(PharmaNewsWire.Com, February 26, 2021 ) Meticulous Research®– leading global market research company published a research report titled “Livestock Diagnostics Market by Product (Consumables, Systems, Software), Technology (Immunodiagnostics, Molecular Diagnostics), Animal Type (Ruminants, Poultry, Swine), End User (Reference Lab, Veterinary Hospital and Clinic, POC) – Forecast to 2027”.
According to this latest publication from Meticulous Research®, the livestock diagnostics market is expected to grow at a CAGR of 7.8% between 2019-2027 to reach $1.85 billion by 2027. The high growth of livestock diagnostics market is mainly attributed to the rising demand for livestock derived food products, rising prevalence of food borne and zoonotic diseases, favorable government initiatives, and advancements in the veterinary diagnostics field.
The overall livestock diagnostics market study presents historical market data in terms of value (2017 and 2018), estimated current data (2019), and forecasts for 2027 – by product [consumables (by diseases – bovine viral diarrhea (BVD), influenza, foot and mouth diseases (FMD), and other diseases), systems, software], technology [immunodiagnostics (including ELISA tests and other immunodiagnostic tests), molecular diagnostics (including polymerase chain reaction, and other molecular diagnostic tests), and other technologies], animal type [ruminants, poultry, swine, and other animals (including equine and fish)], end user [veterinary hospitals and clinics, reference lab, point of care). The study also evaluates industry competitors and analyzes the market at regional and country level.
On the basis of product, the consumables segment accounted for the largest share of the overall livestock diagnostics market in 2019. This segment is projected to grow at the fastest CAGR during the forecast period. The commercial availability of diverse range of reagents and consumables for the diagnosis of various diseases and animal health screening; their expenses being recurrent in nature; and growing awareness leading to its frequent use are some of the key factors propelling the growth of this product segment. Moreover, emergence of various POC tests and assays serves as significant opportunity for the players operating in the livestock diagnostic consumables market.
On the basis of technology, ELISA technology-based tests accounted for the largest share of the overall livestock diagnostics market in 2019 and expected to register the fastest growth during 2019-2027. Some of the key factors fueling the growth of this segment are continuous development of new biomarkers, cost benefit, high accuracy and sensitivity, and growing adoption of automated platforms for ELISA.
On the basis of animal type, the overall livestock diagnostics market is segmented into ruminants, swine, poultry, and other animals. In 2019, ruminants segment dominated the overall livestock diagnostics market. This is mainly attributed to the availability of wide number of commercialized diagnostic products for all types of ruminants, prevalence of various infectious diseases in ruminants, growing consumption of food products derived from cattle and goats, and initiatives & schemes undertaken by the governments for improving the health of these animals.
This research report analyzes major geographies and provides comprehensive analysis for North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, India, and RoAPAC), Latin America, and the Middle East & Africa. North America commanded the largest share of the global livestock diagnostics market in 2019, followed by Europe and Asia Pacific. Increasing awareness for animal disease diagnosis, and increased spending on farm animals is accelerating the livestock diagnostics market in the North American region. However, Asia Pacific region is expected to grow at the highest CAGR during the forecast period due to large population of livestock animals, rising incidence of various diseases in animals, and growing veterinary expenditure in this region.
Key Players:
The key players operating in the global livestock diagnostics market are IDEXX Laboratories, Inc. (U.S.), Zoetis Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Bio-Rad Laboratories, Inc. (U.S.), bioMérieux S.A. (France), Qiagen N.V. (Netherlands), Agrolabo Spa (Italy), Neogen Corporation (U.S.), IDvet (France), and GD Animal Health (Netherlands) among others.
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