The global veterinary reference laboratories market is expected to reach USD 5.13 billion by 2025, according to a new report by Grand View Research, Inc. The industry is projected to advance at 9.1% CAGR over the forecast period. There has been a substantial increase in the incidences of zoonotic diseases across the globe, which has necessitated the presence of reference laboratories as a means to tackle them. Another aspect that is facilitating veterinary reference laboratories (VRL) market growth is the rising adoption of integrated diagnostic systems coupled with information ecosystems for veterinary diagnostics. Rise in demand for advanced diagnostic tests and growing awareness amongst consumers are some of the factors expected to boost demand over the coming years. Moreover, companies are investing in R&D for the advancement of test kits for cost-effective diagnosis & monitoring of animal health, which is expected to boost growth.
Rising awareness among consumers about the need to invest in maintenance of animal health, especially those in contact with humans, to prevent zoological diseases, is expected to fuel the adoption of veterinary diagnostics services. Some of the advancements that the veterinary reference laboratory market has witnessed in recent years include the integration of efficient information management systems used in animal diagnostic applications, vaccine banks, and mobile apps for continuous monitoring. Veterinarians are widely adopting tests that measure blood count and chemistry panels. High focus toward innovation in veterinary health is anticipated to fuel the demand for reference labs. For instance, Innovative Medicines Initiative (IMI) is a public-private partnership that supports pharmaceutical innovations in Europe. Furthermore, an increase in the number of government initiatives to promote veterinary diagnostics products is presumed to drive the overall growth.
Veterinary Reference Laboratory Market Report Suggest:
• Presence of prominent industry players in major economies, development of advanced healthcare infrastructure, and high healthcare expenditure are some of the factors primarily responsible for growth of the VRL market
• As per data from the CDC, the danger of zoonotic diseases to human health is very high; 6 out of every 10 known infectious diseases can spread among people through animals, while 3 out of every 4 emerging or new infectious diseases affecting people originate from animals
• Increase in instances of pet food contamination that lead to severe illnesses and deaths amongst animals is expected to boost the demand for toxicology testing services in the veterinary reference laboratories market in coming years
• Production animals accounted for the largest revenue share in 2016 in the VRL market owing to the high consumption rate of milk, meat, and other animal products among the general population
• The VRL market was dominated by North America in 2016, and the region is expected to retain its leading position throughout the forecast period; on the other hand, the Asia Pacific region is projected to show substantial growth in the same period
• The COVID-19 pandemic has impacted the veterinary reference laboratories market; veterinary visits saw a marked decrease in 2020 owing to preventive measures such as lockdowns imposed by governments around the globe. The virus is not known to affect animals, although in some instances, feline animals have shown mild symptoms of the disease
• Companies offering reference laboratory infrastructure are focusing on the development of cost-effective diagnostic solutions for animal health. Strategies such as regional expansion, new product developments, merger & acquisitions, and research collaborations are anticipated to propel industry growth
• In September 2020, Zoetis launched ‘Vetscan Imagyst’, a diagnostic platform that combines image recognition technology, algorithms and cloud-based AI for detecting intestinal parasites in dogs and cats during the time of visit
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Veterinary Reference Laboratory Market Segmentation
Grand View Research has segmented veterinary reference laboratory market on the basis of the technology, application, animal type, and region:
Veterinary Reference Laboratory Technology Outlook (Revenue, USD Million, 2014 – 2025)
• Clinical Chemistry
• Lateral Flow Rapid Tests
• Molecular Diagnostics
Veterinary Reference Laboratory Application Outlook (Revenue, USD Million, 2014 – 2025)
• Clinical Pathology
• Productivity Testing
Veterinary Reference Laboratory Animal Type Outlook (Revenue, USD Million, 2014 – 2025)
Veterinary Reference Laboratory Regional Outlook (Revenue, USD Million, 2014 – 2025)
• North America
• Asia Pacific
• Latin America
• South Africa
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