PUBLISHER: Grand View Research | PRODUCT CODE: 1529634
PUBLISHER: Grand View Research | PRODUCT CODE: 1529634
The global veterinary molecular diagnostics market size is expected to reach USD 2.23 billion by 2030, registering a CAGR of 10.5 % from 2024 to 2030, according to a new report by Grand View Research, Inc. The market is primarily driven by growing animal population and ownership rates, increased expenditure on animals, an increasing focus on preventative animal healthcare, and advances in veterinary molecular diagnostic testing, and growing R&D investment in animal health diagnostics to launch innovative products. For instance, in March 2023, Biotangents launched its AmpliSpec LAB BVDV, a new molecular diagnostic assay to detect Bovine Viral Diarrhoea Virus (BVDV) in cattle. The assay utilizes isothermal amplification for cost-effectiveness and shows 99.7% accuracy, which can be used to combat BVD effectively.
Furthermore, the veterinary molecular diagnostics market has grown significantly due to the rising pet population and the increasing need for accurate diagnostic tools. Pets are commonly found in homes everywhere, including in the UK. According to the article published by Pet Keen in 2024 stated that the pet population in the UK was estimated to be 12.5 million dogs & 12.2 million cats in 2021. As more households adopt companions into their homes, there's an increased demand for efficient and accessible healthcare solutions. This increase in pet ownership has directly contributed to the demand for advanced veterinary diagnostics, including molecular diagnostics tests. These tests are crucial for detecting infectious diseases, genetic disorders, and other health conditions in pets more effectively than traditional methods. As a result, the veterinary molecular diagnostics market is expanding rapidly to meet these growing demands, with innovations in PCR (Polymerase Chain Reaction), ELISA (Enzyme-Linked Immunosorbent Assay), and other molecular techniques playing a pivotal role in improving diagnostic accuracy and treatment outcomes for animals.
PCR-based veterinary diagnostic tests offer the advantages of faster results, increased sensitivity & specificity, cost-effectiveness, and the ability to perform point-of-care testing, contributing to their growing demand in the market. Some key players in the market are offering PCR-based diagnostic test kits like IDEXX RealPCR tests, Qiagen VetMAX PCR Kits, and BioChek PCR Kits. Furthermore, ongoing investments in research & development aimed at enhancing the capabilities of PCR-based diagnostic tests, such as multiplex PCR assays for simultaneous detection of multiple pathogens, and growing product launches are driving market growth by addressing the evolving needs of the veterinary sector. For instance, in September 2022, HORIBA UK Veterinary introduced a new test for detecting Encephalitozoon cuniculi (E. cuniculi) as part of its in-house PCR product line for the POCKIT Central analyzer. This addition significantly broadened the array of available tests to almost 200, encompassing viruses, bacteria, parasites, & protozoa related to companion animals and farm species.