Market Definition
Veterinary reference laboratory play an important role in animal health protection by preventing and controlling serious epi zoonotic disease. It is a institution where several critical function related to veterinary sciences including prevention diagnosis, treatment and monitoring of animal health are undertaken. Also they have major implications on human due to the animal to human transmission of diseases including plague, rabies, listeriosis and query fever.
Market Outlook
The global veterinary reference laboratory market was valued at USD 3.2 billion in 2021 and it is anticipated to grow up to USD 9.8 billion by 2031, at a CAGR of 11.8% during the forecast period.
The number of companion animals has dramatically expanded over time, including dogs and cats. 85 million US households, or 67 percent, have pets, according to the American Pet Products Association’s (APPA) National Pet Owners Survey 2019-2020. Additionally, 38 percent of homes (88 million) in Europe owned pets in 2020, according to the European Pet Food Industry Federation (FEDIAF). While the number of cats increased from 74.05 million in 2017 to 94.2 million in 2019, the number of dogs in the US increased from 69.9 million in 2017 to 89.7 million in 2019. PETS International estimates that Brazil has 54.2 million dogs, 39.8 million birds, 23.9 million cats, 19.1 million fish, and roughly 2.3 million small animals as pets in 2018. Similarly, as of 2019, India reported 20 million dogs and 19 million other domestic pets. Every year, approximately 600,000 pets are adopted in India. Hence, high adoption rate of companion animals in the urban population, rising rapid urbanization has contributed to rising per capita expenditure on animal health. Also increasing awareness of animal health, is propelling market growth.
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Research Objectives
• Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
• Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
• Identify factors influencing market growth and challenges, opportunities, drivers and restraints
• Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
• Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
• Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
• To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
• Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Market Segmentation
Based on technology, it is segmented into the clinical chemistry, haematology, immunodiagnostics, molecular diagnostics and others. The clinical chemistry segment is likely to account for the significant market share during the forecast period. In clinical chemistry tests, bodily fluids including blood and urine are analysed to determine the function and capabilities of the entire metabolism and organs. These parameters provide crucial information for disease diagnosis and monitoring. This technology entails sample collection, analysis, and consultation. This procedure employs instruments such as an automatic analyzer, an immulite automated chemiluminescent immunoassay system, an osmometer, and a pH metre. Hence, such aforementioned factors will fuel segmental growth over the forecast period.
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Major Players
The key players in the market are IDEXX Laboratories, Inc. (US), VCA, Inc. (US), GD Animal Health (Netherlands), Boehringer Ingelheim (Germany), Zoetis Inc. (US), NEOGEN Corporation (US), LABOKLIN GmbH (Germany), SYNLAB International GmbH (Germany), Heska Corporation (US), Virbac (US), Thermo Fisher Scientific, Inc. (US), Texas A&M Veterinary Medical Diagnostic Laboratory (US), University of Minnesota (Veterinary Diagnostic Laboratory) (US), Vetnostics (Australia), and ProtaTek International Inc. (US) among others.
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Research Scope
• Scope – Highlights, Trends, Insights. Attractiveness, Forecast
• Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
• Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
• Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
• Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
• Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
• Market Size in 2021 – $3.2 bn
• Market Size in 2031 – $9.8 bn
• CAGR % – 11.8%
• Historic Period – 2015-2022
• Forecast Period – 2024-2033
• Base Year – 2023
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