Yahoo Finance Bovine Tuberculosis Diagnosis Market Size, Share & Trends Analysis Report By Test Type, By Region And Segment Forecasts, 2022 - 2030
Bovine Tuberculosis Diagnosis Market Size, Share & Trends Analysis Report By Test Type (Serological Tests, Molecular Diagnostic Tests, Traditional Tests), By Region (North America, Europe, APAC, Latin America, MEA), And Segment Forecasts, 2022 - 2030
New York, July 07, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Bovine Tuberculosis Diagnosis Market Size, Share & Trends Analysis Report By Test Type, By Region And Segment Forecasts, 2022 - 2030" - https://www.reportlinker.com/p06291013/?utm_source=GNW
Bovine Tuberculosis Diagnosis Market Growth & Trends
The global bovine tuberculosis diagnosis market size is anticipated to reach USD 1.02 billion by 2030. The market is expected to expand at a notable CAGR of 4.2% from 2022 to 2030. Growing awareness about Bovine Tuberculosis (TB) is expected to increase the demand for diagnostic tests, thus contributing to the market growth. Moreover, the increasing prevalence of zoonotic diseases, bovine population, consumption of animal products, and regulatory norms are major factors responsible for market growth. For instance, the OIE recommends the tuberculin skin test as the standard test for detecting bovine TB thus contributing to the large share of the traditional tests market by test type.
The COVID-19 pandemic had a significant impact on the bovine TB market.During lockdown restrictions, veterinary professionals had to work in line with government advice and guidance from the Royal College of Veterinary Surgeons (RCVS) and the British Veterinary Association (BVA).
The overall volume of testing, however, is reduced because of restricted access to veterinary services.Governments and regulatory bodies such as DAERA, UK, released guidelines for testing for bovine Tuberculosis during the pandemic.
The testing volume recovered gradually in 2021 and the recovery is estimated to continue during 2022. Another factor contributing to the dip in the market was estimated to be companies redirecting their resources toward profitable segments such as COVID-19 tests for animals and the companion animal segment during 2020.
Furthermore, increasing supportive initiatives such as national eradication programs is driving the market growth.For instance, The European Union (EU) has set a long-term goal to eradicate Tuberculosis (TB).
According to the Department of Agriculture, Food, and the Marine, the EU is implementing Bovine TB Eradication Strategy, a roadmap to reduce bTB and direct it toward eradication.This roadmap sets out a renewed strategy that builds on the progress made to drive disease levels down toward the target of eradication by 2030.
The tests that detect bTB in cattle are very well characterized and reliable, but they have limitations that must be considered if disease levels are to be directed down towards eradication.
Bovine Tuberculosis Diagnosis Market Report Highlights
• The market was valued at USD 707.4 million in 2021 and is expected to expand at a CAGR of 4.2% during the forecast period
• The traditional tests segment accounted for the largest revenue share in 2021 owing to its low cost
• The molecular diagnostic tests segment is poised to experience noteworthy growth of over 5.0% over the coming years due to the rapid adoption of diagnostics tests
• Market players are involved in strategic initiatives such as new product launches, product innovations, acquisitions, and partnerships to gain a competitive edge over each other
• For instance, in November 2017, PBD Biotech launched Actiphage, a new test to detect Bovine Tuberculosis (bTB). The test facilitates detection of live bacteria with blood and milk samples. Results can be obtained in just six hours allowing infected cattle to be diagnosed rapidly
• Europe dominated the market in 2021. In the Asia Pacific, the market is anticipated to grow the fastest at a rate of over 5.0% over the forecast period
Read the full report: https://www.reportlinker.com/p06291013/?utm_source=GNW
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