Increasing number of pet humanization has led to growing adoption of veterinary molecular diagnostics on a larger basis. The global market is witnessing an impressive growth due to increasing number of pet owners as well as rising number cases with regards to chronic diseases witnessed amongst the animals. Key players are manufacturers are working towards developing solutions to bring about upgraded facilities as well as expertise, in order to carry out molecular testing procedures in the forthcoming years. These steps would be highly beneficial for pet owners who do not own a pet insurance schemes in any way.
A recent study by Future Market Insights predicts a healthy 7.6% CAGR growth of market for veterinary molecular diagnostics during the anticipated period, 2017-2026. In addition, the market for veterinary molecular diagnostics is likely to touch an evaluation of more than US$ 240Mn by 2026-end. Developing effective veterinary molecular diagnostics for end-users is possible to be a vital trend, increasingly impacting growth of market for veterinary molecular diagnostics. Besides, the report poses constructive insights for the growth of market for veterinary molecular diagnostics in the forthcoming years.
Analysts that have been part of this report development made sure that they have delivered valuable information as to how market for veterinary molecular diagnostics will expand through 2026. Additionally, our analysts have catered to the growing concerns of industry participants and market observers.
According to you, what are the major factors that are contributing towards growth of market for veterinary molecular diagnostics?
Well, based on the in-depth analysis, increasing number of pet insurance contributes towards growth of the market for veterinary molecular diagnostics on a larger basis. Reliability and efficiency features of molecular diagnostic kits are also contributing significantly towards growth of the global market.
What according to you are the major factors posing as a roadblock in the market for veterinary molecular diagnostics?
High costs along with lack of epidemiological knowledge are likely to be the major factors posing a roadblock in the market for veterinary molecular diagnostics.
What is trending in the market for veterinary molecular diagnostics?
Rising number of pet insurance is trending in the market for veterinary molecular diagnostics, especially in the developed countries. Activities related to mergers and acquisitions are, which in turns helps in business expansion and wide-ranging product availability are others factors trending in the global market.
What are the manufacturers doing for the expansion of market for veterinary molecular diagnostics?
Existing as well as emerging manufacturers along with leading key players are planning to capitalize on the pet insurance trends, which in turn develops new sales channels for pet diagnostic services and other related services as well. Manufacturers are highly receiving support from FDA and government with regards to R&D, thereby influencing them to develop cost-effective veterinary molecular diagnostics in the forthcoming years.
What do you have to say with regards to regional landscape of market for veterinary molecular diagnostics?
Well, based on in-depth analysis, North America is expected to the lion’s share in the global market and will lead the market for veterinary molecular diagnostics in the forthcoming years. APAC is likely to create lucrative growth opportunities for existing as well as emerging companies in the near future.
Can you name some of the key players in the market for veterinary molecular diagnostics?
Certainly yes. Some of the key players in the market for veterinary molecular diagnostics are inclusive of Ortho Max Manufacturing Company Pvt. Ltd., DePuy Synthes (Sub. Johnson & Johnson Services, Inc.), Integra LifeSciences, KYON Pharma, Inc., Surgical Holdings, B. Braun Melsungen AG and BioMedtrix, LLC.
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