Market Study Report has added a new report on Veterinary Reference Laboratory market with respect to the pivotal drivers influencing the revenue graph of this business sphere. The current trends of Veterinary Reference Laboratory market in conjunction with the geographical landscape, demand spectrum, remuneration scale, and growth graph of this vertical have also been included in this report.
Global Veterinary Reference Laboratory Market is valued approximately at USD 2.60 billion in 2018 and is anticipated to grow with a healthy growth rate of more than 11.41% over the forecast period 2019-2026.
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For instance, as per the North American Pet Health Insurance Association (NAPHIA) the total number of pets insured reached 2.43 million at year-end 2018, up by over 17 percent from 2017. The association also reported that the pet health insurance sector for the U.S. and Canada published a combined gross written premium of USD 1.42 billion in 2018, representing an increase from USD 1.15 billion since 2017. Veterinary reference laboratories are potent and crucial tools for the prevention of zoonotic diseases and promotion of animal health and welfare, safe food production, and public health.
Major market player included in this report are:
- IDEXX Laboratories, Inc.
- VCA, Inc.
- GD Animal Health
- Boehringer Ingelheim
- Zoetis, Inc.
- Neogen Corporation
- Laboklin GmbH
- Synlab International GmbH
- Marshfield Labs
- Texas A&M Veterinary Medical Diagnostic Laboratory
It plays an important role in animal health protection by preventing and controlling serious epi zoonotic diseases. These laboratories have major implication on human health because of the animal to human transmission of diseases such as plaque, rabies, query fever and listeriosis.
Growing adoption of pets, demand for pet insurance, surging demand for animal-derived food, and rising incidence of trans-boundary and zoonotic diseases are the few factor responsible for high CAGR of the market over the forecast period.
Moreover, growing public-private partnerships in veterinary health is the major factor likely to create lucrative growth opportunities to the market growth in the forecasting years. However, escalating pet care costs, lack of standardization, improper facilities and a shortage of skilled professional in veterinary reference laboratories are limiting the growth of global veterinary reference laboratory market during the forecast period.
The regional analysis of global Veterinary Reference Laboratory Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World.
North America is the leading/significant region across the world in terms of market share owing to the escalating adoption of companion animals, the increasing pet insurance industry, rising veterinary healthcare expenditure, and the growing number of veterinary practices in the region. However, North America is anticipated to exhibit highest growth rate / CAGR over the forecast period 2019-2026.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study.
Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Type of Service:
Clinical Chemistry Services
Molecular Diagnostic Services
Furthermore, years considered for the study are as follows:
Historical year 2016, 2017
Base year 2018
Forecast period 2019 to 2026
Target Audience of the Global Veterinary Reference Laboratory Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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