Animal diagnostics market valuation to surpass the 5-billion-dollar mark by 2024, technological interventions to augment the product landscape
Sellbyville, DE -- (SBWIRE) -- 02/05/2019 -- With increasing awareness about animal healthcare & the growing trends of pet adoption, animal diagnostics market is anticipated to witness commendable expansion over 2017-2024. The fear of zoonosis and an increasing appetite for animal protein have also seemingly contributed toward driving this business space. Previously, the commercial scope of animal diagnostics industry had been rather limited, as animal diagnostics had been handled by a few selected divisions within large pharmaceutical companies. However, with the private and public-sector demands rising for specialized animal healthcare, the last couple of decades have witnessed a rise in the number of companies dedicated to animal diagnostics and healthcare.
In the present scenario, animal diagnostics industry has reached a level of interest where hackathons are being conducted to come up with new animal healthcare solutions. In a first ever animal health focused hackathon held by Boehringer Ingelheim Animal Health in association with the University of Georgia in 2018, participants came up with ideas to develop potential solutions in pets and livestock welfare. The notions ranged from developing fitness trackers for pets as well as owners to the development of drones for the early detection of sick livestock. The hackathon was witness to myriad, miraculous solutions such as an Alexa compatible feeding and weight monitoring system for dogs and cats, a self-disinfecting, non-slip mat for animal examination tables, a mobile app-based screening test for major poultry pathogens seen in backyard chicken flocks, and a surgical tool to enable precise placement of screws during surgery. Indeed, the event was an apt demonstration depicting the current trends in animal diagnostics market.
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Of late, in-vitro diagnostic instrumentation and related products have come to be extensively applied to animal diagnostics products in veterinary healthcare. Major animal diagnostic methods in mainstream healthcare – immunodiagnostics, molecular testing, hematology and clinical chemistry, now have standard applications in the veterinary care of pets and livestock animals. This practice has indeed augmented animal diagnostics market trends to quite an extent, bringing forth new avenues of growth for this vertical.
Animal diagnostics industry has incorporated technologies and procedures gained from mainstream healthcare and human diagnostics to develop a full-sized sister market that is open to further advancement. The effect of advancement in animal diagnostics has been apparent in companion animal care as benchtop clinical analysis permits veterinarians to achieve accurate in-clinic testing results, shortening the time between diagnosis and treatment and facilitating direct billing for additional revenue. Livestock animal diagnostics industry remains largely bound to the laboratory due to high accuracy and sensitivity requirements in animal disease testing. Animal diagnostics activities related to the marketing of molecular point of care diagnostic devices for animal testing will continue to intensify with applications relating to veterinary diagnostic testing, farm biosecurity and wildlife testing in resource-poor regions.
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Renowned animal healthcare companies have been striving to incorporate innovations from startups and facilitate further penetration of technology in pet and livestock sectors, thereby generating considerable opportunities in animal diagnostics market. The Internet of Things has also had an impact on animal diagnostics industry with the decreasing prices of sensors and the pervasive presence of high-speed broadband. Wearable health monitors that have already penetrated the pet sector are now anticipated to find popularity in livestock monitoring as well. Indeed, the deployment of wearables in livestock supervising provides better real time insights and large data analytics about when to intervene in the feeding and care of animals.
Being a part of an evolving ecosystem, animal diagnostics industry is supported by innovative trends such as microfluidics and information technology that help commercialize point-of-care diagnostics and decentralized IVD devices. Startups as well as established animal medicine and diagnostic equipment producers are rapidly advancing their efforts, targeting innovations to be brought forth in animal diagnostics market. Driven by a continued spate of acquisitions and large-scale investments, animal diagnostics industry size is forecast to register a CAGR of 8% over 2017-2024.
Animal Diagnostics Market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2013 to 2024, for the following segments:
Animal Diagnostics Market by Technology
o Lateral flow assays
o Immunoassay analyzers
o Clinical biochemistry
o Molecular diagnostics
Animal Diagnostics Market by Animal type
o Farm animals
o Companion animals
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
o South Korea
- Latin America
- Middle East & Africa
o South Africa
o Saudi Arabia