Veterinary Biomarkers Market Growth & Trends
The global veterinary biomarkers market size is expected to reach USD 2.0 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to grow at a lucrative CAGR of 12.5% from 2022 to 2030. The key drivers for the market growth are the increasing prevalence of numerous acute and chronic disorders among animals coupled with the growing demand for better & accurate diagnostic and monitoring technologies. According to the American Veterinary Medical Association, almost half of the dog population is developing cancer at the same rate as humans. This supports the requirement for biomarker-based specific diagnostic kits for timely disease predictions and treatments.
The COVID-19 pandemic created barriers and challenges in the global animal health industry that include decreased marketing and sales activities, low veterinary clinic admission, cancellation of routine pet check-ups, and a low number of disease diagnoses tests performed in veterinary hospitals. However, governments and veterinary organizations of various countries implemented strategies and safety measures to resume veterinary practices and research during the pandemic. According to the American Veterinary Medical Association, telemedicine services were widely incorporated in veterinary clinics and hospitals to curb the impact of lockdowns and the pet parents were given digital training to use certain diagnostic kits.
The increasing animal care expenditure in both developing and developed economies is a significant opportunity considered for market growth. According to the American Kennel Club (AKC), pet owners in the U.S. were seen to spend more money on their pet’s wellness and related healthcare products. The American Pet Products Association reported that the overall pet industry sale exceeded USD 100 billion by the end of 2020. The AKC also stated that online veterinary diagnosis product shopping increased by 86% after the emergence of the pandemic. In addition, the research and development activity in the upcoming fields such as biomarkers in the veterinary is significantly growing over the last decade. These factors are expected to boost the growth of the market.
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Veterinary Biomarkers Market Report
Veterinary Biomarkers Market Report Highlights
- The market was estimated to be USD 0.72 billion in 2021 and is expected to have a lucrative CAGR of 12.47% during the forecast period
- The companion animals segment is anticipated to dominate with the highest market share based on animal type during the forecast period. This is owing to the growing adoption rates of dogs and cats in developed and developing countries’ households coupled with the significant prevalence of diseases and accurate diagnostic requirements among them
- Based on the product type, the biomarkers, kits, and reagents segment has dominated the market in 2021 with a significant share. This is owing to the growing emergence of post-genomic technologies such as transcriptomics, proteomics, and metabolomics which rises the identification of numerous specific biomarkers for novel point-of-care test kit developments
- Based on the application, the disease diagnostics segment has dominated the market in 2021 with the highest share. This is owing to the increasing number of biomarker-based diagnostic test kits launched by key players coupled with the enhancing usage of such kits in veterinary clinics and hospitals
- The inflammatory and infectious diseases segment held the largest share of about 35% of the market in 2021 by disease type. This is owing to the high prevalence of inflammatory and infectious diseases among both companion and production animals coupled with a significant number of protein indicators identified for the diseases
- By region, North America has dominated the market and accounted for the largest revenue share of over 35.0% in 2021 while the Asia Pacific market is anticipated to grow the fastest in the coming years. The economic, social, and technological advancements in the North American region are boosting the development of veterinary care in its countries
- The market is emerging with the presence of major animal health key players such as Merck & Co., Inc., Zoetis, Virbac, and IDEXX Laboratories, Inc. among others. The implementation of strategic initiatives by companies such as acquisitions, collaborations, partnerships, and product launches are greatly contributing to the growth of the market
