According to SPER Market Research, During the anticipated time, there will be a rise in the demand for veterinary reference laboratories globally. The veterinary reference laboratory market has rapidly expanded as a result of factors including the rising trend of owning pets, the demand for meat and other foods generated from animals, and the rising costs of veterinary treatment. But it is predicted that throughout the course of the forecast period, elements like the rising income levels of veterinary reference laboratory specialists in developed nations and increased awareness of animal ailments will propel the global veterinary reference laboratory market. As more veterinary immunodiagnostic kits are used in applications including complex diagnostic platforms and immunoassay formats, the business is anticipated to grow more quickly.
Veterinary Reference Laboratory Market Overview:
- Forecast CAGR (2022–2032): 7.84%
- Forecast Market Size (2032): 9.36 billion
A large portion of the industry has been harmed by COVID. This can be linked to the enormous disruptions that the many precautionary lockdowns and other limitations imposed by governing bodies worldwide caused in each company’s production and supply-chain operations. The demand for veterinary reference labs is the same throughout the world. Additionally, consumer demand has decreased as a result of people being more motivated to cut non-essential expenses from their own budgets because this outbreak has badly impacted the overall economic situation of the majority of people. The aforementioned factors are anticipated to negatively impact the growth trajectory of the global market for veterinary reference laboratories during the course of the forecast year.
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Veterinary Reference Laboratory Market Key Players:
The Market study provides market data by the competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Boehringer Ingelheim, Colorado State University, Friedrich-Loeffler-Institute, GD Animal Health, Heska Corporation, IDEXX Laboratories Inc., IDVet, Kansas State Veterinary Diagnostic Laboratory, LABOKLIN GmbH, NEOGEN Corporation, Prota Tek International Inc., SYNLAB International GmbH, Texas A&M Veterinary Medical Diagnostic Laboratory, The Pirbright Institute, Thermo Fisher Scientific Inc., VCA Inc., Vetnostics, Virbac, Washington Animal Disease Diagnostic Laboratory, Zoetis Inc.
Global Veterinary Reference Laboratory Market Segmentation:
By Technology: Based on the Technology, Global Veterinary Reference Laboratory Market is segmented as; Clinical Chemistry, Hematology, Immunodiagnostics (ELISA, Lateral Flow Rapid Tests, Others), Molecular Diagnostics (Microarrays, PCR, Others), Others.
By Animal Type: Based on the Animal Type, Global Veterinary Reference Laboratory Market is segmented as; Companion Animals (Cats, Dogs, Horses, Other), Livestock Animals (Cattle, Poultry, Swine, Other).
By Application: Based on the Application, Global Veterinary Reference Laboratory Market is segmented as; Bacteriology, Clinical Pathology, Parasitology, Pregnancy Testing, Productivity Testing, Toxicology, Virology, and Others.
By End User: Based on the End User, Global Veterinary Reference Laboratory Market is segmented as; Clinics, Hospitals.
By Region: North America formerly led the market, and it is anticipated that it will continue to do so during the projection period. The increased proportion of the segment is due to the presence of notable businesses, improved healthcare infrastructure, and high healthcare costs, among other things. Due to reasons including the rise in reported veterinary diseases, veterinary health organizations like the World Small Animal Veterinary Association, and an increase in the cost of animal care, the global market is expanding more quickly. Due to unmet clinical demands, rising healthcare costs, and the construction of VRLs by key international companies in this region, the Asia Pacific is predicted to have profitable growth during the projection period.
Additionally, the urgent need to handle disease outbreaks like swine flu and Ebola in emerging nations as well as the increased prevalence of zoonotic illnesses is anticipated to fuel market expansion. Rising economic stability in developing nations like China and India, as well as an increase in the number of government and private groups dedicated to animal welfare, are encouraging the use of animal health products and driving market expansion.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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