Meticulous Research®, a prominent firm specializing in market research, released a report titled, ‘Asia-Pacific Livestock Diagnostics Market by Product (Consumables {Swine Fever, Influenza}, System, Software), Technology (Immunodiagnostics {ELISA, LFA}, PCR), Animal Type (Swine, Bovine, Poultry), End User (POC, Veterinary Hospital) - Forecast to 2030.’
According to the latest report by Meticulous Research®, the livestock diagnostics market in the Asia-Pacific region is projected to experience a compound annual growth rate (CAGR) of 10% between 2023 and 2030, reaching a total value of $501.8 million by 2030. This growth is fueled by several factors including rising demand for animal-based food products, increasing incidence of transboundary and zoonotic diseases, and supportive governmental initiatives. Furthermore, heightened awareness among farmers regarding animal health is anticipated to offer lucrative opportunities for industry stakeholders. Nevertheless, challenges such as a shortage of veterinary professionals specializing in livestock and inadequate infrastructure for animal health services may impede market growth.
Key Players
Major participants in the Asia-Pacific Livestock Diagnostics Market include IDEXX Laboratories, Inc. (U.S.), Zoetis Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Bio-Rad Laboratories, Inc. (U.S.), bioMérieux S.A. (France), INDICAL BIOSCIENCE GmbH (Germany), Neogen Corporation (U.S.), BioNote, Inc. (South Korea), Ring Biotechnology Co Ltd. (China), and GD Animal Health (Netherlands).
Asia-Pacific Livestock Diagnostics Market: Future Outlook
The Livestock Diagnostics Market in the Asia-Pacific region is divided into segments based on products, animal types, technology, end users, and geography. These segments include various products like consumables (such as tests for diseases like Bovine Viral Diarrhea and Influenza), systems, and software. Animal types include Ruminants, Poultry, Swine, and others. Technologies used comprise Immunodiagnostics (like ELISA) and Molecular Diagnostics (including PCR), among others. End users encompass Reference Laboratories, Veterinary Hospitals & Clinics, and Point-of-care/At Farm Testing facilities. Additionally, the market is analyzed on a country level, evaluating competitors in the industry.
Based on the product, in 2023, the consumables category is projected to hold the leading share in the Asia-Pacific Livestock Diagnostics Market. This dominance is driven by factors such as the frequent need for consumables, a strong inclination towards rapid diagnostic solutions to enhance disease control, and the wide availability of test kits catering to diverse animal illnesses.
Based on animal type, the Asia-Pacific Livestock Diagnostics Market is categorized into ruminants, poultry, swine, and other livestock segments. Among these, the ruminant’s segment is anticipated to exhibit a higher compound annual growth rate (CAGR) throughout the forecast period. This growth is propelled by factors such as rising consumption of animal-based food items, a surge in livestock numbers to match escalating demand, and expanding export activities of animal-derived food products to international markets.
Based on technology, in 2023, the Asia-Pacific Livestock Diagnostics Market is divided into immunodiagnostics, molecular diagnostics, and other technology segments. The immunodiagnostics segment is projected to hold the most significant portion of the market. This dominance is primarily attributed to the widespread utilization of immunodiagnostic testing for disease detection and surveillance. Furthermore, immunodiagnostic tests provide quick and convenient options for near-patient testing, aiding farmers in early disease identification and treatment, thereby mitigating productivity losses in animals.
Based on end users, the Asia-Pacific Livestock Diagnostics Market is categorized into reference laboratories, veterinary hospitals & clinics, and point-of-care/at farm testing segments. Among these, the point-of-care/at farm testing segment is projected to witness the highest compound annual growth rate (CAGR) during the forecast period. This growth is propelled by factors such as increasing farmer awareness regarding early disease detection in animals and a rising preference for convenient on-site testing options.
Geographic Review
This research report examines key countries and offers a thorough analysis of the Asia-Pacific Livestock Diagnostics Market, including Japan, India, China, Australia, South Korea, Indonesia, Thailand, Philippines, Malaysia, Vietnam, Singapore, and other parts of the Asia-Pacific region. China is forecasted to experience the most rapid compound annual growth rate (CAGR) during the projected period. This growth is driven by factors such as the increasing livestock population, the Chinese government's dedicated efforts to bolster the agricultural sector, and the significant impact of African swine fever in the country. For example, according to the American Society of Microbiology, approximately 225 million pigs in China either perished or were culled due to the ASF outbreak between 2018 and 2019, with several new outbreaks reported in 2021 and 2022.
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Key Questions Answered in the Report:
• What is the present income generated from the sales of livestock diagnostic products in the Asia-Pacific region?
• What is the anticipated growth rate for the demand in the Asia-Pacific livestock diagnostics market over the next 5 to 7 years?
• What are the past market dimensions and growth rates of the Asia-Pacific livestock diagnostics market?
• What are the primary factors influencing the market's expansion at the regional level? Additionally, what key opportunities are available for both current market participants and new entrants?
• Which segments, concerning product, technology, animal type, and end user, are significantly attracting vendors' attention in this market?
• What are the primary geographical patterns observed in this market? Which countries are anticipated to present substantial growth prospects for vendors engaged in the Asia-Pacific livestock diagnostics market?
• Who are the dominant players in the Asia-Pacific livestock diagnostics sector? What are their distinct product offerings within this market?
• What recent strategic advancements have occurred in the Asia-Pacific livestock diagnostics market, and what are their effects on the market?
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