The global veterinary reference laboratories (VRL) market is expected to reach USD 5.13 billion by 2025, according to a new report by Grand View Research, Inc. Increase in incidence of zoonotic diseases is a key driving factor for market growth. Increase in adoption of integrated diagnostic systems coupled with information ecosystems for veterinary diagnostics is anticipated to fuel development.
Rise in demand for advanced diagnostic tests and growing awareness amongst consumers are some of the factors expected to boostdemandover the coming years. Moreover, companies are investing in R&D for the advancement of test kits for cost-effective diagnosis & monitoring of animal health, which is expected to boost growth. Some of the advancements in this market include efficient information management systems used in animal diagnostic applications, vaccine banks, and mobile apps for continuous monitoring. High focus toward innovation in veterinary health is anticipated to fuel the demand for reference labs. For instance, Innovative Medicines Initiative (IMI) is a public-private partnership that supports pharmaceutical innovations in Europe.
In addition, MediLabSecure, a laboratory network project was established, which aims to identify emerging viruses& pathogens in 19 countries in the Mediterranean regions and 57 labs were involved. Furthermore, increase in the number of government initiatives to promote veterinary diagnostics products is presumed to drive the overall growth.
Further Key Findings From the Study Suggest:
- The clinical chemistry analyzers segment held the dominant share of the market as of 2016 owing to growing demand for veterinary diagnostics products
- Increase ininstances of contamination in pet foods that causesevere illnesses and deaths amongst animalsis expected to boost the demand for toxicology testing services
- Production animals accounted for largest revenue share in 2016 owing to their highest consumption rate
- The market was dominated by North America and is expected to retain its position throughout the forecast period
- Presence of prominent industry players, advanced healthcare infrastructure, and high healthcare expenditure are some of the factors responsible for growth
- Companies offering reference laboratories are focusing on the development of cost-effective diagnostic solutions for animal health
- IDEXX Laboratories, Inc. held a dominant share owing to its presence across the globe and a wide product portfolio of advanced diagnostic tests
- Strategies such as regional expansion, new product developments, merger & acquisitions, and research collaborations are anticipated to propel growth
- For instance, inJanuary 2017, Mars, Inc. announced the agreement for acquiring VCA Inc. in a probe to capture higher share