Livestock Diagnostics Market to Hit US$ 2.36 Billion By 2031 | Growth Plus Reports

| Source: Growth Plus Reports Growth Plus Reports

Newark, New Castle, USA, May 29, 2023 (GLOBE NEWSWIRE) -- A recent Growth Plus Reports study shows that the livestock diagnostics market was valued at US$ 1.10 billion in 2022. The market will register a CAGR of 8.20% and reach US$ 2.36 billion by 2031. The study examines the important strategies, drivers and prospects, competitive circumstances, shifting market dynamics, market size, data and forecasts, and important investment regions.

Key Takeaways:

  • The rising prevalence of zoonotic diseases will drive market revenue growth.
  • Increasing demand for meat and animal-based products will support the market's revenue growth.
  • North America dominates the global livestock diagnostics market. 

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                        Livestock Diagnostics Market Scope

Report AttributeDetails
Market Size Value in 2022US$ 1.10 Billion
Revenue Forecast in 2031US$ 2.36 Billion
CAGR8.2%
Base Year for Estimation2022
Forecast Period2023 to 2031
Historical Year2021
Segments CoveredProduct, Technology, Animal Type, End User, and Region
Regional ScopeNorth America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

Market Drivers
The increased prevalence of zoonotic diseases and diseases spread by meat consumption will drive the market's revenue growth. Furthermore, increasing awareness about animal health and rising government measures will fuel the market's revenue growth. Additionally, increasing research on foodborne and animal-borne diseases will support the growth of the market.

Market Segmentation
Growth Plus Reports has analyzed the global livestock diagnostics market from five perspectives: Product, Technology, Animal Type, End User, and Region.

  • Based on the product, the livestock diagnostics market is segmented into consumables, hardware, and software.
  • Based on the technology, the livestock diagnostics market is segmented into immunodiagnostics, molecular diagnostics, and other technologies.
  • The livestock diagnostics market is segmented into ruminants, swine, poultry, and other animals based on the animal type.
  • Based on the end user, the livestock diagnostics market is segmented into reference laboratories, diagnostic hospitals & clinics, and point-of-care testing.

Animal Type Segmentation

The livestock diagnostics market is segmented into ruminants, swine, poultry, and other animals based on the animal type. Among these animals, the swine segment dominates the market due to the growing demand for pork and the increased prevalence of swine diseases.

Regional Growth Dynamics
Based on the region, the global livestock diagnostics market is segmented into North America, Europe, Latin America, and the Middle East & Africa. North America dominates the livestock diagnostics market with the largest revenue share majorly due to the high cost of veterinary healthcare, the availability of medical services, increased attempts to improve animal health, improved pet health awareness, and the high demand for pork.

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Competitive Landscape

The top companies in the global livestock diagnostics market are:

  • IDEXX Laboratories, Inc.
  • Bio-Rad Laboratories, Inc. 
  • Thermo Fisher Scientific Inc. 
  • Zoetis Inc. 
  • bioMérieux S.A.
  • Neogen Corporation
  • INDICAL BIOSCIENCE GmbH
  • Agrolabo SpA
  • IDvet 
  • GD Animal Health
  • BioChek B.V.
  • VMRD, Inc.

The market for livestock diagnostics is moderately competitive, with several multinational companies involved. Key players emphasize R&D and mergers and acquisitions to increase their market share.

Recent Developments:

  • The Animal Health System Support for One Health were launched in April 2023 to improve India's preparedness and response to potential animal pandemics using the One Health approach.
  • The Animal and Plant Health Inspection Service of the United States Department of Agriculture awarded $14.4 million to 76 projects in December 2020.

Table of Content

  1. INTRODUCTION
    1. Market Ecosystem
    2. Timeline Under Consideration
      1. Historical Years – 2021
      2. Base Year – 2022
      3. Forecast Years – 2023 to 2031
    3. Currency Used in the Report
  2. RESEARCH METHODOLOGY 
    1. Research Approach
    2. Data Collection Methodology
    3. Data Products
      1. Secondary Sources
      2. Primary Primary
    4. Market Estimation Approach
      1. Bottom Up 
      2. Top Down 
    5. Market Forecasting Model
    6. Limitations and Assumptions
  3. PREMIUM INSIGHTS
    1. Current Market Trends (COVID-19 Perspective)
    2. Key Players & Competitive Positioning (2022) 
  4. MARKET DYNAMICS
    1. Drivers
    2. Restraints/Challenges
    3. Opportunities
  5. GLOBAL LIVESTOCK DIAGNOSTICS MARKET- ANALYSIS & FORECAST, BY PRODUCT
    1. Consumables
    2. Hardware
    3. Software
  6. GLOBAL LIVESTOCK DIAGNOSTICS MARKET- ANALYSIS & FORECAST, BY TECHNOLOGY
    1. Immunodiagnostics
    2. Molecular Diagnostics
    3. Other Technologies
  7. GLOBAL LIVESTOCK DIAGNOSTICS MARKET- ANALYSIS & FORECAST, BY ANIMAL TYPE
    1. Ruminants
    2. Swine
    3. Poultry
    4. Other Animals
  8. GLOBAL LIVESTOCK DIAGNOSTICS MARKET- ANALYSIS & FORECAST, BY END-USER
    1. Reference Laboratories
    2. Diagnostic Hospitals & Clinics
    3. Point-of-Care Testing

LIVESTOCK DIAGNOSTICS MARKET TOC

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