Animal pregnancy test market to approach 5%
by Katie Pfaff
The global market for animal pregnancy test kits was predicted to grow by $98.33 million between 2021 and 2026, according to market analysts, Technavio. The growth rate was predicted at a CAGR of 4.76% during the period of 2022 to 2026.
The prediction for growth was based on the increased demand for livestock products, growth in livestock framing, and the increasing cost of veterinary treatment for these animals. The market could be constricted by the lack of qualified veterinary professionals who are skilled in animal pregnancy testing.
At the same time, the number of vendors who sell animal pregnancy tests are low. The select few companies have taken on specific growth strategies such as mergers and acquisitions in order to remain relevant and competitive.
Pregnancy testing using cassettes is expected to experience significant growth as the method is relatively affordable, accurate, and can be conducted by non-veterinary professionals.
By region, North America is expected to make up 40% of the market’s growth. This is expected to be based on US and Canadian markets.
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