|
Home | Search Global IT News:
|
|
|
|
|
IT News & Press Release Distribution:
|
|
|
(IT-NEWSWIRE.COM, November 12, 2021 ) According to research report the veterinary reference laboratories market size is projected to reach USD 5.6 billion by 2025 from USD 3.4 billion in 2020, at a CAGR of 10.5%.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=256972714
Factors such as increasing demand for animal-derived food products and increasing incidence of transboundary and zoonotic diseases are driving the growth of this market amongst the livestock animals during the forecast period.
Based on application, the market is segmented into clinical pathology, bacteriology, virology, parasitology, productivity testing, pregnancy testing, and toxicology. In 2019, the clinical pathology segment accounted for the largest market share. The rising volume of pathology tests performed is the major factor driving the demand for diagnostic products and consumables for clinical pathology applications.
The Veterinary Reference Laboratories Market is segmented based on the type of service, application, animal, and region. Due to lockdown restrictions and social distancing protocols due to COVID-19 across various countries through the first half of 2020, the market saw a small dip in the number of veterinary clinic visits for routine testing. However, with the launch of new test kits for COVID-19 testing in pets, the second half of the year is expected to see a rise in the total number of tests in reference laboratories, thus compensating for the loss in revenues across the first two quarters.
Opportunities: Increased use of PCR testing panels to rule out COVID-19 virus in animals
With regard to the current COVID-19 pandemic, animal health authorities have been carrying out tests to understand how the virus is affecting animals. So far, research studies and testing show that felines are more susceptible than other animals. The most recent development in this market is the introduction of a PCR panel for testing the COVID-19 virus in animals by IDEXX in April, which has tested up to 6,000 specimens so far. Despite being made available to veterinarians, they have been asked to order this test under certain criteria only, including the presence of symptoms in pets after the owners have been tested positive. This test can be ordered if all alternative disease cases have been ruled out. These include upper respiratory disease PCR panels, comprehensive respiratory disease PCR panels, and influenza virus PCR panels. It is expected that pet owners will increasingly start testing their pets for the absence of these diseases, thus increasing the demand for PCR panels for virus testing; this will create opportunities for new molecular diagnostics panels in the industry.
Challenges: Low awareness in emerging markets
Although emerging markets showcase a strong growth potential, the lack of awareness will be a key challenge for the growth of the veterinary reference laboratories market in this region. Emerging economies such as India, China, Brazil, and some Southeast Asian countries are home to a large companion animal population. However, animal health expenditure in these countries is relatively low as compared to the developed countries across North America and Europe. This is mainly due to a lack of awareness among pet owners and veterinarians about the healthcare services available for animals. The companion animal health expenditure in these countries is focused on therapeutic treatments only; diagnostic technologies are not widely used in these countries, owing to their high cost.
IDEXX Laboratories, Inc. (US), VCA Inc. (US), GD Animal Health (Netherlands), Zoetis Inc. (US), Neogen Corporation (US), Boehringer Ingelheim (Germany), Marshfield Labs (US), ProtaTek International (US), Texas A&M Veterinary Medical Diagnostic Laboratory (US), Veterinary Diagnostic Laboratory - University of Minnesota (US), and Veterinary Diagnostic Laboratory, Iowa State University (US).
Request For Report Sample: https://www.marketsandmarkets.com/requestsampleNew.asp?id=256972714
The veterinary reference laboratories market, by region, is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The increasing adoption of companion animals, the growing pet insurance industry, rising veterinary healthcare expenditure, and the ever-increasing number of veterinary practices are driving the growth of the North American veterinary reference lab market.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
sales@marketsandmarkets.com
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
Source: EmailWire.Com 
Source: EmailWire.com
|
|
|
|
|
Information Technology (IT) Advertisement
|
|
|
|
|
Information Technology Sponsors
|
|
|
|
|
