Description
The poultry diagnostics industry represents a massive opportunity for individuals and companies alike. But, for a long time, the industry has been ignored by the multinational companies. The latest facts and figures about the industry are astounding. The growth has been depicted in double digits. Here are some key highlights of the report.
The figures
The latest data from MRC depict the growth story of the poultry diagnostics industry. The market was estimated to be of $348.1 million back in 2016. The compound annual growth rates were at a staggering figure of 10 percent, and the market is expected to cross the $682.56 milestone by the year 2023. The growth story is evolving with time, and a lot many companies are reaping the benefits.
Major companies in the industry
The vast poultry diagnostics industry has attracted many multinational companies. The leading companies in the field include companies like AffiniTech, AgroBioTek International, BioGentech Biotechnologies, BioNote among many others. The growth opportunities have been lucrative for many, and more companies are expected to evolve shortly.
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The factors propelling and inhibiting the growth
Several factors affect the market by a great extent. Raising concerns about food security, technological advancements, and the latest advancements in animal health care along with the rising demand for poultry products has resulted in the growth of the industry. On the other hand, endemic and epidemic influential viruses and high mortality rates have been limiting the growth story of the industry. Poor health care of poultry animals coupled with infections and low-quality meat hurts the industry.
Key geographies
North America has always been leading the race. Efforts to breed healthy, disease-free life stocks has demonstrated significant results. The rising expenditure on veterinary health care, along with the presence of multinational companies has a positive impact on the poultry diagnostic industry. The South Asian countries have recorded high growth rates too. The food products have been in high demand and have attracted companies to invest considerable sums in the industry. Other prominent geographies include nations like Japan, China, and other regions in the Asia Pacific region.
Major tests and diseases
There are two major diagnostics associated in the poultry diagnostics industry. The primary one being the polymerase chain reaction tests or as commonly known as the PCR test. The other one in the field is the enzyme-linked sorbent assay or the ELISA test. Both the tests can provide excellent results instantly and are known for the various infections and diseases detection capabilities in the life stocks. For example, the PCR tests are primarily used for the detection of diseases like influenza, Mycoplasma, and Newcastle.
The poultry diagnostics industry has a significant presence throughout the world. The industry is growing leap and bound, and as the population increases, the demand for livestock derived products are bound to increase. This represents a huge opportunity for companies to grow by great lengths. The private farms need crucial diagnostics to nurture their livestock, and this represents a huge market for companies to sell their products.
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