The global veterinary molecular diagnostics market size is expected to be valued at USD 194.47 million in 2023, surpassing USD 377.22 million by 2033. The demand for veterinary molecular diagnostics is projected to grow at a CAGR of 6.84% between 2023 and 2033.
The growth can be attributed to:
Rising Pet Adoption and Animal Health Expenditure to Become Key Trends in the Veterinary Molecular Diagnostics Industry
As of 2022, more than 61% of the United States population owned a pet/companion animal. There is an increasing trend of treating pets as family members, which has increased the healthcare demands for veterinary applications. The increasing pet population is one of the reasons for the rising health expenditure on animals, globally.
The rise in animal health expenditure is expected to drive the growth of the veterinary molecular diagnostics market, as a significant portion of pet owners are expected to use advanced diagnostic modalities for animals, for various disease conditions. Also, there is an increase in the livestock population, owing to the huge demand for animal-derived products. This is expected to increase the demand for molecular diagnostic tests in the next coming years.
Untapped Emerging Markets to Accelerate the Adoption of Veterinary Molecular Diagnostics
The emerging economies are expected to become a focal point for the growth of the veterinary diagnostics market. The Asia Pacific, Middle Eastern, and Latin American regions are relatively untapped markets for companies compared to Europe and North America.
Large poultry and dairy animal populations in these emerging markets are expected to drive the growth of the veterinary health market. Currently, the number of veterinarians in emerging markets is on the rise.
Emerging countries like India and China have robust livestock markets. According to the Livestock Production Statistics of India 2018, India is one of the largest milk producers (20.17% of the global production), followed by the United States, China, Brazil, and Pakistan.
Further, many veterinary practices are adopting technologically advanced solutions commonly used by veterinarians in developed economies. Thus, with a surge in the companion animal population, growing demand for veterinary services from the livestock industry, and growing companion animal health expenditure, emerging countries across the Asia Pacific and Latin America are expected to offer significant growth opportunities for the market.
High Cost Associated with the Rising Pet Care to Limit the Market Growth
In the last ten years, pet care costs have increased significantly. According to the APPA 2019 report, veterinary care is the second-highest source of spending in the pet care community. The United States, for example, spent over USD 18.11 billion on veterinary care in 2018, a growth of 6.1% over the previous year. This is expected to reach USD 19.98 billion in 2019.
Advanced products and procedures play a significant role in treatments. However, the cost of materials and equipment used in these procedures is very high. For instance, diagnostic procedures for identifying sensitivity to antimicrobials, or the presence of infection using PCR or any other advanced technologies, are costlier than the actual treatment. Hence, pet owners and veterinarians are reluctant to invest so much for diagnostic purposes.
| Data Points | Key Statistics |
|---|---|
| Veterinary Molecular Diagnostics Market Value 2023 | USD 194.47 million |
| Veterinary Molecular Diagnostics Market Projected Value (2033) | USD 377.22 million |
| Veterinary Molecular Diagnostics Market CAGR (2023 to 2033) | 6.84% |
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
In 2018, the market represented revenue of USD 127.69 million. From 2018 to 2022, sales witnessed significant growth, registering a CAGR of 7.3%.
During the historical period of 2018 to 2022, the veterinary molecular diagnostics market experienced steady growth due to the increasing prevalence of zoonotic diseases. Including growing awareness among pet owners about animal health, and advancements in molecular diagnostic techniques. In addition, the rising demand for animal-derived food products and the need for early disease diagnosis in livestock have also contributed to the growth of this market.
The global demand for veterinary molecular diagnostics is projected to increase at a CAGR of 6.84% during the forecast period between 2022 and 2033. The market is anticipated to reach a total of USD 377.22 million in 2033.
Moving forward, the global veterinary molecular diagnostics market is expected to continue its growth trajectory due to the increasing adoption of pets, the growing awareness about animal health, and the rising prevalence of zoonotic diseases. Additionally, the development of novel molecular diagnostic techniques and the emergence of advanced technologies such as next-generation sequencing is also expected to drive market growth.
The market is expected to face challenges such as the high cost associated with molecular diagnostic tests and the lack of skilled professionals in this field. Nonetheless, the increasing prevalence of zoonotic diseases and the rising demand for early disease diagnosis in animals are expected to be the key drivers of market growth.
The veterinary molecular diagnostics market in the United States is expected to accumulate the highest market share of 34.6% in 2022. The United States is expected to dominate the market, attributed to factors, such as rising pet adoption and increasing per capita animal healthcare expenditure. In addition, the rise in the prevalence of various animal diseases and injuries is another major factor that is anticipated to fuel the market growth during the forecast period.
In addition, the presence of major players is one of the major factors contributing to the dominance of the country in the global veterinary molecular diagnostics industry. Moreover, rising awareness about animal wellness and increasing efforts by organizations to promote animal welfare activities in the United States are further promoting the growth of the market in the nation.
The veterinary molecular diagnostics market in Germany is expected to accumulate a market share of 9.5% in 2023. The regional market is expected to continue to maintain the trend over the forecast period as well.
Germany is the second-most lucrative country in the global veterinary molecular diagnostics industry, behind the US. Increased government backing, high-quality diagnostic procedures, and the number of veterinary diagnostic centers are the major factors that are expected to escalate the growth of the veterinary molecular diagnostics industry grow in Germany.
High usage of superior-quality diagnostics techniques and active government support are some other factors that are likely to propel the growth of the veterinary molecular diagnostics industry in Germany during the forecast period.
The veterinary molecular diagnostics market in India is expected to accumulate a market share value of 5% in 2023. India is expected to register significant growth over the forecast period owing to the increase in the number of diagnostic laboratories, government and private funding for veterinary health care activities, and rising awareness about veterinary molecular diagnostics in the region.
In addition, the rapidly rising animal population and high adoption of veterinary diagnostic products within the country are some other factors that are anticipated to fuel the growth of the veterinary molecular diagnostics market in India over the analysis period.
Principal Consultant
PCR Kits are estimated to account for the largest market share of 50.8% of the veterinary molecular diagnostics industry in 2023. Polymerase Chain Reaction (PCR) is widely used for molecular diagnosis in animals for the identification and detection of various pathogens. Traditional PCR techniques are rapidly being replaced by real-time PCR.
The PCR kits segment is driving the market growth, owing to factors such as the increasing need for quick result-generating tests, growing research studies for the development of new DNA and RNA-based therapies, and others.
In addition, the increasing adulteration of food products and the growing need for accurate diagnosis are some other factors that are expected to fuel the growth of the PCR Kits segment of the veterinary molecular diagnostics market in the forthcoming years.
Based on the species type, the livestock animals segment is expected to witness a significant growth of 71.0% in 2023. This growth is attributed to the rising number of companion animals across the globe. The sales are also propelled by the willingness of owners to spend more on their pets, the rising adoption of pet insurance, and the availability of cheaper and easy-to-use POC diagnostic tests for companion animals.
Moreover, infectious diseases cause a loss of production capacity in livestock animals. Therefore, governments across the globe are heavily focusing on increasing awareness about these diseases by undertaking initiatives related to diagnosis. Also, governments are working with domestic and international partners to promote animal health products. These initiatives help educate decision-makers, regulatory agencies, reference laboratories, and other end-users regarding the importance of livestock diagnosis.
Startups in the veterinary molecular diagnostics industry such as Basepaws, Embark Veterinary, and AnimalBiome are adopting various marketing strategies such as new product launches, geographical expansion, mergers and acquisitions, partnerships, and collaboration to identify the interest of potential buyers and creating a larger customer base. For instance,
Basepaws
Basepaws is a cat genetic testing company that was established in 2018. The client must collect a sample of the cat hair and ship it to the business's laboratory for sequencing to use the service. The business examines the DNA sequence and produces a report that details the genetic composition (mix of varieties). The business utilizes genetic information to build a cross-species library of genotypic and phenotypic information that will probably be used to support translational research and comparative medicine.
Embark Veterinary
Embark Veterinary, which was founded in 2015, offers DNA test kits for dogs that help dog owners provide their pets with better care. More than 200,000 genetic markers are tracked by the test. Also, it offers dog owners an app via which they can schedule a visit from the Embark team and learn more about the test kit.
AnimalBiome
AnimalBiome is a supplier of diagnostic services based on the animal microbiome for the care of pets. Customers can send samples through an evaluation kit to extract and analyze DNA to understand the gut microbiota of their pets. They deliver an analysis report that also has a tool for comparing gut health and flags any unusual patterns in the data.
Who are the Leading Players in the Veterinary Molecular Diagnostics Market?
The veterinary molecular diagnostics industry is highly competitive, with several key players dominating the market. Companies such as IDEXX Laboratories, VCA Antech, Zoetis, and Thermo Fisher Scientific hold a significant market share and are continuously innovating to maintain their positions. Smaller players in the market are also making their mark by developing niche solutions to cater to specific veterinary needs.
One of the main challenges faced by companies in the veterinary molecular diagnostics industry is the high cost associated with developing and launching new diagnostic solutions. Additionally, strict regulations and approval processes by regulatory bodies such as the FDA and USDA can pose a challenge for companies looking to enter the market.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
The growing demand for molecular diagnostic solutions for pets and livestock presents a significant investment opportunity for new entrants in the market. The rise in pet ownership and increasing awareness regarding animal health has led to a surge in demand for innovative diagnostic solutions. Companies focusing on developing cost-effective, accurate, and user-friendly diagnostic tools for veterinarians can potentially carve out a niche for themselves in the market. Furthermore, strategic collaborations and partnerships with established players can help new entrants gain a foothold in the competitive landscape.
Recent Developments:
How Companies can Scale Their Businesses in the Veterinary Molecular Diagnostics Market?
Developing Innovative Products:
Businesses can increase their foothold in the market by investing in research and development to develop innovative products that can meet the growing demand for more accurate and efficient diagnostic tests. This can include developing new tests that can detect a wider range of diseases or improving existing tests to provide faster and more reliable results.
Forming Strategic Partnerships:
Companies can also scale their businesses by forming strategic partnerships with other companies in the industry. This can include partnering with biotech companies to develop new products or with veterinary clinics to expand their customer base.
Expanding into Emerging Markets:
Companies can also scale their businesses by expanding into emerging markets where there is a growing demand for veterinary diagnostic tests. This can include countries in Asia, Latin America, and Africa where the demand for animal products is rising due to population growth and increasing urbanization. By expanding into these markets, companies can tap into new sources of revenue and gain a competitive advantage over their rivals.
Adopting Digital Technologies:
Businesses can also expand by adopting digital technologies such as telemedicine and remote monitoring. This can enable companies to provide more convenient and cost-effective diagnostic services to their customers, while also improving the accuracy and speed of their tests. By embracing these technologies, companies can stay ahead of the curve and position themselves as leaders in the industry.
Investing in Talent and Training:
Finally, companies can scale their businesses by investing in talent and training to attract and retain the best employees in the industry. This can include providing ongoing training and development opportunities to ensure that employees are up-to-date on the latest developments in the field. By investing in talent and training, companies can build a strong and skilled workforce that can help them grow and innovate in the Veterinary Molecular Diagnostics market.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 6.84% from 2023 to 2033 |
| Market Value in 2022 | USD 194.47 million |
| Market Value in 2033 | USD 377.22 million |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Product Type, Species Type, Disease Type, End-User, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East and Africa (MEA) |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, China, Japan, South Korea, Malaysia, Singapore, Australia, New Zealand, GCC, South Africa, Israel |
| Key Companies Profiled | bioMérieux SA; IDEXX Laboratories, Inc.; Neogen Europe, Ltd.; Veterinary Molecular Diagnostics, Inc.; Thermo Fisher Scientific, Inc.; ID-Vet, Qiagen N.V. |
The market is valued at USD 194.47 million in 2023.
IDEXX Laboratories and Thermo Fisher Scientific Inc. are key market players.
The livestock animals segment is likely to remain preferred through 2033.
Players opt for mergers and acquisitions.
India, Japan, and China dominate the Asian market.
1. Executive Summary | Veterinary Molecular Diagnostics Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product 5.1. PCR Kits 5.1.1. RT-PCR Kits 5.1.2. RAPD-PCR Kits 5.2. INAAT Kits 5.3. Microarray Kits 5.4. DNA Sequencing Kits 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Disease 6.1. Anaplasma spp. 6.2. Ehrlichia spp. 6.3. New Castle Disease 6.4. Influenza 6.5. Porcine Reproductive & Respiratory Syndrome (PRRS) 6.6. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Species 7.1. Livestock Animals 7.1.1. Porcine 7.1.2. Poultry 7.1.3. Bovine/Cattle 7.1.4. Aquatic 7.1.5. Ovine 7.2. Companion Animals 7.2.1. Canine 7.2.2. Feline 7.2.3. Avian 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End User 8.1. Veterinary Hospitals 8.2. Clinical Laboratories 8.3. Veterinary Research Institutes 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. South Asia 9.5. East Asia 9.6. Oceania 9.7. MEA 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 17. Key Countries Market Analysis 18. Market Structure Analysis 19. Competition Analysis 19.1. bioMérieux SA 19.2. IDEXX Laboratories, Inc. 19.3. Neogen Europe, Ltd. 19.4. Veterinary Molecular Diagnostics, Inc. 19.5. Thermo Fisher Scientific, Inc. 19.6. Qiagen N.V. 19.7. Zoetis 19.8. Heska Corp. 19.9. Agrolabo S.p.A. 19.10. Covetrus 20. Assumptions & Acronyms Used 21. Research Methodology
Explore Healthcare Insights
View Reports
Veterinary Molecular Diagnostics Market
