Veterinary Molecular Diagnostics Market To Record Impressive Growth, Revenue To Surge To US$736.2 Million By 2024
With the presence of a large pool of participants, the global veterinary molecular diagnostics market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). IDEXX Laboratories, Inc., ABAXIS, Inc., VCA, Inc., Neogen Corporation, Thermo Fisher Scientific, Inc., Zoetis, Inc., GE Healthcare, Heska Corporation, ID.Vet, Virbac, Veterinary Molecular Diagnostics, Inc., and AGFA Healthcare are some of the key vendors of veterinary molecular diagnostics across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the veterinary molecular diagnostics market study.
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In a major breakthrough witnessed across global veterinary molecular diagnostics market, in October 2018, DiaSorin S.p.A. and Meridian Bioscience, Inc., declared to have entered into a strategic partnership for selling latter’s Helicobacter pylori stool antigen test under the former’s brand name. Reportedly, as per the pact, both the firms will collaborate on sales and marketing activities targeting hospitals and reference labs across the U.S.
As estimated in this report, the global veterinary molecular diagnostics market stood at US$ 412.3 million in 2017. Witnessing a tremendous rise during the period from 2018 to 2024, the revenue in this veterinary molecular diagnostics market is expected to reach US$ 736.2 million by 2024 by the end of the forecast period. The main products available in this veterinary molecular diagnostics market are Kits & Reagents, Instruments & Software, and Services. Among the three, the demand for kits & reagents is relatively higher and the trend is anticipated to remain so over the next few years, notes the veterinary molecular diagnostics market research report.
Growing Focus On Healthcare Of Pets & Livestock To Boost Market Growth
“Extensive application of the veterinary molecular diagnostics techniques in veterinary hospitals, research institutions, and clinical labs will accelerate the veterinary molecular diagnostics market earnings over the years ahead,” says the author of this study. Apart from this, the emergence of advanced veterinary molecular diagnostic tools over traditional diagnostic tools, owing to their ability to detect, identify, and genotype pathogen quickly is likely to propel the veterinary molecular diagnostics market trends in the near future. In addition, growing focus on the pet and livestock health and nutrition by their owners and global rise in the veterinary diseases are the key growth drivers for veterinary molecular diagnostics market.
Humungous Diagnosis Rate & Massive R&D Investments To Aid Regional Growth
Regionally, North America has been leading the worldwide veterinary molecular diagnostics market and is anticipated to continue on the dominant position in the years to come, states the veterinary molecular diagnostics market study. High diagnosis rate and a large number of facilities for research and development activities are the key factors behind the dominance of the North America veterinary molecular diagnostics market. The presence of leading market players such as IDEXX Laboratories and Thermo Fisher Scientific in the region is another significant factor that is supporting the growth of this regional veterinary molecular diagnostics market. In addition, high number of animal diagnosis tests done by pet owners in the countries such as the U.S. will further contribute towards the growth of the regional market in the near future.
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