PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1394131
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1394131
The Veterinary Molecular Diagnostics Market has witnessed substantial growth in recent years, and the trajectory continues to rise. According to the latest market research, the global revenue from the Veterinary Molecular Diagnostics Market reached approximately US$ 199 Million in 2024, and aiming to reach a valuation of approximately US$ 407 Million by the end of 2031.
The Veterinary Diagnostic Market, an emerging industry known for its technologically advanced diagnostic products and solutions, plays a crucial role in screening various diseases in both pet and farm animals. Several factors are driving this market's growth, including increased consumption of meat and milk products, the introduction of new diseases in animals, and the transmission of infectious diseases from animals to humans, such as Anthrax and Plague.
One of the key drivers for the growth of the Veterinary Molecular Diagnostics Market is the preference for molecular diagnostic kits among veterinary physicians. These kits offer unparalleled accuracy, precision, and reliability in diagnostic testing. DNA/RNA-based tests, in particular, have proven to be highly specific and provide reliable results, with a remarkable 99.0% accuracy rate. Moreover, these tests offer reproducibility, sensitivity, and fast pathogen detection, often taking only around 1.5 hours to yield results. The testing process is streamlined, featuring a simple automated workflow with minimal sample handling, thereby minimizing the risk of cross-contamination. The approval of FDA-licensed diagnostic solutions, such as the BIOFIRE Blood Culture Identification 2 (BCID2) Panel in April 2019, further boosts confidence in these diagnostic tools.
While the Veterinary Molecular Diagnostics Market shows immense promise, there are challenges that could hinder its growth. A significant knowledge gap in understanding the epidemiology of endemic veterinary diseases remains a key barrier to global market expansion. For example, the lack of comprehensive knowledge about Newcastle Disease outbreaks in chicken and other species has resulted in substantial economic losses. Accelerated mutations in various virulent veterinary diseases have further contributed to these knowledge gaps.
The United States is at the forefront of the Veterinary Molecular Diagnostics Market. With a high consumption of meat, milk, and eggs, as well as a significant population of pets and farm animals, rigorous diagnostic screening is essential. For instance, pneumonia affects approximately 80% of the hog meat consumed worldwide, according to the World Animal Foundation. Furthermore, zoonotic outbreaks like Salmonella were common in the United States in 2021, impacting chicken and beef. The continued advancement of diagnostic techniques, particularly RT-PCR, is expected to fuel the growth of the veterinary molecular diagnostics market in the United States during the forecast period.
Germany, known for its high meat consumption, is another promising market for veterinary diagnostics. Animals used in food production often carry pathogens, including non-Typhi serotypes of Salmonella enterics, Shiga toxin-producing strains of Escherichia coli (STEC), and Campylobacter species. As food safety becomes increasingly important, the demand for accurate and efficient diagnostics in the country is set to grow.
China, despite a historically low pet adoption rate, has witnessed a surge in pet ownership since the COVID-19 pandemic. Cats and dogs, known for their strong bonds with humans, provide mutual psychosocial health benefits. This growing trend in pet ownership is contributing to the emergence of China as a prominent market in the Veterinary Molecular Diagnostics sector.
In this dynamic market, key players are employing various strategies to stay competitive. These strategies include partnership agreements between manufacturers and suppliers, targeted product marketing campaigns to capture maximum market share, and responsive manufacturing to meet immediate demands, especially during the spread of contagious diseases like strep throat, colds, and flu.
The Veterinary Molecular Diagnostics Market is on a growth trajectory, driven by the demand for precise and reliable diagnostic solutions in the animal healthcare industry. With technological advancements and increased awareness of the importance of animal health, this market is poised for a promising future.