The Global Veterinary Research Laboratory (VRL) Market Calculated to Acquire $5167.9 Million in Revenue by 2028

A recent study by Triton Market Research 'Global Veterinary Research Laboratory (VRL) Market' comprise the Global Analysis and Forecasts by Application (Clinical Pathology, Toxicology, Productivity Testing, Other Applications), Technology (Immunodiagnostics [Lateral Flow Rapid Tests, Elisa, Other Immunodiagnostics], Clinical Chemistry, Hematology, Molecular Diagnostics [Microarrays, PCR, Other Molecular Diagnostics], Other Technologies), Animal Type (Companion Animals [Horses, Dogs, Cats, Other Companion Animals], Production Animals [Sheep and Goats, Poultry, Pigs, Cattle, Other Production Animals]), and by Geography (Middle East and Africa, North America, Asia-Pacific, Europe, Latin America).

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Triton's report predicts that the global veterinary research laboratory (VRL) market is set to develop at a CAGR of 10.63% during the projected phase of 2020-2028. It is also estimated to garner revenue worth $5167.9 million by 2028.

Veterinary research laboratories are known to adopt innovative technologies that help in detecting and examining diseases in animals. Here, the surging use of immunodiagnostics kits for veterinary use is estimated to drive the studied market's growth.

The increasing zoonotic diseases and growth in animal healthcare spending, are crucial factors augmenting the growth of the veterinary research laboratory globally. For instance, several pet owners are seeking and spending highly on animal healthcare services due to the rise in disposable income among populations. Moreover, the increase in animal healthcare expenditure will encourage research and development activities associated with animal medicines, thereby propelling the veterinary research laboratory market on a growth path. However, the lack of standardized regulations is one of the major factors that is hindering the VRL market's expansion to a large extent.

The veterinary research laboratory (VRL) market is segmented into application, technology, and animal type. In terms of application, the market is sectioned into clinical pathology, toxicology, productivity testing, and other applications. Based on technology, it is divided into immunodiagnostics, clinical chemistry, hematology, molecular diagnostics, and other technologies. Further, immunodiagnostics is subdivided into Lateral flow rapid tests, Elisa, and other immunodiagnostics. Similarly, molecular diagnostics is branched into microarrays, PCR, and other molecular diagnostics.

Lastly, the animal type is categorized into companion animals and production animals, with companion animals further divided into horses, dogs, cats, and other companion animals. The production animals are sectioned into sheep and goats, poultry, pigs, cattle, and other production animals.

Geographically, North America is leading in the veterinary research laboratory (VRL) market. The high prevalence of livestock and zoonotic diseases are key elements that are stimulating the studied market's growth across the region. Furthermore, several renowned pharmaceutical companies are striving to commercialize their services, which further helps influence the growth of veterinary services. Moreover, multiple initiatives relating to animal health have been launched in the United States and Canada, enhancing the need for veterinary research laboratories. Hence, as stated above, these factors are likely to widen the scope and growth of the veterinary research laboratory (VRL) market across North America.

ProtaTek International Inc, Neogen Corporation, Nutreco NV, Zoetis, Bio-Rad Laboratories Inc, Indical Bioscience GmbH, Thermo Fisher Scientific Inc, Boehringer Ingelheim Animal Health GmbH, Biomerieux SA, Royal GD Animal Health, IDEXX Laboratories, Texas A&M Veterinary Medical Diagnostic Laboratory, VCA Inc, and Virbac SA are key enterprises present in the market.

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Question & Answer: Veterinary Research Laboratory (VRL) Market

Question 1: What crucial factors are augmenting the growth of the VRL market?
Answer: The increasing zoonotic diseases and growth in animal healthcare spending, are crucial factors augmenting the growth of the veterinary research laboratory globally. For instance, several pet owners are seeking and spending highly on animal healthcare services due to the rise in disposable income among populations. Moreover, the increase in animal healthcare expenditure will encourage research and development activities associated with animal medicines, thereby propelling the veterinary research laboratory market on a growth path.

Question 2: What major factor is hindering the veterinary research laboratory market's expansion?
Answer: The lack of standardized regulations is one of the major factors that is hindering the VRL market's expansion to a large extent.

Question 3: Which region is leading in the VRL market?
Answer: Geographically, North America is leading in the veterinary research laboratory (VRL) market. The high prevalence of livestock and zoonotic diseases are key elements that are stimulating the studied market's growth across the region.

Furthermore, several renowned pharmaceutical companies are striving to commercialize their services, which further helps influence the growth of veterinary services. Moreover, multiple initiatives relating to animal health have been launched in the United States and Canada, enhancing the need for veterinary research laboratories. Hence, as stated above, these factors are likely to widen the scope and growth of the veterinary research laboratory (VRL) market across North America.

Question 4: Which are the key enterprises present in the veterinary research laboratory market?
Answer: ProtaTek International Inc, Neogen Corporation, Nutreco NV, Zoetis, Bio-Rad Laboratories Inc, Indical Bioscience GmbH, Thermo Fisher Scientific Inc, Boehringer Ingelheim Animal Health GmbH, Biomerieux SA, Royal GD Animal Health, IDEXX Laboratories, Texas A&M Veterinary Medical Diagnostic Laboratory, VCA Inc, and Virbac SA are key enterprises present in the market.

Related Report:

Global Veterinary Vaccines Market - https://www.tritonmarketresearch.com/reports/veterinary-vaccines-market

The global veterinary vaccines market is anticipated to grow in its revenue during 2019-2028 at a CAGR of 5.68%. It is predicted to gain revenue worth $11.80 billion by 2028.

Veterinary vaccines are essential to increase animal welfare, and aids in reducing financial for pet owners. Additionally, animal vaccines are eco-friendly products that help in reducing the use of antibodies and the threat of drug-resistant microbes.

Factors such as an increase in the incidence of zoonotic diseases, paired with livestock diseases, are motivating the progress of the veterinary vaccines market. However, the high cost of vaccines is a significant factor that is restricting the expansion of the studied market.

Furthermore, the increasing number of initiatives by government agencies and a surge in pet ownership are opening new avenues for the veterinary vaccines market during the reviewed years.

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This release was published on openPR.