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Latin America Livestock Diagnostics Market to Reach $51.43 Million by 2030
Meticulous Research®—a leading market research company, published a research report titled, ‘Latin America Livestock Diagnostics Market by Product (Consumables {Brucellosis, Influenza}, System, Software), Technology (Immunodiagnostics {ELISA}, PCR), Animal Type (Swine, Bovine, Poultry), End User (POC, Lab, Veterinary Hospital) - Forecast to 2030.'Download Free Sample Report Here: https://www.meticulousresearch.com/download-sample-report/cp_id=5595?utm_source=article&utm_medium=social+&utm_campaign=product&utm_content=18-01-2024
According to this latest publication from Meticulous Research®, the Latin America livestock diagnostics market is expected to grow at a CAGR of 9.8% from 2023 to reach $51.43 million by 2030. The growth of this market is driven by the growing demand for animal-derived food products, increasing prevalence of food-borne & zoonotic diseases, and favorable government initiatives. Additionally, increasing awareness regarding animal health among farmers is expected to create growth opportunities for the stakeholders in this market. However, the dearth of veterinary practitioners for livestock animals restrains the growth of this market.
Key Players
The key players operating in the Latin America livestock diagnostics market are 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), Agrolabo SpA (Italy), Neogen Corporation (U.S.), IDvet (France), BioChek B.V. (Hungary), VMRD, INC. (U.S.), and GD Animal Health (Netherlands).
Latin America Livestock Diagnostics Market: Future Outlook
The Latin America livestock diagnostics market is segmented by product [consumables (bovine viral diarrhea, influenza, swine fever, Brucellosis, Blue Tongue Virus, and other diseases), systems, and software], animal type [ruminants (bovine and other ruminants), poultry, swine, and other livestock], technology [immunodiagnostics (ELISA and others), molecular diagnostics (PCR and other molecular diagnostic technologies), other technologies], end user [reference laboratories, veterinary hospitals & clinics, Point-of-Care/at-farm testing], and geography. The study also evaluates industry competitors and analyzes the market at country levels.
Based on product, the Latin America livestock diagnostics market is segmented into consumables, systems, and software. In 2023, the consumables segment is expected to account for the largest share of the market. This large share can be attributed to the recurrent use of consumables, high preference for rapid diagnostics for efficient disease management, and availability of test kits for various animal diseases.
Based on animal type, the Latin America livestock diagnostics market is segmented into ruminants, poultry, swine, and other livestock. The ruminants segment is expected to grow at the highest CAGR during the forecast period. Factors contributing to the segment’s growth are increasing demand & consumption of animal-derived food products, increasing livestock populations to meet the growing demand, and increasing animal-derived food product export activities to other countries. The consumption of animal-derived foods is growing in Latin America, especially of ruminants. For instance, Argentina's beef and veal consumption is expected to increase to 2,764 kilotonnes of carcass weight equivalent (KT CWE) by 2027 from 2,490 KT CWE in 2027. To meet the growing demand, the farmers are increasing their livestock population. Diagnostic tests will be needed as the animal population increases, driving the segment growth.
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Based on technology, the Latin America livestock diagnostics market is segmented into immunodiagnostics, molecular diagnostics, and other technologies. In 2023, the immunodiagnostics segment is expected to account for the largest share of the market. The use of immunodiagnostic testing for disease diagnosis and monitoring is one of the major factors for the large share of the segment. Additionally, immunodiagnostic tests offer a rapid and near-patient testing option that helps farmers with early disease diagnosis and treatment. Moreover, immunodiagnostic tests are more cost-effective than other diagnostic tests.
Based on end user, the Latin America livestock diagnostics market is segmented into reference laboratories, veterinary hospitals & clinics, and point-of-care/at-farm testing. The point-of-care/at-farm testing segment is expected to grow at the highest CAGR during the forecast period. The growing awareness among farmers regarding early disease diagnosis in animals and growing preference towards near-animal testing are the factors driving the growth of this segment.
Geographic Review
This research report analyzes major countries and comprehensively analyzes the Latin America livestock diagnostics market in Brazil, Argentina, Mexico, Chile, Colombia, Peru, Uruguay, and the Rest of Latin America. Brazil is expected to dominate the Latin America livestock diagnostics market in 2023. The growing demand and consumption of animal-derived food proteins, the presence of large exporters of animal products, high animal-derived food products from Brazil, government initiatives to improve agricultural and animal husbandry outcomes, and the rising incidence of various zoonotic diseases are expected to support Brazil’s large share.
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Key Questions Answered in the Report-
- What is the current revenue generated through the sale of livestock diagnostic products in Latin America?
- At what rate is the demand for livestock diagnostic products in Latin America projected to grow over the next 5–7 years?
- What is the historical market size and growth rate of the Latin America livestock diagnostics market?
- What are the major factors impacting the growth of this market at the country level? What are the major opportunities for existing market players and new entrants in the market?
- Which segments in terms of product, technology, animal type, and end user are creating major traction for the vendors in this market?
- What are the key geographical trends in this market? Which countries are expected to offer significant growth opportunities for the vendors operating in the Latin America livestock diagnostics market?
- Who are the major players in the Latin America livestock diagnostics market? And what are their specific product offerings in the Latin America livestock diagnostics market?
- What are the recent strategic developments in the Latin America Livestock diagnostics market, and what are the impacts of these developments on the market?
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