in the Market
The North American veterinary molecular diagnostics market is projected to have the largest share over the forecast period. This is primarily due to the growing trend of pet ownership and the rising demand for animal-based proteins in the region.
The United States is expected to retain its significant market share due to rising pet adoption and increasing per capita animal healthcare expenditure. The rise in the prevalence of animal diseases and injuries is also a major factor fuelling the market growth. According to the 2021-2022 National Pet Owners Survey conducted by the American Pet Products Association (APPA), around 70% of US households owned a pet in 2021, 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 and USD 178 for cats in the country. The rising number of pet adoption is expected to add to the growth of the studied market over the forecast period.
The increasing number of product launches in North America that focus on molecular diagnostics for animals drives the market growth. 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 diagnose 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 and rising innovative diagnostic product launches, the veterinary molecular diagnostics market in North America is expected to grow significantly over the forecast period.
