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The global Poultry Diagnostics Market is estimated to be valued at US$ 536.7 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Poultry diagnostics involve various analysis and tests of poultry samples to detect diseases at an early stage. These tests aid in timely diagnosis and treatment of poultry diseases. Early detection helps to control the spread of infections and decrease economic losses for farmers.
Market key trends:
Rising consumption of poultry meat and increasing demand for tests to ensure food safety are driving the growth of the poultry diagnostics market. According to the Food and Agriculture Organization (FAO), global broiler meat production in 2020 was 130 million tons. With the growing demand for poultry meat and food safety concerns, there is an increased adoption of various diagnostic tests by poultry farmers and food processing companies. Furthermore, increasing incidence of zoonotic diseases and evolution of pathogens are also boosting the need for accurate and early diagnosis of poultry diseases.
SWOT Analysis
Strength: The global poultry diagnostics market has high growth opportunities due to increasing demand for poultry products among consumers. Growing concern regarding zoonotic diseases and outbreaks is anticipated to drive the market over the forecast period.
Weakness: High costs associated with diagnostics testing equipment and reagents may hamper the market growth to some extent.
Opportunity: Technological advancements in diagnostics kits and equipment is expected to provide new opportunities in the coming years. Increasing number of poultry diseases and need for faster diagnostics is another key opportunity.
Threats: Stringent government regulations pertaining to the approval of new diagnostics kits can restraint the market growth. Economic slowdowns can also impact the market negatively.
Key Takeaways
The global poultry diagnostics market is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing demand for poultry meat and egg products globally.
Regional analysis: North America dominates the global market, owing to rising avian disease outbreaks. Asia Pacific is expected to grow at the fastest pace during the forecast period due to rising poultry production in China and India.
Key players operating in the poultry diagnostics market are Zoetis, Thermo Fisher Scientific Inc., Baltivet, Bioingentech, Devex, BioChek, QIAGEN, Bioneer Corporation, Megacor Diagnostik GmbH, Merck & Co., Inc., IdentiGEN, Abaxis, BIOMERIEUX, Transasia Bio-Medicals, Boehringer Ingelheim International GmbH, EW Group Ltd., and Hygiena, LLC.
