Global Poultry Diagnostics Market to Surge with a 10.5% CAGR, Reaching US$ 1.6 Billion by 2033

Posted on 2024-05-02 by Future Market Insights in Healthcare // 0 Comments

The global poultry diagnostics market is set to experience a substantial growth trajectory, projecting a moderate-paced Compound Annual Growth Rate (CAGR) of 10.5% during the forecast period. According to recent market analysis, the current valuation of the poultry diagnostics market stands at US$ 590 million in 2023, with estimations anticipating a remarkable surge to US$ 1.6 billion by the year 2033.

The escalating growth of the poultry diagnostics market is poised to be steered by various factors over the foreseeable years. The prevalence of poultry diseases and the escalating incidences of zoonotic infections are expected to significantly impact market dynamics. Additionally, the advent of animal health information portals, particularly in developed economies, is slated to augment market expansion. Veterinary hospitals can now seamlessly share critical information online, facilitating enhanced communication amongst professionals, academics, and pet owners.

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It is anticipated that throughout the projection period, increasing government measures to promote animal health products may boost market growth overall. The United Nations Department of Economic and Social Affairs estimates that there are currently over 7.3 billion people living in the world, with 9.7 billion people expected to live across the world by the year 2050.

According to the International Fund for Agricultural Development (IFAD), there are around 795 million undernourished or malnourished people in the world. The aforementioned data demonstrate the importance of making significant efforts to ensure a sufficient supply of food by widely utilizing poultry and cattle. It has been noted that the incidence of infectious illnesses is rising, which is prompting an increase in the use of poultry diagnostics over time.

The consumption of meat and eggs is also rising, which is accelerating the segment’s rise. For instance, the United States produced 14,639,012 tons of hen eggs in shells in 2015; this number rose to 14,490,724 tons in 2016. Therefore, during the course of the forecast period, it is anticipated that increased production and consumption of goods generated from poultry in the area will fuel market expansion.

Market participants are concentrating on creating better testing instruments and point-of-care (POC) diagnostics for more recent illnesses like mortality syndrome in light of the introduction of enzyme-linked immunosorbent assay (ELISA) tests that have high accuracy and cost efficiency. Additionally, they are making strategic alliances and acquisitions to broaden their competitive environment, which is expected to support the expansion of the poultry diagnostics market size.

Key Takeaways:

Over the forecasted period, the United States is anticipated to hold the dominant share of the global poultry diagnostics market. One factor promoting market development is the availability of several portals that provide information on animal health. These portals may be used by farmers to keep track of vital diagnostic tests, missing vaccinations, nutritional data, and preventative diagnostics.

China and Japan are expected to dominate the Asia Pacific poultry diagnostics market during the projected period. The market is also expanding as a result of more government and animal welfare initiatives in the nations to increase public knowledge of poultry diseases. Additionally, growing avian illnesses and rising zoonotic disease incidences are anticipated to fuel market expansion throughout the course of the research period.

Owing to its link to subclinical infections, decreased egg production, and respiratory diseases, the avian influenza disease is expected to hold the dominant revenue, through the forecast period.

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Competitive Landscape:

The poultry diagnostics market is distributed globally owing to domestic and foreign competitors. Several companies command substantial market shares in their respective specialty areas. Large businesses often give natural events like product approvals and the rising incidence of zoonotic and poultry illnesses a high priority. These elements are anticipated to propel the global market for poultry diagnostics to grow quickly.

Recent Developments:

In March 2018, the introduction of the Infectious Bronchitis Virus RNA Test Kit and the Salmonella Enteritidis-Typhimurium-Heidelberg DNA Test Kit for identification in avian samples was announced by BioChek.

In July 2018, to improve its position in veterinary diagnosis, Zoetis finalized the acquisition of Abaxis, a leader in veterinary point-of-care testing equipment.

Key Players:

Agrobiotek Internacional
Affinitech Ltd.
Biochek
Bioingentech Biotechnologies Inc.
Bionote Inc.
Boehringer Ingelheim GmbH
GD Animal Health
Idexx Laboratories Inc.
IDVet
Megacor Diagnostik GmbH

Key Segments Profiled in the Poultry Diagnostics Market Survey:

By Test Type:

ELISA Test
PCR Test

By Disease:

Avian Salmonellosis
Avian Influenza
Newcastle Disease
Avian Mycoplasmosis
Avian Pasteurellosis
Infectious Bronchitis
Infectious Bursal Disease
Avian Encephalomyelitis
Avian Reovirus
Chicken Anemia

By Services:

Bacteriology
Virology
Parasitology

By Region:

North America
Latin America
Asia Pacific
The Middle East & Africa
Europe

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