What Has Been The Evolution of the Veterinary Biomarkers Market in Recent Years?
The veterinary biomarkers market has seen considerable growth due to a variety of factors.
• The size of the veterinary biomarkers market has seen significant expansion in recent times. It is projected to escalate from $0.81 billion in 2024 to $0.91 billion in 2025 with a compound annual growth rate (CAGR) of 12.4%.
The historic period growth is attributed to various factors such as the burgeoning veterinary diagnostics market, heightened focus on preventive healthcare, incorporation of biomarkers in veterinary medicine, increased inflow of funds for veterinary research, and a surge in the number of veterinary diagnostic laboratories.
How Will the Veterinary Biomarkers Market?
The veterinary biomarkers market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the veterinary biomarkers market is projected to witness a swift expansion. The market, with a compound annual growth rate (CAGR) of 12.1%, is expected to reach $1.44 billion by 2029.
Various factors such as the surge in animal diseases, an uptick in the demand for tailored veterinary medicine, a growing necessity for preventive diagnostics, the rise of digital health tools, and heightened attention towards animal welfare rules drive growth during the predicted period. The forecast period will also see significant trends including improvements in diagnostic technology, progression in biomarker studies, technology advancements in biomarker detection, the invention of user-friendly diagnostic apparatus, and progression in personalized nutritional resolutions.
Which Factors Are Boosting Growth In The Veterinary Biomarkers Market?
The surge in pet ownership is projected to drive the expansion of the veterinary biomarkers sector in the future. This surge in pet ownership can be linked to a variety of factors, such as the need for companionship, the effects of pet therapy, and the increasing recognition of the positive influence pets exert on mental and physical health. Veterinary biomarkers are employed in the context of pet ownership to keep a check on the animal's health, facilitating the early detection of diseases and individualised treatment regimens. For example, as reported by the American Pet Products Association, a non-profit association based in the US, in October 2023, there were 86.9 million pet-owning households in the US, accounting for 66% of households in 2022. Furthermore, Animal Medicines Australia, an association representing animal health in Australia, indicated in November 2022 that 69% of Australian households had pets in 2022. As a result, the rising trend of pet ownership is fuelling the growth of the veterinary biomarkers market.
What Key Areas Define The Segmentation Of The Global Veterinary Biomarkers Market?
The veterinary biomarkers market covered in this report is segmented –
1) By Product Type: Biomarkers, Kits And Reagents, Biomarker Readers
2) By Disease Type: Inflammatory And Infectious Diseases, Cardiovascular Diseases, Skeletal Muscle Diseases, Tumor, Other Disease Types
3) By Animal Type: Companion Animals, Production Animals
4) By Application: Disease Diagnostics, Preclinical Research, Other Applications
Subsegments:
1) By Biomarkers: Diagnostic Biomarkers, Prognostic Biomarkers, Predictive Biomarkers, Pharmacodynamic Biomarkers
2) By Kits And Reagents: ELISA Kits, PCR Kits, Western Blotting Kits, Rapid Test Kits, Reagents For Biomarker Detection
3) By Biomarker Readers: Optical Readers, Fluorescence Readers, Luminometers, Real-Time PCR Machines, Microplate Readers
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Which Emerging Market Trends Are Altering The Veterinary Biomarkers Industry?
Leading firms in the veterinary biomarkers market are aiming to acquire an advantage in the industry by forging strategic alliances. These partnerships within the veterinary biomarkers sector are the result of joint efforts between corporations, research entities, and veterinary operations to further the progression and use of diagnostic instruments. For example, in July 2022, the American firm, Bionote USA, which supplies point-of-care testing tools for animal well-being, teamed up with the veterinary group purchasing organization in the US, PSIvet, to improve the availability of cost-effective diagnostic solutions for veterinary practices. This joint venture will let over 5,000 veterinary clinics linked to PSIvet to benefit from lower rates on Bionote's Vcheck range of analyzers and biomarker tests.
Who Are the Key Players In The Veterinary Biomarkers Market?
Major companies operating in the veterinary biomarkers market are:
• Thermo Fisher Scientific Inc.
• Boehringer Ingelheim
• Merck KGaA
• Zoetis Inc.
• IDEXX Laboratories Inc.
• Virbac SA
• Antech Diagnostics Inc.
• Neogen Corporation
• Heska Corporation
• Olink Proteomics
• SomaLogic
• Life Diagnostics Inc.
• INDICAL BIOSCIENCE GmbH.
• Mercodia AB
• Bionote USA Inc.
• Acuvet Biotech
• Alertix Veterinary Diagnostics AB
• MI:RNA Diagnostics Ltd.
• Veterinary Biomarkers Inc.
• Vetmaya Healthcare Private Limited
What Is The Most Dominant Region In The Veterinary Biomarkers Market?
North America was the largest region in the veterinary biomarkers market in 2024. The regions covered in the veterinary biomarkers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
