NEW YORK, Aug. 31, 2023 /PRNewswire/ -- A latest research report [115+] pages with 360-Degree visibility, titled "Veterinary Biomarkers Market Share, Size, Trends, Industry Analysis Report, By Animal Type (Companion Animals, Production Animals); By Product Type; By Application; By Disease Type; By Region, And Segment Forecasts, 2023 - 2032" published by Polaris Market Research in its research repository.
"According to research report, the global veterinary biomarkers market size/share was valued at USD 799.45 Million in 2022 and is expected to touch USD 2,554.79 Million By 2032, growing at a CAGR of 12.3% during the forecast period."
What is Veterinary Biomarkers? How Big is Veterinary Biomarkers Market Size & Share?
Biomarkers have been used as predictive indicators to evaluate health status, screen disease, diagnose disease, and monitor response to therapy. The veterinary biomarkers have been gaining huge demand for decades to discover different biomarkers in dogs, cats, horses, and pigs, among others as well as various bodily fluids like blood, urine, or saliva, as well as in tissues. In veterinary medicine, the use of these biomarkers has improved pathology diagnosis, care, and monitoring.
Owing to the significant expansion of available technologies in fields such as genomics, proteomics, metabolomics, lipomics, ribomics, and pharmacogenomics, the incorporation of biomarkers in diagnostics enables the "personalization" of treatments and/or disease prevention. These biomarkers can help veterinarians make informed decisions regarding treatment plans, disease management, and overall animal well-being. Further, the high prevalence of chronic diseases such as cardiovascular diseases and cancer in animals is one of the prominent factors driving the veterinary biomarkers market size growth.
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Veterinary Biomarkers Market: Report Scope
Report Attribute | Details |
Revenue forecast in 2032 | USD 2,554.79 Million |
Market size value in 2023 | USD 895.78 Million |
Expected CAGR Growth | 12.3% from 2022 ? 2030 |
Base Year | 2022 |
Forecast Year | 2023 - 2032 |
Top Market Players | Merck, Zoetis, ACUVET BIOTECH, IDEXX Laboratories, Virbac, and Life Diagnostics and others. |
Segments Covered | By Animal Type, Product Type, Application, Disease Type, By Region |
Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Prominent Growth Driving Factors
Recent Trends Influencing the Market
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Segmental Analysis
By animal type veterinary biomarkers market segmentation, companion animals dominated the market owing to the rising adoption rates of dogs and the prevalence of diseases among them. A report by the American Kennel Club (AKC) shows an increase in the number of U.S. households with a dog, from 50% in 2018 to 54% in 2021. Similar to this, the 2022 FEDIAF European Pet Food Industry report estimates that about 90 million homes in Europe, or 46% of all households, will have pets in 2021, with an anticipated dog population of 92.9 million.
Production segment is projected to register fastest growth. This growth can be attributed to the growing population of production animals, including cattle and other livestock, especially in developing nations such as China, India, & Japan.
Based on product type, kits & reagents category accounted for the major veterinary biomarkers market share. Veterinarians largely prefer using sensitive and accurate disease diagnosis methods that make use of biomarker test kits. These kits help to understand disease progression and deliver precise therapy aimed at the individual biochemical signs of the disease. Moreover, the rising knowledge about the applications of biomarkers in the veterinary field, especially in developing nations, has fueled market growth in recent years. Further, biomarker readers segment is estimated to show fastest growth.
In terms of disease type, Inflammatory & infectious diseases registered the greatest share in the veterinary biomarkers market due to the rising cases of various spreading illnesses among both companion and production animals. A variety of diagnostic techniques have been implemented as a result of concern expressed by governments all over the world about preventing the spread of zoonotic illnesses from animals to humans. Thus, the use of biomarker-based diagnostic kits in these projects has increased, propelling the market for such goods. Moreover, cardiovascular diseases held the stable growth rate as these illness and cancer are widespread conditions among animals and require large focus on accurate diagnosis.
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Geographic Overview
Based on geography, in 2022, veterinary biomarkers market in North America held the major share owing to the implementation of efficient market-expansion methods, increasing R&D efforts, higher diagnostic rates, and rising veterinary care and animal population costs are all factors. Moreover, the increase in the prevalence of veterinary clinics having licensed and trained veterinarians is enhancing regional market growth. The American Veterinary Medical Association (AVMA) estimates that in 2020 there were around 118,624 licensed veterinarians practicing solely in the United States who had a primary interest in caring for companion animals.
Furthermore, APAC is predicted to register the fastest growth due to the rise in expenditure on animal healthcare coupled with increasing disposable income in key markets in APAC. In addition, surging awareness of the significance of biomarkers in veterinary practices is fueling the demand for precise and reliable disease diagnosis.
Browse the Detail Report "Veterinary Biomarkers Market Share, Size, Trends, Industry Analysis Report, By Animal Type (Companion Animals, Production Animals); By Product Type; By Application; By Disease Type; By Region, And Segment Forecasts, 2023 - 2032" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/veterinary-biomarkers-market
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Recent Developments
Key Takeaways from The Study
Polaris Market Research has segmented the veterinary biomarkers market report based on animal type, product type, application, disease type, and region:
By Animal Type Outlook
By Product Type Outlook
Disease Type Outlook
By Region Outlook
About Polaris Market Research:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.
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