Veterinary Reference Laboratories Market Size will Observe Lucrative Surge by the End 2024

[Pavan Ishi]

Global Veterinary Reference Laboratories Market: Introduction

• Veterinary reference laboratories are the laboratories wherein various key functions associated with veterinary science, including determination of treatment options, diagnosis, prevention, and monitoring of animal diseases take place
• Veterinary reference laboratories provide scientific and technical assistance, along with expert advice and consultancy, on various topics associated with the diagnosis and control of various animal diseases as well as zoonotic diseases 

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Key Drivers of Global Veterinary Reference Laboratories Market

• The global veterinary reference laboratories market is driven by increasing adoption of companion animals, growing availability of advanced diagnostic tests, rising demand for pet insurance, and growing focus on innovations in veterinary health care
• Around 67% of the U.S. households (or about 85 million families) own a pet, according to the 2019–20 National Pet Owners Survey conducted by the American Pet Products Association (APPA)
• Increasing prevalence of various animal diseases and increasing population of diseased animals are key factors driving the global veterinary reference laboratories market
• Rise in interest in veterinary health care, growth of research and development activities in veterinary health care, and surge in the number of veterinary reference laboratories are key factors boosting the global veterinary reference laboratories market
• However, increasing pet care costs are anticipated to restrain the global veterinary reference laboratories market during the forecast period

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Strategies Adopted by Key Players to Offer Attractive Opportunities to Market

• Companies operating in the global veterinary reference laboratories market are focused on catering to the needs of the medical community as well as patient pool by introducing new products and technologies. Leading players emphasize research and developmental activities and engage in acquisitions, mergers, and collaborations to strengthen their position in the global market.
• For instance, in January 2020, IDEXX Laboratories, Inc., a leading player in the global veterinary diagnostics & software industry, announced the launch of a new rapid digital cytology service. The service digitally connects veterinarians to the largest global network of more than 100 veterinary clinical pathologists and enables them to receive cytology interpretations within 2 hours.
• In October 2019, Zoetis Inc. announced completion of the acquisition of Phoenix Central Laboratory for Veterinarians, Inc. (Phoenix Lab), a full-service veterinary reference laboratory company
• In November 2019, Zoetis Inc. acquired ZNLabs, a full-service veterinary clinical reference laboratory company with a network of labs across the U.S., to further strengthen its comprehensive diagnostics portfolio
• Developing economies present lucrative opportunities to the global veterinary reference laboratories market, owing to increase in patient population, surge in the prevalence of animal diseases and zoonotic diseases, and rise in research and development activities in these countries 

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North America to Account for a Major Share of Global Veterinary Reference Laboratories Market

• North America is projected to account for a leading share of the global veterinary reference laboratories market during the forecast period, due to rise in the adoption of companion animals, increase in population of diseased animals, availability of well-established veterinary health care infrastructure, continuous technological advancements, rise in the number of well-equipped laboratories, surge in research and development activities, and presence of key players in the region
• The veterinary reference laboratories market in Asia Pacific is projected to expand at a rapid pace during the forecast period, due to increasing prevalence of animal diseases as well as zoonotic diseases, expanding veterinary health care sector, and rising interest of key players in expanding their presence in the market in the region

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Key Players Operating in Global Veterinary Reference Laboratories Market

Leading players in the global veterinary reference laboratories market are focusing on research and development activities and technological advancements. Their competitors are also emphasizing various growth strategies including mergers, acquisitions, product advancements, new product approvals and launches, partnerships, and collaborationsaa.

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