Animal Diagnostics Market Revenue to Cross USD 7.8 Bn by 2027: Global Market Insights Inc.

According to the latest report “Animal Diagnostics Market by Technology (Immunodiagnostics, Clinical Biochemistry, Hematology, Molecular Diagnostics, Urinalysis), Animal Type (Farm Animals, Companion Animals), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027” by Global Market Insights Inc., the market valuation of animal diagnostics will cross $7.8 billion by 2027.
Technological developments in molecular biology have augmented advancements in animal diagnostic instruments. Polymerase chain reaction (PCR) technology is broadly used for genome sequencing of pathogens to create essential elements that are further utilized in biological research, disease diagnosis, and parasite control, among others. Different versions of PCR, including Real-Time PCR (RT-PCR), nested PCR and multiplex PCR, have been designed to facilitate the diagnosis of veterinary ailments. The application of DNA biotechnology has positively impacted animal disease control programs, thus fostering the market demand.
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Modern biotechnology facilitates genome sequencing along with DNA manipulation that is further used to develop specific immunoassays. Isothermal technology is another technological advancement that performs reactions at a constant temperature with the support of isothermal chemistries, hence removing the requirement of thermal regulation as required in other conventional techniques. It decreases price, size, and issues related to point-of-care testing. Numerous isothermal methods have been developed to diagnose livestock and avian pathogens. The industry players’ emphasis on the development of innovative and cost-effective animal diagnostic services is anticipated to spur the animal diagnostics market growth.
The molecular diagnostics segment in the animal diagnostics market is projected to reach around USD 1.12 billion by 2027, owing to the growing demand for precise & affordable veterinary molecular diagnostics and the development of novel technologies such as Polymerase Chain Reaction (PCR), microarrays, and biomarkers among others. A wide range of molecular diagnostic techniques of different requirements are available that provide fast and reliable diagnostic outcomes related to animal diseases. The ability to rapidly diagnose pathogens along with their characteristics facilitates accurate decision-making and preventive measures such as optimal therapeutics, prophylaxis and biosafety plans to restrict disease outbreaks to be implemented. Moreover, major industry leaders introducing advanced molecular diagnostic products is promoting the segment growth.
The companion animals segment dominated more than 60% of the animal diagnostics market share in 2020 and will capture USD 4.6 billion by 2027 on account of the rising initiatives by government organizations and private agencies to promote animal health. The American Veterinary Medical Association and Food and Agriculture Organization are working in a collaborative effort to protect public health through the control & prevention of zoonotic diseases by safeguarding companion animal health. As per Animal Medicines Australia, in 2019, around USD 2.6 billion was spent on animal health services in Australia. Growing adoption and easy accessibility to pet health insurance is another factor propelling the segment revenue. Increasing awareness pertaining to animal health, rising demand for rapid tests along with the need to detect genetic disorders and chronic ailments in the early stages is expected to promote the segment expansion.
The Brazil animal diagnostics market size will reach USD 287 million by 2027 due to the growing number of companion animal ownership and increasing prevalence of infectious & parasitic diseases across the country. As per the article published in 2019, dogs continue to be the most popular pet in the Brazilian household with a population of around 52 million in 44.3% of households. The rising number of serious disorders among pet animals is encouraging the market players to develop innovative animal diagnostics techniques in order to improve their quality of life. Further, the presence of supportive government regulation in the country for pet ownership is creating opportunities for industry participants to introduce novel animal diagnostics services into the market.
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Some of the major companies operating in the animal diagnostics market are IDEXX Laboratories, Heska Corporation, Neogen, Zoetis, Thermo Fisher Scientific, Boehringer Ingelheim International GmbH and Virbac among others. These prominent leaders focus on implementing several strategic initiatives such as mergers & acquisitions, product launches, and research activities to expand their product portfolio and market presence.
Table of Contents (ToC) of the report:
Chapter 3   Animal Diagnostics Market Insights
3.1    Industry segmentation
3.2    Industry landscape, 2016 – 2027 (USD Million)
3.3    Industry impact factors
3.3.1    Growth drivers
3.3.2    Industry pitfalls & challenges
3.4    Growth potential analysis
3.4.1    By technology
3.4.2    By animal type
3.5    COVID-19 impact analysis
3.6    Regulatory landscape
3.7    Porter’s analysis
3.8    Competitive landscape, 2020
3.9    PESTEL analysis
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Source: Global Market Insights Inc.