Global Veterinary Reference Laboratories Market Share 2018, Present Scenario and Forecast to 2023

The veterinary reference laboratories market is expected to witness a CAGR of 9.7% over the forecast period. Veterinary reference laboratories provide technical and scientific assistance, along with expert advice on a variety of topics associated with the diagnosis and control of several animal diseases, as well as zoonotic diseases. The rise in prevalence of zoonotic and animal diseases, growth in demand for animal-based food products, and technological advancements are contributing to the growth of the market. However, the shortage of skilled personnel and lack of standardization could adversely affect market growth.

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Growth in Demand for Animal-based Food Products is Contributing to Market Growth

The increase in demand for animal food products, including animal meat, is expected to propel market growth, owing to the direct association of animal meat consumption with the demand for the need of treatment and cure for any kind of animal, as well as zoonotic, disease. According to the OECD-FAO (Organization for Economic Co-operation and Development - Food and Agriculture Organization) Agricultural Outlook (Edition 2017) world meat consumption statistics, per capita beef and veal consumption (in kilogram) has observed significant growth across many regions. Along with the aforementioned factor, the rise in prevalence of zoonotic and animal diseases, and technological advancements are expected to propel the growth of the market, over the forecast period.

Lack of Standardization is Limiting Market Growth

The lack of proper quality documentation and standardization is expected to restrain the growth of the veterinary reference laboratories market. Documentation challenges include the establishment of quality requirements for veterinary tests, the limited availability of quality-control materials essential for veterinary clinical pathology laboratories, the modification or use of human analytic methods for animal samples, the shortage of veterinary proficiency programs, and the complications associated with establishing species-specific reference intervals. One of the considerable challenges faced by veterinary reference laboratories is the informational isolation of each laboratory.. Hence, the opportunity for a test to become standardized or harmonized with similar procedures developed by other laboratories gets reduced.
In addition to the aforementioned factor, the shortage of skilled veterinary practitioners is another major factor that could restrain the growth of the market.

North America Dominates the Veterinary Reference Laboratories Market

North America is expected to dominate the Veterinary Reference Laboratories market over the forecast period, owing to the factors such as rising pet adoption and increasing per capita animal healthcare expenditure. As reported by the American Pet Products Association (APPA), approximately 90 million dogs are owned by people in the United States. It is also stated that 34% of dogs are purchased from breeders, while 23% of dogs and 31% of cats are obtained from animal shelters or humane society’s.

In addition, the presence of major players in the market, growing awareness about animal health, favorable and advanced healthcare IT infrastructure, helpful initiatives by the government, rise in product innovation, software integration, sophisticated technology, and high percentage of tech-savvy owners, are some other significant factors driving the growth of the veterinary reference laboratories market in North America.

Companies Mentioned:
Boehringer Ingelheim GmbH, GD Animal Health, Greencross Limited, IDEXX Laboratories, Neogen Corporation, Nutreco NV, Sanofi SA, VCA Inc., Virbac, and Zoetis Inc., among others

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Some Point from Table of Content:

1. Introduction
1.1 Market Definition
2. Research Methodology
3. Executive Summary
4. Key Inferences
5. Market Overview
5.1 Current Market Scenario
5.2 Porter's Five Forces Analysis
5.2.1 Bargaining Power of Suppliers
5.2.2 Bargaining Power of Consumers
5.2.3 Threat of New Entrants
5.2.4 Threat of Substitute Products and Services
5.2.5 Competitive Rivalry within the Industry
6. Market Dynamics

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Posted by Rahul Jadhav on Tuesday December 04 2018, 4:04 AM EST. All trademarks acknowledged. Filed under Uncategorized. Comments and Trackbacks closed. Follow responses: RSS 2.0