Veterinary Reference Laboratory Market – Overview
The global veterinary reference laboratory market is anticipated to develop at a promising rate from 2021 to 2031 (forecast period). The soaring demand for pet insurance, growing companion animal population, and a growing number of veterinary practitioners in major economies are expected to drive the global veterinary reference laboratory market. Moreover, rising demand for animal-derived food products and an increase in the prevalence of zoonotic and transboundary diseases are projected to boost the global veterinary reference laboratory market during the forecast period.
Veterinary Reference Laboratory Market – Competitive Landscape
Leading players in the veterinary reference laboratory market are GD Animal Health (Netherlands), IDEXX Laboratories, Inc. (US), Iowa State University (Veterinary Diagnostic Laboratory) (US), VCA, Inc. (US), SYNLAB International GmbH (Germany), Boehringer Ingelheim (Germany), Zoetis Inc. (US), Thermo Fisher Scientific, Inc. (US), and NEOGEN Corporation (US).
Market players are implementing marketing strategies such as investments, collaborations, technological developments, R&D activities, and acquisitions to extend their global footprint.
Veterinary Reference Laboratory Market – Trends and Opportunities
One of the important aspects likely to drive the global veterinary reference laboratory market is the rising frequency of zoonotic and transboundary animal diseases (TADs) throughout the world. There are three types of zoonotic diseases: viral (yellow fever, rabies, HIV infection, and measles), bacterial (anthrax, brucellosis, and TB), and parasitic (toxoplasmosis, leishmaniasis, and cysticercosis). The risk of zoonotic illnesses carried by mosquitoes, ticks, fleas, and interaction with animals is considerable. Zoonotic infections can potentially lead to illnesses like rabies and Lyme disease.
Moreover, the huge increase in pet ownership and rising inclination toward companion animals are projected to boost the global veterinary reference laboratory market. As per the American Pet Products Association's (APPA) 2019–2020 National Pet Owners Survey, 67% of US homes, or around 85 million families, own a pet.
COVID-19 pandemic had a significant impact on the global veterinary reference laboratory market. As the coronavirus illness spreads over the world, there is a considerable rise in the need for PCR testing in veterinary reference laboratories to assess the virus's and other infections' effects on animals. Other growth-driving elements include technology improvements such as the development of novel quick tests and portable equipment for point-of-care testing. The technologies help in the early detection and control of toxic sources in animals. Other aspects, such as rising consumer spending on animal healthcare and considerable R&D in the realm of veterinary sciences, are expected to create revenue-generation opportunities in veterinary reference laboratory market.
Veterinary Reference Laboratory Market – Regional Landscape
The North America veterinary reference laboratory market is projected to grow during the projection period. The presence of large firms, modern healthcare infrastructure, and significant healthcare expenditure are major factors likely to boost the regional market. Moreover, the regional market is expected to gain from a spike in the number of documented veterinary diseases and veterinary health organizations such as the World Small Animal Veterinary Association and a surge in animal care spending.
The Asia Pacific veterinary reference laboratory market is anticipated to develop during the forecast period due to the prevalence of unmet clinical requirements, a rise in healthcare expenditure, and the construction of veterinary reference laboratories by significant global companies in this area. Moreover, increased R&D expenditure by regional market participants and constant attempts for the commercialization of veterinary diagnostics and monitoring services at reduced rates are projected to bolster the regional market growth.
Furthermore, the pressing need to reduce the high prevalence of zoonotic illnesses and control disease outbreaks such as Ebola and swine flu in emerging economies is projected to boost the future market demand for veterinary reference laboratories. In addition, growing economic stability in rising nations like India and China and an increasing number of animal welfare governments and commercial organizations are encouraging the use of animal health products, supporting market expansion.
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