Veterinary Laboratory Testing Services Market Current Trends and Future Aspect Analysis 2016 - 2024
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Globally, daily disposable income of an individual is increasing rapidly. Thus, the adoption rate of dogs and cats is increasing significantly with increasing disposable income of the global population. Likewise, with increasing adoption rate of dogs and cats the global market for veterinary laboratory testing will also increase. Moreover, prevalence of zoonotic diseases is on the rise among global population. Thus, it is necessary to perform routine examination laboratory test for pet animals.
Moreover, with the rising prevalence of zoonotic diseases the global market for veterinary laboratory testing services will also increase. The cost is very high for veterinary diagnostic product and services is a factor that would restrict the global market demand of veterinary diagnostic testing services market to some extent. Moreover, lack of awareness about veterinary laboratory testing in few of the developing nations is also a factor that might restrict its demand in the global veterinary laboratory testing services market.
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Geographically, North America dominates the global market for veterinary laboratory testing services due to increasing demand for laboratory based diagnostic test for animals. Moreover, increasing awareness among people about laboratory based diagnostic for pet animals will also accentuate the market in North American region. Europe represents the second position in the global market due to technological advancement and increasing awareness among people. Asia–Pacific is considered as an emerging market in the global veterinary laboratory testing services market due to large number of animals (cow, buffalo and goat) suffering from various diseases.
Moreover, the market for veterinary laboratory testing services is at its initial stage in Asian countries. Thus, it is expected that Asia–Pacific will contribute a significant market share during the forecast period. Rest of the World (RoW) region is considered as an untapped market in the global veterinary laboratory testing services market. Major market players contributing the global market share of veterinary laboratory testing services include Heska Corporation, Life Technologies Corporation, Pfizer Animal Health, IDEXX Laboratories Inc., Prionics AG, Abaxis Corporation and Other Market Participants.
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