The market for pregnancy test kits in animals is forecast to expand its incremental growth by a value of $98.33 million by the end of 2026, according to a report from market research analysts, Technavio Research. Growth at the end of the period is expected to reach 4.76% CAGR, according to the firm. The forecast period includes 2022 to 2026.
Just within this year alone (2022), the animal pregnancy test kit market is predicted to reach a growth percentage of 2.96%. Within the segment by region that encompasses North America, growth is forecast at 40% across the period.
Growth across the period is anticipated due to the plans of livestock producers to grow their businesses, including the greater utilization of artificial insemination to increase the size of herds. The expected growth is, however, mitigated by the technology and personnel required for increased testing. Animal pregnancy test kits offer inadequate accuracy, according to the report and a lack of qualified veterinarians limit usage. At the same time, interest in spending in the sector is also low.
Currently, there are numerous test kit vendors making for a fragmented marketplace with varied growth strategies. Competition across the market has spurred the need for promotion, mergers and acquisitions to attain higher visibility and spur growth.