, 2022-09-19 05:30:00,
NEWARK, Del, Sept. 19, 2022 (GLOBE NEWSWIRE) — The global Veterinary Molecular Diagnostics market size is expected to be valued at US$ 182.1 Million in 2022. With the adoption of multiple testing panels, coupled with the growing consolidation in the veterinary diagnostics industry, the overall demand for Veterinary Molecular Diagnostics is projected to grow at a CAGR of 6.84% between 2022 and 2032, totaling around US$ 352.8 Million by 2032.
Factors such as the growing pet animal population around the globe, increased animal health spending and advancements in veterinary molecular diagnostics are expected to propel the growth of the veterinary molecular diagnostics market over the analysis period.
Developments in the animal farming sector and changing societal attitude toward pet animals have resulted in an increased demand for fast and reliable diagnostic techniques. Molecular diagnostics possess the potential to address this growing demand.
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As of 2018, more than 60% of the US population owned a pet/companion animal. There is an increasing trend of treating pets as family members, which has increased the healthcare demands for veterinary applications. The increasing pet population is one of the reasons for the rising health expenditure on animals, globally.
As per the estimates of the American Pet Products Association, the total American pet industry expenditure is expected…
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