Veterinary Molecular Diagnostics Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025

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This report on the global veterinary molecular diagnostics market analyzes the current and future prospects of the market. The report comprises a comprehensive executive summary, including a market snapshot that provides overall information of various segments and sub-segments. The research is a combination of primary and secondary research. Primary research represents a bulk of TMR’s research efforts along with the information collected from telephonic interviews and interactions via e-mails. Secondary research involves study of company websites, annual reports, press releases, stock analysis presentations, and various international and national databases. The report provides market size in terms of US$ Mn for each segment for the period from 2015 to 2025, considering the macro and micro environmental factors. Growth rates of each segment of the global veterinary molecular diagnostics market have been determined after thorough analysis of past trends, demographics, future trends, technological developments, and regulatory requirements.

A detailed qualitative analysis of factors responsible for driving and restraining the market and future opportunities has been provided in the market overview section. The report also provides insights into key trends in the veterinary molecular diagnostics market such as shift in distribution channels, changes in consumer behavior, pet humanization and premiumization, and growing mixture of local and multinational players. Key market indicators influencing the global veterinary molecular diagnostics market taken into consideration include cost constraints and regulatory landscape. The report also includes market attractiveness analysis of major segments, which provides thorough analysis of the overall competition scenario in the global veterinary molecular diagnostics market. The report also includes Porter’s five forces analysis of the global veterinary molecular diagnostics market.

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Market revenue in terms of US$ Mn for the period between 2015 and 2025 and the compounded annual growth rate (CAGR %) from 2017 to 2025 are provided for all segments, considering 2016 as the base year. The year-on-year growth of the global veterinary molecular diagnostics market for each segment is also reflected. Additionally, market-related factors such as increase in medical and diagnostic capabilities for companion animals, greater emphasis on prevention and wellness by veterinarians and pet owners, rise in the number of owners of companion animals across various geographies, and historical year-on-year growth have been taken into consideration while estimating the market size.

Veterinary Molecular Diagnostics Market: Segmentation

Based on product, the global veterinary molecular diagnostics market has been segmented into instruments & software, kits & reagents, and services. In terms of technology, the market has been divided into polymerase chain reaction (PCR), microarrays, and DNA sequencing. In terms of animal type, the market has been classified into companion animals and livestock animals. Based on disease indication, the market has been segmented into vector-borne diseases, respiratory pathogens detection, diarrhea pathogens detection, and others. Based on end-user, the market has been segregated into hospitals/clinics and reference laboratories.

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Geographically, the global veterinary molecular diagnostics market has been segmented into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Each region has been further segmented into major countries/sub-regions. These include the U.S., Canada, the U.K., Germany, France, Italy, Spain, China, Australia, Japan, India, Brazil, GCC, South Africa, and Mexico.

Veterinary Molecular Diagnostics Market: Competition Landscape

The report also profiles major players operating in the veterinary molecular diagnostics market based on various attributes such as company overview, financial overview, SWOT analysis, key business strategies, product portfolio, and recent developments. Thorough market share analysis of major companies operating in the market has also been provided in the report. Key companies profiled in the report are IDEXX Laboratories, Inc., VCA, Inc., Thermo Fisher Scientific, Inc., Novacyt Group, QIAGEN N.V., Biomedica Medizinprodukte GmbH & Co KG, HealthGene Corporation, and Bioneer.

The global veterinary molecular diagnostics market has been segmented as follows:

Global Veterinary Molecular Diagnostics Market, by Product

• Instruments & Software
• Kits & Reagents
• Services

Global Veterinary Molecular Diagnostics Market, by Technology

• Polymerase Chain Reaction (PCR)
• Microarrays
• DNA Sequencing

Global Veterinary Molecular Diagnostics Market, by Animal Type

• Companion Animals
• Livestock Animals

Global Veterinary Molecular Diagnostics Market, by Disease Indication

• Vector-borne Diseases
• Respiratory Pathogens Detection
• Diarrhea Pathogens Detection
• Others

Global Veterinary Molecular Diagnostics Market, by End-user

• Hospitals/Clinics
• Reference Laboratories

 Global Veterinary Molecular Diagnostics Market, by Geography

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
• Australia & New Zealand
• Japan
• China
• India
• Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Israel
  • Rest of Middle East & Africa

Global Veterinary Molecular Diagnostics Market Estimated At A CAGR Of 7.6% During The Forecast Period 2017 - 2026

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Global Veterinary Molecular Diagnostics Market

The pet care spending has increased considerably over the period of few years. People have grown more concerned about their pets health and have adopted more advanced forms of healthcare technologies and diagnostic techniques, including products available in the market such as PCR kits, INAAT kits, Microarray kits, and DNA sequencing kits. A recent market report by Persistence Market Research reveals PCR kits as the highly lucrative segment which is expected to continue leading in upcoming years. These kits are considered to be better than other kits in a lot of ways.

A major attribute of the PCR kits is its reproducibility. It is capable of running multiple tests together, and yet coming up with the most sensitive results which hold 99.9% accuracy. These upgraded technologies are set to pose high competition for other techniques available in the global market. Among different types of PCR kits, RT-PCR kits holds the most lucrative share in the market as they are expected to witness healthy expansion at a CAGR of 7.9% during the forecast period. The overall PCR kits segment is expected to hold the highest market share of over US$ 12O Mn by the end of 2026.

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Pet insurance and consolidating nature of market to trigger the growth of veterinary molecular diagnostic market

There are various trends that have contributed to the growth of global veterinary molecular diagnostic market, and the one that holds a great value is the rise in pet insurance. Rise in pet insurance is an ongoing trend especially in the developed economies. This is also a result of high rate of pet ownership and the increase in expenses incurred in turn of owning a pet. There are a number of emerging players that are capitalizing on pet insurance trends and are expected to boost the turnover by building a new sales channel for diagnostic kits & reagents and other pet diagnostic services.

The trends are further witnessed to be the consolidation of the market. Merger and acquisition activities are gaining wider footprint within the companion and livestock animal molecular diagnostics segment in developed markets, which is expected to widen product availability and ease market access.

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Gaps in epidemiological knowledge and high costs to emerge as a hurdle in markets growth

Epidemiological knowledge of veterinary diseases has gaps due to variation in the disease patterns. This has limited the scope of molecular diagnostic markets growth. It hampers discovery and production limit for molecular diagnostic kits to prevent spread of the disease by introducing new disease diagnostic methodologies. The markets growth may also face hindrance due to the high costs associated and lack of expertise to handle the testing kits available in the global veterinary molecular diagnostics market.

Average tier II and tier III veterinary hospitals lack the upgraded facilities and expertise to perform molecular testing procedures, which necessitates the referral to a specialty vet hospital with high infrastructure and expertise veterinarians. The advanced vet hospitals can be expensive for many, and especially for the ones who do not have a pet insurance registered to themselves. However, the molecular diagnosis technique is cost prohibitive for a large number of pet owners as they do not have pet insurance scheme. The cost of a RT-PCR kit is high, thus pet owners prefer other diagnostic methods that incur low costs.