The global antibiotic residue test kits market will witness an expansion at 6.2% CAGR in terms of value over the forecast period, 2017-2026.
[USPRwire, Thu Jan 17 2019] FactMR has published a new research report titled “Antibiotic Residue Test Kits Market Set to Deliver Major Revenue Shares during the Forecast Period through 2026” to its online database that tries to unveil the various scenarios prevailing in the antibiotic residue test kits market. This assessment delivers a smart compilation of primary and secondary data which provides a clear insight about the future plans expected to impact the antibiotic residue test kits market. This study comprises of prominent data which makes it a beneficial source for investors, analysts and industry experts to acquire necessary knowledge associated to the fundamental market trends, opportunities and growth drivers during 2017-2026.
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Advancements in antibiotic residue diagnostics have extended their use of test kits to detect the presence of such residue in food originating from animals. The adoption of antibiotic residue test kits is gaining considerable traction as a food safety measure. Consumers are preferring products that have cleared the antibiotic residue tests, considering the role of these kits in ensuring that the food contains the essential antibiotic elements. Over the years, antibiotic residue test kits have evolved from simple diagnostic kits to multi-disciplinary tests that have incurred distinguished developments in terms of detecting the residues.
According to FactMR’s latest forecast study, the global market for antibiotic residue test kits is pegged to expand robustly in the near future. Key findings from the report reveal that the global antibiotic residue test kits market will witness an expansion at 6.2% CAGR in terms of value over the forecast period, 2017-2026. The report further estimates that by the end of 2026, approximately US$ 295 Mn worth of antibiotic residue test kits will be sold worldwide.
The report reveals that during the forecast period, beta-lactams tests will be predominantly used in detecting antibiotics residues in foods and beverages. By the end of 2026, nearly 33% of the overall global antibiotic residue test kits market revenues will be procured from the sales of beta-lactams test kits. The report also observes a surging adoption of tetracycline tests, and the sales of these kits are pegged to bring in more than US$ 50 Mn by the end of 2026. The report further projects that sulfonamide tests will register fastest revenue growth over the forecast period, reflecting a value CAGR of 7.1%.
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In 2018 and beyond, antibiotic residue test kits will be predominantly used in the food and beverage industry. A range of antibiotic residue test kits are being used for ensuring safety of milk and other dairy products. Their use in inhibiting the growth of microorganisms through anti-infection principles will further extend their end-use in the global production of food items and beverages. By the end of 2026, the end-use of antibiotic residue test kits in global food & beverage industry will bring in revenues worth over US$ 196 Mn. The report also reveals that the veterinary end-use of antibiotic residue test kits will register fastest revenue growth at an estimated 6.7% CAGR over the forecast period.
Leading companies partaking in the development of antibiotic residue test kits have been profiled in this report. Companies namely, Thermo Fischer Scientific, DSM, Charm Sciences, Perkin Elmer (BioScientific Corp), Labtek Services Ltd., NEOGEN Food Safety, IDEXX Labs, R-Biopharm, Eurofins and Sciex are expected to instrument the global production of antibiotic residue test kits during the forecast period. Incorporating advancements in the field of antibiotic residue diagnostics will be prioritized by these market players. Moreover, several players in the global antibiotic residue test kits market will be eyeing at introducing multi-purpose kits in the near future.
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