Animal Diagnostics Market Future Scope Demands and Projected Industry Growths to 2027
Category: #business  By Rahul Sankrityayan  Date: 2022-03-30
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Animal Diagnostics Market Future Scope Demands and Projected Industry Growths to 2027

The global animal diagnostics market is projected to observe substantial growth over the coming years due to the several technological advancements happening in the field of molecular biology. Citing an instance, the PCR (polymerase chain reaction) is observing heavy usage for pathogens’ genome sequencing to create elements that are used in parasite control, biological research, and disease diagnosis. Likewise, extensive usage of isothermal technology due to its cost efficiency, size, as well as complexity related to point-of-care testing is also one factor fostering growth.

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In addition, with the increasing adoption of companion animals across the globe, the need for effective veterinary services is rising tremendously. With the industry’s growing business potential, several market players are increasingly rolling out new products to carve out a bigger chunk of the revenues. Taking August 2019 for instance, Zomedica Inc., a US-based pharmaceutical company focused on companion animal health services, reportedly announced to its plans to launch TRUFORMA, its new veterinarian diagnostic device that, according to company claims, has the potential to change the animal health diagnostic landscape.

With respect to technology, the clinical biochemistry segment is expected to witness significant revenue expansion over the analysis period due to increasing government efforts towards the preservation of endangered species and the growing need for value-based veterinary care. In fact, the segment dominated the market in 2018, account for a valuation of $1 billion. Moreover, the rising demand for enhanced veterinary care products as well as introduction of novel techniques across clinical laboratories is projected to push the overall segment share by 2025.

Meanwhile, the companion animal type segment is likely to observe immense business growth due to increasing adoption of companion animals such as dogs and cats. The increasing need for veterinary care as a result of the increasing adoption of pets globally would positively impel the segment growth over the coming years.

In addition, easy availability of innovative diagnostic methods to detect diseases in companion animals should majorly propel the industry outlook. Moreover, various benefits offered by pet health insurance providers is also expected to complement the overall segment size. Based on these growth factors, the companion animal segment is slated to grow at a CAGR of more than 7.5% through the forthcoming timespan.

From a regional frame of reference, the Asia Pacific animal diagnostics market is likely to observe immense growth led by India. In fact, the India animal diagnostics market is projected to observe a significant growth rate of 12.4% over the analysis timespan. Increasing awareness regarding animal healthcare across the nation would be a prominent factor stimulating the regional market share.

In addition, key initiatives by organizations like People for Animals and The Tata Trust are few direct factors impelling the industry share. Taking March 2017 for instance, The Tata Trust partnered with People for Animals to announce the launch of an advanced veterinary hospital in Mumbai to effectively address the healthcare needs of domestic and farm animals at affordable prices.

Major market players are consistently using several strategies such as acquisitions, collaborations, and investments to gain a competitive edge over other companies. Taking May 2018 for instance, Zoetis, an industry leader in animal diagnostics acquired Abaxis, a renowned animal diagnostics market player, in a $2 billion deal.

The competitive landscape of the global animal diagnostics market is inclusive of players such as Qiagen, Randox, Virbac, Neogen, Heska Corporation, Thermo Fisher Scientific, and IDEXX Laboratories among others.

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About Author

Rahul Sankrityayan

Rahul Sankrityayan    

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Technology Magazine, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experie...

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