Veterinary Biomarkers Market to Grow with a CAGR of 12.33% through 2028
Advancements in diagnostic technologies and the trend
toward personalized veterinary care are expected to drive the Global Veterinary
Biomarkers Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Veterinary
Biomarkers Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Veterinary Biomarkers Market
stood at USD 760.12 million in 2022 and is anticipated to grow with a CAGR of 12.33%
in the forecast period, 2024-2028. This can be attributed to public health
concerns. The interconnection between animal and human health has become
increasingly apparent. Zoonotic diseases, which can transfer from animals to
humans, have raised public health concerns. Veterinary biomarkers play a
crucial role in monitoring and controlling these diseases, driving investment
in the sector. Moreover, collaborative research initiatives between
academia, industry, and veterinary professionals are on the rise. These
partnerships are accelerating biomarker discovery, validation, and the
development of innovative diagnostic and therapeutic solutions.
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The rising occurrence of chronic ailments like cancer
and cardiovascular diseases in animals represents a significant driver for the
demand for diagnostic kits based on biomarker assays. These kits find
application in veterinary settings for early disease prediction. The market is
further propelled by research and development efforts undertaken by leading
companies to enhance their biomarker portfolios. Additionally, the growing population
of companion animals and increased rates of pet adoption are additional factors
contributing to market expansion. For example, in November 2021, the American
Veterinary Medical Association reported a substantial increase in the companion
animal population from 2016 to 2020. Furthermore, according to the APPA
National Pet Owners Survey (2023-2024), more than 66% of total households,
equivalent to 86.9 million households, own pets, further boosting market
prospects.
However, the COVID-19 pandemic had a detrimental
impact on the veterinary biomarkers market, particularly in 2020. This adverse
effect was primarily a result of lockdown measures implemented in various
countries, leading to restricted access to and closure of veterinary services.
The pandemic also created hurdles for pet owners in seeking adequate veterinary
care due to limitations and cancellations of appointments. Despite being
considered essential healthcare businesses, the veterinary service sector faced
challenges during the pandemic, as reported by the American Veterinary Medical
Association in the U.S.
Key market players encountered difficulties in
distributing veterinary products due to uncertainties in supply chains.
Nevertheless, both these companies and government agencies implemented various
measures to sustain their animal healthcare operations throughout the pandemic.
For instance, Merck & Co., Inc. adopted comprehensive strategies to address
pandemic-related challenges and maintained a strong presence in the animal
health sector. The company reported a 5% increase in worldwide sales, reaching
USD 12.5 billion in the final quarter of 2020 compared to the previous year.
The Global Veterinary Biomarkers Market is segmented into
animal type, product type, application, disease type, regional distribution, and company.
Based on its application, the disease diagnostics
sector claimed the largest market portion in 2022. This can be attributed to
the rising number of veterinary admissions for diagnosing various illnesses, a
trend seen in both developed and developing nations. Moreover, the
proliferation of veterinary clinics and hospitals staffed with skilled
veterinarians is another contributing factor to the segment's growth. For
example, according to the Federation of Veterinarians of Europe, Europe had 263
million veterinarians in 2019.
Concurrently, the preclinical research division
secured a substantial market share during the forecast period and exhibited the
most rapid CAGR. This growth is a consequence of heightened research and
development efforts in veterinary biomarkers and post-genomic technologies. The
adoption of advanced strategies by key players in the animal health industry to
identify new biomarkers or disease indicators further amplifies opportunities
for the segment's expansion. As an illustration, Boehringer Ingelheim announced
in April 2022 its willingness to engage in partnerships or collaborations aimed
at developing novel cancer therapeutic approaches centered around specific
biomarkers.
Based on disease type, the segment related to
inflammatory and infectious diseases emerged as the frontrunner in terms of
market share in 2022. This can be attributed to the increasing incidence of
various infectious diseases affecting both companion and production animals. Governments
worldwide are expressing concern about preventing the transmission of zoonotic
diseases from animals to humans, leading to the adoption of various diagnostic
strategies in numerous countries. Biomarker-based diagnostic kits are gaining
traction in these efforts, thus broadening the market's product offerings.
Other disease types, such as cardiovascular diseases
and cancer, are also prevalent among animals and require greater attention for
accurate diagnosis. Many of these diseases typically remain asymptomatic and
are often overlooked until they reach advanced stages. For instance, according
to the University of Kentucky, a significant number of cattle infected with
cancer exhibit no visible symptoms, leading to delayed treatment and accounting
for 5-20% of sudden deaths. Consequently, there is a growing demand for precise
diagnostic tests that can identify advancing diseases and their risk factors
during their early, less severe stages.
Major companies operating in Global Veterinary Biomarkers
Market are:
- Zoetis Inc.
- Virbac SA
- Life Diagnostics Inc
- Acuvet Biotech
- Merck & Co., Inc.
- IDEXX Laboratories, Inc.
- Mercodia AB
- Antech Diagnostics Inc
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“The Global Veterinary Biomarkers Market is undergoing
a rapid transformation, driven by technological advancements, changing consumer
attitudes toward pet care, and a growing emphasis on personalized medicine for animals.
These trends are poised to shape the future of veterinary biomarkers, enhancing
the health and well-being of animals while advancing the field of veterinary
medicine. As these trends continue to evolve, more effective disease
management, improved treatment outcomes, and a brighter future for animal
healthcare worldwide could be anticipated,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Veterinary Biomarkers Market By Animal
Type (Companion Animals (Dogs, Cats, Others), Production Animals (Cows, Pigs,
Others)), By Product Type (Biomarkers, Kits & Reagents, Biomarker Readers),
By Application (Disease Diagnostics, Preclinical Research, Others), By Disease
Type (Inflammatory & Infectious Diseases, Cardiovascular Diseases, Skeletal
Muscle Diseases, Tumor, Others), By
Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Veterinary Biomarkers Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Veterinary Biomarkers Market.
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