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Global Veterinary Reference Laboratory Market to Grow at a CAGR of 9% During 2021-2026, Aided by Rising Pet Ownership

According to a new report by EMR titled, ‘Global Veterinary Reference Laboratory Market Report and Forecast 2021-2026’, the market is expected to grow at a CAGR of 9% in the forecast period of 2021-2026.

The Asia Pacific region is rapidly emerging as one of the most significant markets of veterinary reference laboratory owing to the robust growth of the animal husbandry industry. As countries like India are some of the largest producers of livestock, the demand for diagnosis to ensure optimal health of livestock is surging, which is propelling the industry growth. Moreover, the increasing pet adoption among the emerging middle class in various countries such as China, Indonesia, South Korea, and India, among others, is increasing the prevalence of pet diagnostics, which is providing further impetus to the market growth. In addition, the penetration of various international pet diagnostic laboratories and the rising availability of skilled professionals in the region is fuelling the market growth, therefore significantly contributing to the overall industry growth.

Zoetis Inc. (NYSE: ZTS), one of the leading companies in the market, announced that it is set to expand its portfolio of equine horse care products with the addition of Pro-Stride APS, Restigen PRP, and CenTrate BMA in June 2021. The devices are designed to aid in addressing injuries common in horses that may cause lameness. They offer the opportunity to harness a horse’s own natural healing mechanisms to manage joint and soft tissue ailments. The devices have the ability for easy-stall side processing of the horses’ blood or bone marrow, therefore allowing for immediate use within 15-20 minutes of centrifugation to eliminate the requirement of incubation or off-site preparation. The devices expand the company’s ability to strengthen its commitment to animal health and wellbeing. Such devices are projected to fuel the market growth.

Market Analysis by Technology, Application, Animal Type, and Region:

  • The market, on the basis of technology, can be divided into clinical chemistry, haematology, immunodiagnostics, and molecular diagnostics, among others.
  • Based on application segment, the industry can be divided into clinical pathology, toxicology, and productivity testing, among others.
  • The animal types for veterinary reference laboratory include production animals and companion animals.
  • The regional markets for veterinary reference laboratory include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The increasing availability of skilled veterinarians and the growing expansion of veterinary laboratories are augmenting the market growth of veterinary reference laboratory. 
  • The market is being aided by the increasing research and development (R&D) activities to develop innovative medicines for effective animal diagnosis.
  • The development of quality veterinary diagnostics by the incorporation of novel diagnostic techniques is propelling the market growth.
  • The deployment of advanced monoclonal antibodies, recombinant antigens, and synthetic peptides to diagnose zoonotic diseases is augmenting the growth of the veterinary reference laboratory industry.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for veterinary reference laboratory for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the technologies, applications, animal types, and regions of veterinary reference laboratory.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global veterinary reference laboratory market are Heska Corporation, Randox Laboratories Ltd., Zoetis Inc., IDEXX Laboratories, Inc., and Virbac S.A., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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