What is the global market size of the Livestock Diagnostics Market?

Global Livestock Diagnostics Market size was valued at USD 2.72 billion in 2021 and is poised to grow from USD 2.98 billion in 2022 to USD 6.25 billion by 2030, growing at a CAGR of 9.68% in the forecast period (2023-2030).

Livestock Diagnostics Market Size, Share, Growth Analysis, By product type(Ruminants, Swine, Poultry, Other Animals), By Region - Industry Forecast 2024-2031

Report ID: SQMIG35H2060 | Region: Global | Published Date: July, 2024
Pages: 157 | Tables: 37 | Figures: 73

Livestock Diagnostics Market Dynamics

Livestock Diagnostics Market Drivers

Rise in Demand for Livestock Derived Food Products is Benefiting Market Growth

The primary driving force behind the expansion of the livestock diagnostics market is the rising demand for livestock-derived food products and the rising prevalence of various food-borne and zoonotic diseases. Positive government initiatives and technological advancements in veterinary diagnostics, on the other hand, are anticipated to further dampen market expansion. Within the aforementioned forecast period, it is also anticipated that the demand for early animal disease diagnosis and prevention will accelerate the market's expansion.

Livestock Diagnostics Market Restraints

High Cost associated with Products will Hinder Market Growth during Forecast Period

In a few nations, reports of human-to-animal transmission have been made. Costly linked with this cutting-edge diagnosis will restrain market expansion. The high cost of veterinary diagnostics systems can further impede market expansion during the predicted period.

Livestock Diagnostics Market Report Snapshots

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Livestock Diagnostics Market size was valued at USD 6.61 billion in 2019 and is poised to grow from USD 7.2 billion in 2023 to USD 14.36 billion by 2031, growing at a CAGR of 9% in the forecast period (2024-2031).

IDEXX Laboratories, Heska Corporation, Neogen, Zoetis, Thermo Fisher Scientific, Boehringer Ingelheim International GmbH, and Virbac are among the major players in the market.These prominent players concentrate on expanding the industry through strategic partnerships, the introduction of new products, and their commercialization.In addition, these leaders are making significant investments in research in order to launch cutting-edge products and maximize revenue. 'IDEXX Laboratories Inc.', 'Neogen Corporation', ' Zoetis Inc. ', ' Thermo Fisher Scientific Inc. ', ' Heska Corporation ', ' Virbac SA ', ' QIAGEN N.V. ', ' IDvet ', ' Bio-Rad Laboratories, Inc. ', ' GD Animal Health ', ' Agrolabo Spa ', ' BioMérieux SA ', ' Boehringer Ingelheim Vetmedica, Inc. ', ' Randox Laboratories Ltd. ', ' ABAXIS, Inc. ', ' AniGenics Inc. ', ' Bionote, Inc. ', ' Eurofins Scientific SE ', ' VCA Inc. AgriProtein '

The primary driving force behind the expansion of the livestock diagnostics market is the rising demand for livestock-derived food products and the rising prevalence of various food-borne and zoonotic diseases. Positive government initiatives and technological advancements in veterinary diagnostics, on the other hand, are anticipated to further dampen market expansion. Within the aforementioned forecast period, it is also anticipated that the demand for early animal disease diagnosis and prevention will accelerate the market's expansion.

Tests have been conducted by authorities in animal health to learn how the virus affects animals.Until now, studies have demonstrated that felines are more prone to infection than other animals.Additionally, testing demonstrates that the virus spreads less between animals than between humans or humans and animals.

North America is estimated to account for the largest share of the livestock diagnostics market during the forecast period. However, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. The large number of livestock animals, rising rates of various zoonotic diseases, rising public awareness of animal health, and rising income levels are expected to drive this market's expansion. The region's veterinary healthcare expenditures have significantly increased, which is anticipated to accelerate market expansion.In addition, the growth potential in this region is anticipated to be increased by the presence of healthcare programs and the rise in initiatives to promote animal health .The North American Pet Health Insurance Association, for instance, aims to raise public awareness of pet health insurance coverage.

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Livestock Diagnostics Market Size, Share, Growth Analysis, By product type(Ruminants, Swine, Poultry, Other Animals), By Region - Industry Forecast 2024-2031

Livestock Diagnostics Market Dynamics

Livestock Diagnostics Market Report Snapshots

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