Future Outlook of the Global Veterinary Antimicrobial Susceptibility Testing Market 2024-2033: Size and Growth Rate Predictions
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Veterinary Antimicrobial Susceptibility Testing Market: What is the Projected CAGR for 2024-2033?
The market size for veterinary antimicrobial susceptibility testing has shown robust growth in recent times. Its expansion is projected to continue from $34.78 billion in 2023 to $37.44 billion in 2024, yielding a compound annual growth rate (CAGR) of 7.7%. A number of factors have contributed to this growth during the historic period, including environmental issues, demand for precision medicine, the application of a ‘one health’ approach, rising consumer awareness, and the development of companion animal healthcare.
The market for veterinary antimicrobial susceptibility testing is projected to witness substantial expansion in the upcoming years, with the anticipated growth to $50.45 billion by 2028, exhibiting a compound annual growth rate (CAGR) of 7.7%. This surge during the forecast period is attributed to factors like mitigating antibiotic resistance, meeting regulatory demands, the effect of worldwide health incidents, and the increase in pet ownership. Key trends expected throughout the forecast period comprise innovation in solutions, heightened regulatory attention, managing zoonotic diseases, and the enforcement of standards within the livestock industry.
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What Are the Primary Drivers Supporting the Growth of the veterinary antimicrobial susceptibility testing Market?
The increasing occurrence of zoonotic diseases is anticipated to expedite the expansion of the veterinary antimicrobial susceptibility testing market. Zoonotic ailments are infectious diseases that animals can transmit to humans or to other animals. The escalating incidences of these diseases necessitate the testing and identification of effective animal drugs. Veterinary antimicrobial susceptibility testing plays a crucial role in selecting the optimal medicine to treat bacterial infections in animals, by scrutinizing their treatment history among other factors. For example, a World Health Organization article published in July 2022 revealed a 64% increase in zoonotic cases in Africa, as reported by a US government agency. Worldwide and specifically in India, zoonotic diseases have seen a surge. These newly emerging infectious diseases, accountable for 60% of human cases, have resulted in 816 zoonotic pathogens out of 1,407 human pathogens. Consequently, the upsurge in zoonotic diseases incidence is propelling the veterinary antimicrobial susceptibility testing market’s growth.
What Are the Critical Segments of the Veterinary Antimicrobial Susceptibility Testing Market?
The veterinary antimicrobial susceptibility testing market covered in this report is segmented –
1) By Product Type: Disks And Plates, Culture Media, Accessories And Consumables, Automated AST (Antimicrobial Susceptibility Test) Instruments
2) By Animal Type: Livestock Animals, Companion Animals
3) By End-Use: Veterinary Reference Lab, Veterinary Research Institutes, Other End-Users
What Trends Are Paving the Way for Change in the Veterinary Antimicrobial Susceptibility Testing Market?
The emergence of technological advancements is a significant trend in the veterinary antimicrobial susceptibility testing market. The main firms in this sector are innovating new techniques to maintain their market position. The market has recently experienced the use of cutting-edge imaging methods and algorithms for a quicker, more reliable, and accurate veterinary AST. For instance, Thermo Fisher Scientific, a company based in the US, collaborated with Q-linea in October 2021 to introduce the ASTar System. This rapid antimicrobial susceptibility testing (rAST) system is completely automated and employs imaging techniques and algorithms to track bacterial growth, thereby eliminating the extra one to two days required for subculture.
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Which Regions Are Leading the Charge in Veterinary Antimicrobial Susceptibility Testing Market Development?
North America was the largest region in the veterinary antimicrobial susceptibility testing market in 2023. The regions covered in the veterinary antimicrobial susceptibility testing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Veterinary Antimicrobial Susceptibility Testing Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the veterinary antimicrobial susceptibility testing market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Veterinary Antimicrobial Susceptibility Testing Market Include
1. Veterinary Antimicrobial Susceptibility Testing Market Executive Summary
2. Veterinary Antimicrobial Susceptibility Testing Market Segments
3. Veterinary Antimicrobial Susceptibility Testing Market Size And Template Market Growth Rate
4. Key Veterinary Antimicrobial Susceptibility Testing Market Trends
5. Major Veterinary Antimicrobial Susceptibility Testing Market Drivers
……
25. Key Mergers And Acquisitions In The Veterinary Antimicrobial Susceptibility Testing Market
26. Top Veterinary Antimicrobial Susceptibility Testing Companies
27. Veterinary Antimicrobial Susceptibility Testing Market Opportunities And Strategies
28. Veterinary Antimicrobial Susceptibility Testing Market, Conclusions And Recommendations
29. Appendix
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