Global Veterinary Reference Laboratory Market to Grow at a CAGR of 9% During 2024-2032, Aided by Rising Pet Ownership

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.

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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 (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) 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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