Veterinary Reference Laboratory Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2021 - 2031
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.
The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.
TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.
TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.
5-Point Growth Formula
The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.
The 5-point growth formula includes the following points:
Current and Future Threats
Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.
Accurate Trend Analysis
Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.
Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.
The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.
The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.
The reports offer answers to the top 7 questions that revolve around the growth of the market
Flat 10% discount on Single User License if you prebook this report
Flat 10% discount on Multiple User License if you prebook this report
Flat 10% discount on Corporate License if you prebook this report