Pune, India -- (SBWIRE) -- 01/16/2020 -- The report on Veterinary Molecular Diagnostics Market (Product - Instruments & Software, Kits & Reagents, and Services; Technology - Polymerase Chain Reaction (PCR), Microarrays, DNA Sequencing; Animal Type - Companion Animals, Livestock Animals; Disease Indication - Vector-borne Diseases, Respiratory Pathogens Detection, Diarrhea Pathogens Detection, and others; End-user - Hospitals/Clinics, and Reference Laboratories): Global Industry Analysis, Trends, Market Size and Forecasts to 2024. According to the report, the global veterinary molecular diagnostics market is projected to grow at a CAGR of 8.2% over the forecast period of 2018-2024.

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Veterinary Molecular Diagnostics Market: Insights

The molecular diagnostic is a collection of techniques used to analyses biological markers in the genome and proteome. In veterinary molecular diagnostics, samples that are derived from animals are tested. This diagnostics mostly focuses on the identification, genotyping of pathogens and detection. In veterinary diagnosis these techniques are used to diagnose diseases in individual animals and groups or to assess the disease status of a group. Expansions in the farm animals sector and in a sociable attitude towards pet animals have resulted in an augmented demand for fast and reliable diagnostic techniques.

Veterinary Molecular Diagnostics Market: Drivers, Restraints, and Opportunities

Growing consciousness regarding the importance of molecular diagnostics among veterinarians and the general public in both developed and developing countries for healthy livestock is estimated to drive the global veterinary molecular diagnostics market. Further, increasing the incidence of numerous animal diseases worldwide, and the upsurge in spending on pets are other reasons driving the growth of this market.  Additionally, owing to increasing incidence of foodborne zoonotic diseases worldwide the production of animal has reduced by 15%–20% per year. As per the European Food Safety Authority (EFSA), around 3, 20,000 cases of foodborne and zoonotic diseases are reported every year. Therefore, with increasing, consciousness regarding zoonotic diseases such as bird flu and swine flu farm owners are progressively inclining towards the appropriate care of livestock through correct and specific diagnosis.

Furthermore, growth in purchase and usage of several diagnostic instruments that are used in veterinary practices, families with high income that keep pets and frequently visit veterinary laboratories and in-clinic diagnostic processes are some of the factors boosting the growth of this market. Rising urbanization and growth in the number of pet owners are likely to provide opportunities to the veterinary molecular diagnostics market in the upcoming year. However, low awareness regarding Veterinary Molecular Diagnostics in developed and developing countries acts as a restraining factor for the market.

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Veterinary Molecular Diagnostics Market: Regional Insights

Geographically, North America has dominated the market growth followed by Europe. The boosting factors for the veterinary molecular diagnostics market are a high number of animal diagnosis tests by pet owners, the large number of facilities for research & development and increasing demand for livestock food products. Whereas, the factors responsible for the growth veterinary molecular diagnostics market in  Europe region is due to increasing awareness of pet nutrition & health, augmented pet adoption and presence of innovative veterinary molecular diagnostic technology for testing a wide range of the animal pathogens.

Veterinary Molecular Diagnostics Market: Segmentation

The report on the global veterinary molecular diagnostics market covers segments such as product, technology, animal type, disease indication, and end-user. On the basis of product, the global veterinary molecular diagnostics market is categorized into instruments & software, kits & reagents, and services. On the basis of technology, the global veterinary molecular diagnostics market is categorized into polymerase chain reaction (PCR), microarrays and DNA sequencing.

On the basis of the animal type, the global veterinary molecular diagnostics market is categorized into companion animals and livestock animals. On the basis of disease indication, the global veterinary molecular diagnostics market is categorized into vector-borne diseases, respiratory pathogens detection, diarrhea pathogens detection, and others. On the basis of end-user, the global veterinary molecular diagnostics market is categorized into hospitals/clinics and reference laboratories.

New Launch to Remain Key Expansion Strategies of the Leading Players in the Veterinary Molecular Diagnostic Market from 2018-2024

June 2016, IDEXX Laboratories, Inc. has launched the Rapid Visual Pregnancy Test for cattle, a point-of-care test that detect an open cow 28 days post-breeding, improving reproductive efficiency and profitability.

Leading Players

Some of the leading companies in the global veterinary molecular diagnostic market are IDEXX Laboratories, Inc., VCA, Inc., Thermo Fisher Scientific, Inc.,  Novacyt Group, QIAGEN N.V.,  Biomedica Medizinprodukte GmbH & Co KG, HealthGene Corporation, Bioneer, ABAXIS, Inc., Neogen Corporation.

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