The global animal health care sector continues to expand at a rapid pace. In developed countries, the sector is driven by improved diagnostic and medical capabilities for companion animals. Technologically advanced diagnostic assays and techniques (such as RTPCR) are experiencing more demand than the conventional diagnosis products. Increased longevity of pet animals led by improvement in diagnostics, greater focus on wellness and prevention by veterinarians, and enhanced nutrition have expanded the scope for use of veterinary diagnostic services and medications. The number of pet ownerships in developed as well as emerging markets is increasing. As a result, expenditure on companion animals is rising globally.
Geographically, the global veterinary molecular diagnostics market has been segmented into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global veterinary molecular diagnostics market in 2016 and is projected to continue its dominance throughout the forecast period. Growth of the market in North America is primarily attributable to the increase in government and private funding and large volumes of tests performed in the region. North America is also home to several key players such as Idexx, VCA, and Thermo Fisher, which further boosts the market in the region. Europe held the second-largest market share in 2016. The market in the region is projected to expand at a significant CAGR from 2017 to 2025. High adoption and usage of superior-quality diagnostics and treatments in the region is one of the major factors driving the veterinary molecular diagnostics market in Europe. This can be attributed to increase in the number of diagnostic laboratories, government funding for veterinary health care activities, and rise in awareness about veterinary molecular diagnostics in the region. Asia Pacific is a rapidly expanding market across the world. High adoption of veterinary diagnostics, drugs, vaccines, and medicated feed additives for the well-being of rapidly increasing population of livestock animals in the region makes Asia Pacific one of the most lucrative markets for veterinary molecular diagnostics.
Key companies profiled in the report include IDEXX Laboratories, Inc., VCA, Inc., Thermo Fisher Scientific, Inc., Novacyt Group, QIAGEN N.V., Biomedica Medizinprodukte GmbH & Co KG, HealthGene Corporation, and Bioneer. These players are adopting organic and inorganic growth strategies to expand their product offerings; enhance their geographical reach; widen their customer base; and gain market share. For example, in March 2015, VCA acquired the molecular diagnostics division of Abaxis Veterinary Reference Laboratory (AVRL).
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