Animal Diagnostics Market worth over $7.8 bn by 2027

Animal Diagnostics Market size is set to surpass USD 7.8 billion by 2027, according to a new research report by Global Market Insights Inc.
 

Growing demand for livestock animals coupled with substantial developments in animal diagnostics is anticipated to promote the market growth. Increasing meat consumption, rising demand for animal protein, and large-scale animal farming is projected to facilitate the market expansion. The rising application of several diagnostic and therapeutic tools to monitor the occurrence of animal diseases, advancements in diagnostics technologies, and increasing adoption of advanced molecular techniques in the majority of the laboratories are further expected to facilitate the animal diagnostics market progression.

 

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Increasing prevalence of food borne and zoonotic diseases are slated to stimulate the animal diagnostics market demand

The growing incidence of zoonotic diseases across the globe is predicted to drive the industry growth during the forecast timeframe. Zoonotic diseases possess a substantial threat to humans as they are transferred from animals to humans, thereby surging the demand for animal diagnostics services across the globe. As per the National Center for Biotechnology Information, around 60% of known infectious diseases and over 75% of emerging infectious diseases are zoonotic in origin. There has been an increase in the incidence of zoonotic diseases such as rabies, SARS, and zoonotic influenza among others. These diseases are highly fatal, if left untreated they can harm animals as well as the humans that come in contact with these diseased animals. According to the European Food Safety Authority, around 320,000 individuals in Europe suffer from the food borne zoonotic disease annually. Endemic zoonotic disorder poses a threat to both the health of animals and humans. Thus, the demand for diagnosis and imaging solutions is increasing significantly for the appropriate treatment of these diseases. There has been a growing expenditure on pets to decrease the incidence of zoonotic disorders.
 

Higher effectivity, accuracy, and advent of immunodiagnostics technology is poised to accelerate the industry expansion

Global Animal Diagnostics Market, By Technology

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The immunodiagnostics segment held 22% of the animal diagnostics market share in 2020. This is attributed to immunodiagnostics technology utilizes the property of certain antibodies to specifically bind to an antigen of interest, facilitating precise, specific, and time-saving approaches in the diagnosis of infectious diseases in animals. An increase in the number of immunodiagnostics laboratories equipped with technologically advanced tools in the developed countries is boosting the industry progression.
 

Growing pet adoption across the globe coupled with favourable policies for the use of better diagnostic products for good animal health are some other factors that are estimated to positively affect the industry demand. The preference for immunodiagnostics tests for animal diagnostics is increasing owing to rising demand for early disease detection & diagnosis, improvements in immunoassay formats, and growing preference for in-house testing. Hence, market players are emphasized to develop species-specific raw materials that enable the development of accurate reliable immunoassays for animals.
 

Browse key industry insights spread across 225 pages with 341 market data tables & 14 figures & charts from the report, “Animal Diagnostics Market Size By Technology [Immunodiagnostics {ELISA, Lateral Flow Assays, Immunoassay Analyzers}, Clinical Biochemistry, Hematology, Molecular Diagnostics {PCR, Microarrays}, Urinalysis], By Animal Type [Farm Animals {Poultry, Swine, Cattle}, Companion Animals {Dogs, Cats, Horses}], COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/animal-diagnostics-market
 

Rising demand for animal products across the globe is set to influence the animal diagnostics market revenue

The farm animals segment accounted for USD 1.8 billion in 2020. The increasing demand for dairy products due to the growing population, higher incomes, and surged health awareness among others is slated to fuel the demand for animal diagnostics tests for farm animals including cattle, goats, and buffaloes. Several countries are focused to develop well-equipped diagnostic facilities for milk testing that allows continuous monitoring for high quality. According to the World Health Organization, the annual meat production is predicted to reach 376 million tons by 2030. Animal food consists of high level of protein content along with micronutrients such as zinc, iron, and vitamin A is further propelling its consumption rate. The government of various nations has established a centralized mechanism for improving collaborations among state, local, private sector, and federal agencies to enhance overall animal health. The U.S. Department of Agriculture and the Department of Homeland Security supports the usage of new technologies, rapid development, and validation for the prevention and diagnosis of farm animal diseases and zoonoses.
 

Growing acceptance of technologically advanced veterinary diagnostics tests in China is estimated to accelerate the market expansion

Asia Pacific animal diagnostics market is anticipated to witness 11.1% growth rate through 2027 led by the increasing consumption of meat, pork, and beef along with a growing risk from zoonotic diseases. Reduction in meat prices in developing economies including China is one of the major reasons for the increase in animal product consumption. As per the recent article, the pet population in China upsurge from 389 million in 2013 to 755 million in 2017. With the growing pet population in the country, the demand for animal diagnostics tests is expected to upsurge to maintain the companion animals' proper health, thereby impelling the industry revenue. Advanced technology leading to innovations in veterinary healthcare is also a factor that is projected to spur the market growth. The governmental organizations and food production agencies in the country are focused to launch new reforms to ensure proper animal health through the process of surveillance by investing in R&D.
 

Players are implementing strategic initiatives such as product launch and business expansion to augment the revenue generation

Some of the major companies operating in the animal diagnostics market are IDEXX Laboratories, Inc., Boehringer Ingelheim International GmbH, Heska Corporation, Neogen Corporation, Zoetis, Thermo Fisher Scientific, and Randox among others. These participants are engaged in strategic collaborations, partnerships and agreements to gain a competitive advantage over their competitors.
 

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