Global Veterinary Biomarkers Market Size/Share Envisaged to Reach USD 2,554.79 Million By 2032, at CAGR 12.3%: Polaris Market Research

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?

• Overview

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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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, Table of Contents, Graphical introduction of regional analysis, Top players in the market with their revenue analysis and our research methodology.)

Our Sample Report May Includes:

• 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
• 115+ Pages Research Report (Inclusion of Updated Research).
• Provide Chapter-wise guidance on Request.
• 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends.
• Includes Updated List of table & figures.
• Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.

Some of the Top Market Players Covered Are:

• ACUVET BIOTECH
• Antech Diagnostics
• Avacta Animal Health
• IDEXX Laboratories
• Life Diagnostic
• Merck
• Mercodia
• MI:RNA Diagnostics,
• Virbac
• Zoetis

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Veterinary Biomarkers Market: Report Scope

Prominent Growth Driving Factors

• R&D by companies: Rising emphasis on increasing research and development activities by leading companies to improve biomarker portfolios is fueling the veterinary biomarkers market growth.
• Companion animal population and pet adoption: Factors such as increased urbanization and a surge in awareness of the benefits of pet ownership have led to an increase in the number of companion animals, such as dogs, cats, and other pets, which is supporting the market growth. Also, the rising trend of adopting pets from shelters and rescue organizations is boosting the veterinary biomarkers market growth.
• Cases of cancer and cardiovascular diseases: Veterinary biomarkers are used in veterinary applications to detect and diagnose diseases in the initial stages. Thus, the growing number of cases of chronic illnesses such as cancer and cardiovascular diseases among animals is one of the significant factors propelling the veterinary biomarkers market demand.

Recent Trends Influencing the Market

• Higher expenditure on animal healthcare: According to American Pet Products Association's 2023 report, there is a consistent rise in the pet industry expenditure in the United States, from USD 90.5 billion in 2018 to USD 136.8 billion in 2022, which is expected to surge to USD 143.6 billion by the end of 2023. According to FEDIAF, 21.8 billion euros were spent on pet food items and 21.2 billion euros on pet-related services and goods in Europe in 2020. These factors are anticipated to accelerate the veterinary biomarkers industry expansion over the forecast period.
• Measures taken by government and private companies: Government agencies and key companies have introduced several initiatives to ensure the future viability of the animal healthcare industry. For instance, Merck made extensive measures to overcome the pandemic's obstacles and effectively ran its animal health business. The company announced a strong boost in worldwide sales with USD 12.5 Bn in the last quarter of 2020 or a 5% growth over the prior year.

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Segmental Analysis

• Companion animals segment held the highest market share

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.

• Kits & reagents segment witnessed a significant revenue share

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.

• Inflammatory & infectious diseases segment captured the considerable share

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

• North America region captured the largest market share in 2022

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

• In October 2021, Zoetis opened a new manufacturing plant in Ireland to increase their capacity for producing monoclonal antibodies. Zoetis has been able to increase their manufacturing capacity in this area thanks to this strategic decision.

Key Takeaways from The Study

• In-depth analysis, including information about current market drivers and challenges.
• Key segments that are likely to register a healthy growth rate are mentioned.
• An exhaustive study on the expected veterinary biomarkers market trends, changing dynamics, and market intelligence.
• Detailed analysis of the changing competitive scenario and thorough vendor analysis.
• It gives a pinpoint investigation of changing rivalry elements and keeps you in front of contenders.
• Conclusive study about the growth plot of the market for forthcoming years.

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

• Companion Animals
• Dogs
• Cats
• Others
• Production Animals
• Cows
• Pigs
• Others

By Product Type Outlook

• Biomarkers, Kits & Reagents
• Biomarker Readers

Disease Type Outlook

• Inflammatory & Infectious Diseases
• Cardiovascular Diseases
• Skeletal Muscle Diseases
• Tumor
• Others

By Region Outlook

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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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SOURCE Polaris Market Research