Animal Diagnostics Market by Global Markets Direct
Channel: MarketResearchDotCom
Date: 2021-10-06

To learn more about this report, visit https://www.marketresearch.com/Global-Markets-Direct-v3480/Animal-Diagnostics-Size-Technology-Immunodiagnostics-14785939/

The animal diagnostics market is projected to witness notable growth by 2027 due to the growing prevalence of diseases in animals across the globe. Additionally, increasing focus on technological development is expected to further support market growth through the forecast timeframe.

The raging COVID-19 pandemic has affected not only humans but also animals. Several instances of animals getting infected by the novel coronavirus has propelled the need for targeted diagnostics for better health management, which has bolstered industry expansion across the globe.

Furthermore, industry players have been adopting strategic initiatives to improve their market standing, which has boosted product demand in key regions. For instance, in July 2021, Celemics, the South Korea-based biotech firm, announced that it was partnering with the South Dakota State University’s Animal Disease Research and Diagnostic Laboratory (ADRDL).

The partnership aims to develop the first ever hybridization-based NGS (next generation sequencing) kit for the detection of bacterial and viral swine respiratory pathogens. This novel and breakthrough technology could potentially help detect several bacterial and viral pathogens simultaneously. Subsequently, the improving product landscape has positively influenced business growth globally.

For comprehensive assessment, the animal diagnostics market has been segregated on the basis of technology, animal type, and region. With respect to technology, the animal diagnostics market has been categorized into hematology, immunodiagnostics, molecular diagnostics, clinical biochemistry, urinalysis, and others.

In 2020, the hematology sub-segment was valued at more than USD 826 million and is projected to expand at over 8.6% CAGR through the estimated period. Surging demand for precise & affordable veterinary molecular diagnostics, along with mounting focus on development of novel technologies, such as microarrays, polymerase chain reaction (PCR), and biomarkers, among others, is expected to support segmental demand over the following years.

In terms of animal type, the market has been divided into companion animals and farm animals. The animal diagnostics market from the farm animals sub-segment exceeded a valuation of USD 1.8 billion in 2020 and is anticipated to see considerable growth at a CAGR of around 8.9% over the projected timeline. Technological advancements in animal diagnostics, coupled with increasing initiatives by government and public organizations to promote animal health, are likely to contribute to segmental growth in the coming years.

From the perspective of region, the Middle East & Africa animal diagnostics market was valued at around USD 68 million in 2020 and is slated to exhibit robust growth at about 8.6% CAGR over the analysis time period. Increasing prevalence of zoonotic diseases across the countries in the region is anticipated to propel market expansion through 2027.

Moreover, South Africa is witnessing a surge in cases of pet diabetes. As a result, escalating demand for efficient health management and accurate diagnostic devices, coupled with rising pet ownership across the region, is speculated to foster industry outlook in the future.