NEW YORK, July 14, 2022 /PRNewswire/ -- As per Zion Market Research study, The global veterinary reference laboratory market was valued at $3.35B in 2021 and is projected to generate a revenue of over $9.2B by 2028. The global market is anticipated to grow at a CAGR of 10.2% during the forecast period.
Key Industry Insights & Finding of the Veterinary Reference Laboratory Market Reports:
Zion Market Research published the latest report titled as "Global Veterinary Reference Laboratory Market By Animal Type (Companion Animals, and Livestock Animals), By Molecular Diagnostics (Microarrays, PCR, and Others), By Technology (Hematology, Clinical Chemistry, and Immunodiagnostics (ELISA, Rapid Tests, and Lateral Flow Others), By Application (Toxicology, Clinical Pathology, Productivity Testing, and Others), and Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 ? 2028." into their research database.
Veterinary Reference Laboratory Market : Overview
A veterinary reference laboratory is a stand-along laboratory that receives a specimen from another veterinary lab or clinic for performing various tests on the specimen. A veterinary hospital may have selected a number of tests depending on the size of the clinic, the technological equipment owned, the number & availability of testing personnel, the types of the animal being tested, the in-house testing affordability, and its cost-effectiveness. In case the clinic is not able to perform the tests, after authorization from senior management, the specimen has to be sent to the reference laboratory in order for the necessary tests to be conducted.
Another application of veterinary reference laboratories is the performing of complex or unusual tests, or if certain equipment in the actual clinic is undergoing repair or service along with tests that can only be performed by patented equipment and cannot be easily conducted at regular laboratories. Typically, hospitals or clinics have tie-ups with veterinary reference laboratories to avoid a last-minute hassle in case a test needs to be conducted.
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Veterinary Reference Laboratory Market : Growth Drivers
The main origin source for a lot of diseases in current times that still do not have any cure are animals. In the last couple of decades, there has been a growing interest in learning zoology and the various medical aspects related to animals. Covid-19 is the latest example. The world came to a standstill due to the virus which the majority of the agencies claim to come from bats. This in turn has propelled the need to conduct exhaustive R&D on animals and get detailed information about the consequential implications that may arise due to interaction between humans and animals thus assisting global veterinary reference laboratory market growth. This step is aided not just by government agencies but private companies as well where heavy investments can be seen to fund such research activities.
The global market growth can also be attributed to the rise in acceptance of animals amongst the human population. Gone are the days when animal lives were considered less important than human lives. Due to multiple initiatives taken up by global agencies like PETA and various other domestic animal welfare agencies, there is considerable growth in providing animals with the necessary medical attention they need which in turn has resulted in the opening of multiple veterinary clinics which require the help of veterinary reference laboratory to conduct complicated animals-related medical cases thus aiding global market expansion.
The rise in the adoption of technology in veterinary clinics and laboratories is projected to aid global market growth backed by heavy investments from market players to expand their footprints in the global economy.
Veterinary Reference Laboratory Market : Restraints
Vet care is expensive and may not be affordable by large strata of society. Different animals require different types of medical attention on regular bases like vaccines, regular checkups, medical treatments, and diseases depending on the animal species. Even the imaging systems used at veterinary clinics cost a lot of money which restricts the adoption of animals and many animals do not get the necessary medical attention on time which is expected to restrict the global market growth during the forecast period.
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Veterinary Reference Laboratory Market: Opportunities
The global veterinary reference laboratory market growth may receive a positive push owing to the rising demand for immunodiagnostic kits for animals. These kits aid the detection of parasite antigens and antibodies. Because of the higher interdependence between animals and humans, global leaders are keen on learning everything about the implications that humans and animals have on each other, and the environment in general. This is also coupled with the increasing demand for animal-derived food across the world. Food items like meat, eggs, fish, and others are extremely common forms of animal-based products and in many regions, they form a significant portion of staple food. The rise in consumption of these food items is expected to aid global market expansion.
Veterinary Reference Laboratory Market: Challenges
Storing animal specimens requires excessive attention along with sufficient space and technology to store them for a longer duration for necessary tests to be conducted. Veterinary reference laboratories have high confidential data related to animal specimen tests, and there is always a chance of unethical use of this data. It is imperative that authorized agencies take utmost care when dealing with test results for specimens and contrary situations may pose a challenge to the global market growth during the projection period.
Global Veterinary Reference Laboratory Market : Segmentation
Based on animal type, the global market segments are companion animals and livestock animals. In the next few years, livestock animals may lead the segment due to rising demand for animal-based products; however, due to the increasing adoption of companion animals, the segment is expected to grow significantly.
Based on molecular diagnostics, the global market is segmented into microarrays, PCR, and others. Currently, microarrays are seen as the ideal technique to screen multiple genes at one go and may be preferred in the coming years as well.
Based on technology, the segments in the global market are hematology, clinical chemistry, and immunodiagnostics which are segmented into ELISA, rapid tests, lateral flow, and others. Clinical chemistry is expected to dominate the segment because of its extensive use in diagnosing and monitoring illness.
Based on applications, the global market segments are toxicology, clinical pathology, product testing, and others where clinical pathology may generate the highest revenue because of the increasing demand for toxicology testing services.
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List of Key Players of Veterinary Reference Laboratory Market :
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Recent Developments
Regional Dominance:
The global veterinary reference laboratory market is expected to be dominated by North America which has already been leading the market in the last few years owing to extremely funding received from various organizations to improve animal healthcare in the region. In December 2021, the US Department of Agriculture's Animal and Plant Health Inspection Service donated over $16m for over 60 projects in the USA.
Asia Pacific may generate high revenue owing to increasing consumption of animal-based products, China is a leading consumer of pig, poultry, & beef and is projected to contribute heavily to the regional growth followed by the Middle East because of growing medical tourism.
Global Veterinary Reference Laboratory Market is segmented as follows:
Veterinary Reference Laboratory Market : By Animal Type Outlook (2022-2028)
Veterinary Reference Laboratory Market : By Molecular Diagnostics Outlook (2022-2028)
Veterinary Reference Laboratory Market : By End-User Outlook (2022-2028)
Veterinary Reference Laboratory Market : By Technology Outlook (2022-2028)
Veterinary Reference Laboratory Market : By Application Outlook (2022-2028)
Veterinary Reference Laboratory Market : By Region Outlook (2022-2028)
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
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