Selbyville, Delaware, June 12, 2023 (GLOBE NEWSWIRE) --
Veterinary Reference Laboratory Market size will cross USD 12 billion by 2032. Increasing public-private investments in animal healthcare will present lucrative opportunities for market growth. In December 2021, the USDA’s Animal and Plant Health Inspection Service announced an investment of over USD 16.3 million in farm bill funding for the protection of animal health. Many private organizations across the world are also investing heavily in veterinary reference laboratories for accurate disease diagnostics and treatment to ensure animal well-being. This, in line with the increased consumer expenditure on animal health, will propel market revenue.
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Demand for immunodiagnostics to witness an upward trend
Veterinary reference laboratory market from immunodiagnostics segment will expand considerably through 2032, claims the report. Growing awareness about infectious disease testing in animals will increase the demand for immunodiagnostics. Veterinary reference laboratories employ immunoassay techniques such as enzyme-linked immunosorbent assays (ELISA) or lateral flow assays to identify the presence of specific antibodies or antigens associated with infectious agents. They also use techniques such as immunofluorescence or immunoblotting to detect autoantibodies associated with diseases.
Increasing investment in veterinary virology to strengthen the industry landscape
The virology segment will grow at a considerable CAGR from 2023 to 2032. Surging investments in veterinary virology will bolster the demand for veterinary reference laboratories. These facilities play a critical role in diagnosing viral diseases, monitoring disease outbreaks, protecting animal health, and supporting public health initiatives related to zoonotic diseases.
Surging awareness of livestock health will bring high revenue
Veterinary reference laboratory market value from the livestock animals segment will depict appreciable development through 2032, suggests the report. Growing awareness of livestock health will supplement segment evolution. Veterinary reference laboratories provide diagnostic services to identify and monitor diseases targeted for eradication or control, such as bovine viral diarrhea, foot-and-mouth disease, avian influenza, or swine fever. They also collaborate with researchers, veterinary professionals, and industry stakeholders to develop new diagnostic tests, vaccines, and treatment strategies for viral diseases affecting livestock animals.
Europe to dominate the veterinary reference laboratory industry
Europe veterinary reference laboratory industry share will grow at a decent CAGR from 2023 to 2032. Rising pet adoption, in line with surging awareness of animal diagnostics. According to the European Pet Food Federation 2021 data, nearly 90 million households in Europe own companion pets. Moreover, supportive government policies for the pet care industry will favor regional gains. The region also has a strong presence of key industry leaders such as Vaxxinova Gmbh and others constantly focus on innovations.
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Veterinary Reference Laboratory Market Players
GD Animal Health, NEOGEN Corporation, Heska Corporation, Vaxxinova Gmbh, Boehringer Ingelheim International GmbH., Zoetis Inc., and Thermo Fisher Scientific Inc., among others
Veterinary Reference Laboratory Market News:
- In September 2022, Zoetis Inc., a leading pharmaceutical company, announced the acquisition of Jurox, a manufacturer of veterinary medicines for the treatment of livestock and companion animals. This acquisition will help Zoetis Inc. get a range of essential products for extending its global footprint.
Partial Table of Contents (ToC) of the report:
Chapter 3 Veterinary Reference Laboratory Industry Insights
3.1 Industry ecosystem analysis
3.2 Industry impact forces
3.2.1 Growth drivers
3.2.1.1 Increasing pet adoption for companionship
3.2.1.2 Rising demand for pet insurance and increasing animal health expenditure
3.2.1.3 Rising number of zoonotic diseases among pet animals
3.2.2 Industry pitfalls & challenges
3.2.2.1 High cost associated with pet care and their products
3.2.2.2 Growing demand for POC portable instruments
Chapter 4 Competitive Landscape, 2022
4.1 Introduction
4.2 Company matrix analysis, 2022
4.3 Company positioning matrix
4.4 Strategic outlook matrix
4.5 Strategy dashboard, 2022
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