According to the latest market report published by Future Market Insights, titled ‘Veterinary Molecular Diagnostics Market: Global Industry Analysis (2013-2017) and Forecast (2018-2026)’, the global veterinary molecular diagnostics market is expected to expand at a compound annual growth rate (CAGR) of 7.6% during the 2018–2026 forecast period.

The market is segmented based on product type, disease type, species type, end-user and region. On the basis of product type, the market has been segmented into four segments such as polymerase chain reaction (PCR) kits, isothermal nucleic acid amplification technology (INAAT) kits, microarray kits and DNA sequencing kits.

The PCR kit segment is expected to be the fastest growing over the forecast period, registering CAGR of 7.8% in terms of revenue. An increase in demand for advanced veterinary molecular diagnostic kits, such as reverse transcription polymerase chain reaction (RT-PCR) kits, DNA sequencing kits and microarray-based diagnostic kits is also expected due to the growing number of diagnostic procedures in livestock and companion animals worldwide. This is expected to increase the growth of the veterinary molecular diagnostics market over the forecast period.

The PCR kits segment dominates the market with a market value of $63.4m in 2017. The segment is also expected to maintain its dominance over the forecast period with a market value of $124m by the end of 2026 and expands at a significant CAGR.

On the basis of disease type, the market has been segmented into categories such as anaplasma, ehrlichia, new castle disease, influenza and porcine reproductive and respiratory syndrome (PRRS). Based on species type, the market has been segmented into livestock animals, including aquatic, bovine, porcine, ovine, poultry and equine. On the basis of end user, the market has been segmented into veterinary hospitals, clinical laboratories and veterinary research institutes, while

on the basis of region, the market has been segmented into North America, Latin America, Europe, the Asia Pacific Excluding China (APEC), China, and the Middle East and Africa (MEA).

Coupled with an increasing adoption of molecular diagnostic techniques in animals, an increasing set up of new production facilities by key manufacturers in growing economies is anticipated to boost the production for molecular diagnostic kits and drives the growth for veterinary molecular diagnostics market over a forecast period. The increasing prevalence of chronic disorders in animals such as influenza, new castle disease and diabetes coupled with high prevalence of infectious diseases is further anticipated to fuel the demand for veterinary molecular diagnostics market.

Increasing preference for molecular diagnosis on the account of their high specificity and efficacy in diagnosing chronic diseases in animals and presence of strong distribution channel is further anticipated to drive the growth of veterinary molecular diagnostics market over the forecast period. In addition, a rising adoption of pets, increasing financial grants for innovation in veterinary diagnostics, fast US Food and Drug Administration (FDA) approvals for reagents used in animal molecular diagnostics, and increased consumer spending on veterinary care are also expected to drive the market revenue growth over the forecast period.

Increasing spending on pet care in the developing economies such as Japan and India in the APEC region is anticipated to have a positive impact on the veterinary molecular diagnostics market in the APEC region. However, an increasing demand for advanced veterinary molecular diagnostic kits such as RT-PCR kits, DNA sequencing kits and microarray-based diagnostic kits due to the growing number of diagnostic procedures in livestock and companion animals is further anticipated to drive the growth of veterinary molecular diagnostics market in North America and Europe over the forecast period.

Gaps in the epidemiological knowledge of certain virulent veterinary diseases, the high costs associated with veterinary molecular diagnosis and the stringent regulatory approval process for novel molecular diagnostic kits resulting in product delays, may hamper the demand for veterinary molecular diagnostic kits and restrain the growth of veterinary molecular diagnostics market over the forecast period.

In addition, improper veterinary care research infrastructure in emerging economies, limited reimbursement policies and Visa restrictions hindering vet practices coupled with a shortage of veterinary doctors and colleges are some other factors anticipated to hinder the growth of the global veterinary molecular diagnostics market.

FMI’s report assesses trends driving the growth of segmental markets and offers analysis and insights into the regional veterinary molecular diagnostics market. North America is estimated to dominate the veterinary molecular diagnostics market with a maximum value share by the end of 2017. By 2026, the North America and Europe markets are cumulatively expected to account for more than 67.8% revenue share of the global veterinary molecular diagnostics market by the end of 2026.

Some key companies covered in this report include bioMérieux, IDEXX Laboratories, Thermo Fisher Scientific, Qiagen, Neogen Corporation, ID.Vet, INDICAL BIOSCIENCE and Veterinary Molecular Diagnostics. These leading players focus to consolidate their position in the global veterinary molecular diagnostics market by actively participating in activities such as partnerships, mergers, acquisitions and collaborations. Companies focus on extending their product line and expansion of production capacities to meet the growing demands for veterinary molecular diagnostics kits worldwide.

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