Global Veterinary Reference Laboratory Market Size, Share & Growth is Projected to Reach USD 7.1 Billion by 2027 | BlueWeave
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Rising Prevalence of Zoonotic Diseases Driving the Global Veterinary Reference Laboratory Market
The rising frequency of certain animal diseases, as well as the growing population of infected animals, are also driving the global veterinary reference laboratories market. For example, there are several types of zoonotic diseases that an animal or pet can contract. They can either be bacterial which can cause health issues like tuberculosis, anthrax, etc., or viruses that can cause yellow fever, HIV, rabies, or other types of infection. Mosquitoes, ticks, fleas, and other animals can easily be the medium of transmission for many infections, putting animals at a greater risk of contracting these diseases. Over the last several years, there has been a significant increase in the number of infection cases. This is projected to drive the demand for veterinary reference laboratories over the projection period.
Increasing Awareness of Pet Owners Towards their Pet’s Health Proving Favorable for Market Growth
Earlier, people with pets or other animals were not equipped with resources, be it knowledge or finances to take proper care of their pets. Rising awareness and regarding the importance of maintaining animals’ health have been contributing significantly towards the rising need for reference laboratories. The government's strict laws and regulations for protecting the health of livestock in agriculture are also increasing the demand for laboratories that provide testing services.
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Companion Animal Segment will lead the Global Veterinary Reference Laboratory Market in Forecast Period
The animal segment in the veterinary reference laboratory market is divided into two segments, i.e., companion animals and livestock animals. The livestock animals segment accounts for the majority of the market share due to the extensive commercialization of animals by the meat and dairy industries. However, the companion animal segment is projected to grow at a higher CAGR in the forecast period and is likely to lead the market in the coming years. This growth of this segment can be attributed to the rising trend of pet adoption and the increasing demand for pet care products. According to the American Pet Products Association's 2019–20 National Pet Owners Survey, over 67% of U.S. households own a pet.
Global Veterinary Reference Laboratory Market - Regional Insights
Geographically, the global veterinary reference laboratory market is grouped into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these, North America dominates the veterinary reference laboratory market with the largest market share and is likely to maintain its dominance even during the forecast period. However, in the forecast period, the Asia-Pacific region is estimated to witness promising growth in the market with a healthy CAGR. Because APAC countries lack adequate animal healthcare systems, the market for veterinary reference laboratories in the Asia Pacific has great potential. Additionally, rising disposable income and increased spending on animal health will strengthen the market even further.
Impact of Covid-19 on the Global Veterinary Reference Laboratory Market
The sudden outbreak of the Covid-19-induced pandemic did not sit very well with the global veterinary reference laboratory market. Pet owners resisted the need to take their animals to any healthcare facility, such as veterinary reference laboratories, even though the virus did not affect animals in the early phases. However, according to recent research investigations, new strains of the virus are attacking animals as well, with several cases of animal infected by Covid-19 surfacing. As a result, the demand for point-of-care testing will skyrocket in the coming years, fuelling the market for veterinary reference laboratories.
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The leading market players in the global veterinary reference laboratory are VCA, Inc., Boehringer Ingelheim, The Pirbright Institute, Animal and Plant Health Agency, Protatek International Inc., Colorado State University, Vetnostics, Texas A&M Veterinary Medical Diagnostic Laboratory, University of Minnesota, Laboklin GMBH, Zoetis, Inc., Virbac, Sanofi S.A., Nutreco N.V., and other prominent players. A majority of market players are adopting market growth strategies, among which product differentiation and launches are quite common. Moreover, they are focused on expanding their product portfolio and consumer base by offering high-quality and sustainable products.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global veterinary reference laboratory market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global veterinary reference laboratory market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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