Rise in population has led to significant increase in the amount of meat and dairy consumption across the world. In addition, growing concerns over the consumption of healthy meat and dairy products is also soaring high. Rising concerns about veterinary health in both, livestock as well as companion animals, are also leading the veterinary molecular diagnostics market toward significant growth. In America, the American Veterinary Medical Association conducts various awareness programs, and such efforts by organizations to create awareness are boosting the growth of the veterinary molecular diagnostics market.
However, the outbreak of COVID-19 in December 2019 has led to social distancing and lockdowns in more than 100 countries across the world. This has disrupted the supply chain of the market, thereby imparting a negative impact. The impact of COVID-19 is significant, and is expected to continue to be felt on the veterinary molecular diagnostics market in 20201 as well. Persistence Market Research predicts that, the global veterinary molecular diagnostics market will exhibit a CAGR of around 8% during the forecast period (2020-2030).
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Key Takeaways from Veterinary Molecular Diagnostics Market Study
- In terms of product, PCR Kits dominate the veterinary molecular diagnostics market share, and this trend is expected to continue during the forecast period, due to reliable results and cost-effective properties of the product.
- In terms of disease, the new castle diseases segment is expected to hold more than 25% of the veterinary molecular diagnostics market, expanding at a CAGR of 8%.
- Based on species, the livestock segment is expected to experience maximum growth during the forecast period, due to increasing dairy farming activities in countries with high demand for dairy products.
- By end user, veterinary hospitals represented the highest revenue share of 50% in 2019, and are expected to continue dominating the veterinary molecular diagnostics market during the forecast period as well.
- North America generated the highest revenue share of 39.4% in 2019, due to rising adoption of pets and presence of key players in the region. Europe is the 2nd most lucrative region with a revenue share of 28.4%.
- The outbreak of COVID-19 has had a negative impact on the overall veterinary molecular diagnostics market.
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Rise in Consolidation Activities by Key Players
Key manufacturers in the global veterinary molecular diagnostics market are highly focused on adopting strategies that will have a positive impact on their product portfolio and as well as enhance their presence in the veterinary molecular diagnostics market. Manufacturers are actively implementing strategies such as collaborations, mergers, partnerships, and acquisitions, which is helping them create a stronger footprint in the global market.
- For instance, Thermo Fisher Scientific Inc. acquired Qiagen N.V. in March 2020.
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