The Veterinary Reference Laboratory Market delves into the market’s dynamics and growth prospects, highlighting crucial details in a readable format.
Market Growth: The veterinary reference laboratory market is expected to grow from USD 4.1 billion in 2022 to USD 6.4 billion by 2027, representing a compound annual growth rate (CAGR) of 9.3% during this forecast period. Key factors driving this growth include an increasing number of veterinarians in developed countries and the rising incidence of zoonotic diseases. However, the growing cost of treating companion and livestock animals may pose challenges. Opportunities for market growth include untapped emerging markets and public-private partnerships in veterinary health. Nevertheless, low awareness in emerging markets and a shortage of veterinarians are hurdles that industry leaders need to address.
Opportunity: Public-private partnerships in veterinary health
Most research institutions and pharmaceutical companies in the private sector offer a broad portfolio of services that include developing new technologies and capabilities for providing services, genetic evaluation, micro-financing farmers & other livestock owners, and training & workshops to educate farmers. Governments also partner with private companies involved in such activities to provide support while restricting their role in monitoring, evaluation, and surveillance.
For example, in Mali, livestock animals contribute close to 80% of the revenue for the rural population, making it essential for citizens to regularly vaccinate and monitor animals for their health. A PPP between the National Veterinary Services and private veterinarians helped the country improve its livestock vaccination coverage for several diseases.
The OIE also released a handbook during its general session (2017) to educate stakeholders on public-private partnerships in the veterinary domain under three different clusters—transactional, collaborative, and transformative. Under transformative PPP, OIE decided to develop guidelines to initiate joint programs with national veterinary services on disease control, product supply, and genetic evaluation. Such PPP initiatives will continue to contribute to the growth of the market and provide fresh opportunities for companies.
Market Insights:
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=256972714
Service Type: Clinical chemistry services are anticipated to hold the largest share in the veterinary reference laboratory market. This is due to their widespread use in analyzing metabolic profiles, electrolyte profiles, and protein analysis in both companion and livestock animals.
Application Type: Clinical pathology is projected to dominate the market, with a significant share attributed to the growing volume of clinical pathology tests conducted in veterinary reference laboratories worldwide.
Animal Type: Among livestock animals, the cattle segment is expected to have the largest market share in 2021. This is primarily due to the increased demand for milk and related dairy products.
Regional Domination: In 2021, Germany led the European veterinary reference laboratory market. Factors driving this leadership position include a growing pet population, increased awareness of pet healthcare, higher pet healthcare spending, and greater awareness of zoonotic diseases in Germany.
Request Free Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=256972714
Key Players: Prominent players in the Veterinary Reference Laboratory Market include IDEXX Laboratories, Inc. (US), VCA, Inc. (US), GD Animal Health (Netherlands), Zoetis Inc. (US), NEOGEN Corporation (US), LABOKLIN GmbH (Germany), SYNLAB International GmbH (Germany), Heska Corporation (US), Virbac (US), and Thermo Fisher Scientific, Inc. (US). These companies play a vital role in shaping the market landscape.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]
© 2024 Crivva - Business Promotion. All rights reserved.