Veterinary Antimicrobial Susceptibility Testing Market worth $135 million by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, March 12, 2021 /PRNewswire/ -- According to the new market research report "Veterinary Antimicrobial Susceptibility Testing Market by Product (Disks, Plates, Media, Accessories, Consumables, Automated AST), Animal (Dog, Cat, Horse, Cattle, Pig, Poultry),End User (Veterinary Reference Labs, Universities) - Global Forecast to 2026", published by MarketsandMarkets™, the Veterinary AST Market is expected to reach USD 135 million by 2026 from an estimated USD 100 million in 2021, at a CAGR of 6.1%.
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169 – Tables
62 – Figures
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Growth in the market is largely driven by the growing threat of antimicrobial resistance due to the overuse of antibiotics, rising demand for animal-derived products, growing prevalence of zoonotic diseases, rising demand for pet insurance, growing animal health expenditure, and the growing number of veterinary practitioners & their rising income levels in developed economies. The rising focus on veterinary antimicrobial susceptibility testing in emerging markets due to supportive government initiatives and awareness initiatives for antimicrobial resistance and control offer significant growth opportunities for the market players. On the other hand, the high cost of automated veterinary AST systems and rising pet care costs are expected to restrain the overall market growth to a certain extent.
Since the beginning of 2020, the majority of the countries worldwide shut down their borders and limited transportation in a bid to contain the coronavirus (COVID-19) outbreak, thus, creating impediments for international trade and transportation.
The food-producing animal segment is expected to account for the largest share of the veterinary AST market
Based on animal type, the veterinary antimicrobial susceptibility testing market is segmented into food-producing animals and companion animals. The food-producing animals segment accounted for the largest share of the market in 2020. The large share and high growth of this segment can be attributed to the high use of antibiotics in food-producing animals, increasing incidence of antimicrobial resistance, increasing demand for meat and dairy products, rising animal healthcare expenditure in developed countries, and the increasing incidence of disease outbreaks in food-producing animals. This segment is further categorized into cattle, pigs, poultry, and other food-producing animals. Companion animals are further segmented into dogs, cats, horses, and other companion animals.
The culture media segment is expected to grow at the highest rate during the forecast period
The culture media segment is expected to register the highest growth rate during the forecast period. Growth in this product segment can be attributed to the constant requirement and recurrent purchase of these products for cultivating bacterial isolates under controlled environmental laboratory conditions.
The veterinary reference laboratory end-user segment is expected to account for the largest share of the veterinary AST market
Based on end users, the veterinary antimicrobial susceptibility testing market is segmented into veterinary reference laboratories, veterinary research institutes and universities, and other end users. Veterinary reference laboratories accounted for the largest share of the market in 2020. The large share of this segment can be attributed to the large number of samples received for AST in reference laboratories from small and large animal practices. This segment is also expected to register the highest growth during the forecast period (2021–2026).
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Asia Pacific is expected to account for the highest CAGR for players operating in the veterinary AST market
The Asia Pacific region is expected to register the highest CAGR during the forecast period. Growth in pet adoption, increasing awareness about animal health, and the growing per capita animal health expenditure, especially in India and China, contribute to the growth of the APAC antimicrobial susceptibility testing market.
Some of the major players in the veterinary antimicrobial susceptibility testing market include Thermo Fisher Scientific Inc. (US), Becton, Dickinson and Company (US), Bruker Corporation (US), bioMérieux SA (France), Danaher Corporation (US), Bio-Rad Laboratories, Inc. (US), Neogen Corporation (US), HiMedia Laboratories (India), Mast Group Ltd. (UK), Bioguard Corporation (Taiwan), SSI Diagnostica A/S (Denmark), Condalab (Spain), FASTinov SA (Portugal), Synbiosis (UK), Hardy Diagnostics (US), and Liofilchem Srl (Italy).
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