Veterinary Reference Laboratory Market to Reach USD 2.76 Bn by 2021, Forecasts M&M in Its New Report Published at MarketPublishers.com16 Jun 2016 • by Natalie Aster
LONDON – An upsurge in the demand for animal-derived foods, growing animal health spending and rising need for pet insurance, and also rising concerns pertaining to the prevention of zoonotic diseases (zoonoses) have contributed to the growth of the market for veterinary reference laboratories worldwide. The sector is projected to exhibit a 9.8% CAGR in the years to come to be worth USD 2.76 billion by end-2021. Furthermore, mushrooming number of practicing veterinarians and a surge in the level of their income in the developed regions and surging consciousness about pet healthcare are also propelling the market growth.
Meantime, soaring pet care costs are among the factors that will likely limit the growth of this marketplace to a certain degree in the foreseeable future. Untapped markets of India and China create enormous growth opportunities in this area.
As of 2015, North America grabbed the lion’s share of the market, chiefly due to the rising adoption of companion animals, expanding pet insurance, rising animal healthcare spending across the region, among others. However, APAC is expected to grow the fastest, which is owing to the soaring number of animals and a surge in the demand for animal-derived foods.
New research report “Veterinary Reference Laboratory Market” prepared by M&M provides a comprehensive guide to the market space on a global level. It segments and examines the sector based on technology, application, type of animal, and geographic region. The report provides market size data, historical and forecasted, for the overall market and each of the segments. Further, the research study uncovers major market challenges, opportunities, drivers and limiters. A detailed review of the industry and disease trends, as well as a regulatory analysis is included. The report canvasses the competitive situation in the industry and prevailing trends in this respect, offers a market share analysis. The report also discusses the largest players such as IDEXX Laboratories, VCA, GD Animal Health, National Veterinary Services Laboratory, Animal Health Diagnostic Center, Greencross Limited, Zoetis, Neogen Corporation, ProtaTek Internationals, to name a few.
More studies by M&M are available at the publisher’s page.