The Global Veterinary Research Laboratory (VRL) Market Analyzed to Expand at $5167.9 Million by 2028

February 05 02:16 2021
The Global Veterinary Research Laboratory (VRL) Market Analyzed to Expand at $5167.9 Million by 2028

Veterinary Research Laboratory (VRL) Market
As per Triton’s research report, the global veterinary research laboratory (VRL) market gained $2303.2 million in 2020, and is forecasted to advance at a CAGR of 10.63% by 2028.

As per Triton’s research report, the global veterinary research laboratory (VRL) market gained $2303.2 million in 2020, and is forecasted to advance at a CAGR of 10.63% by 2028.

A recent study by Triton Market Research titled ‘Global Veterinary Research Laboratory (VRL) Market’ entails the Global Analysis and Forecasts by Animal Type (Production Animals [Poultry, Cattle, Sheep and Goats, Pigs, Other Production Animals], Companion Animals [Dogs, Horses, Cats, Other Companion Animals]), Technology (Molecular Diagnostics [PCR, Microarrays, Other Molecular Diagnostics], Hematology, Immunodiagnostics [Elisa, Lateral Flow Rapid Tests, Other Immunodiagnostics], Clinical Chemistry, Other Technologies), Application (Productivity Testing, Toxicology, Clinical Pathology, Other Applications), and by Geography (Latin America, Asia-Pacific, North America, Middle East and Africa, Europe).

Veterinary research laboratories deploy several technologies that help in discovering and monitoring several animal diseases. The growth of the VRL market is likely to be driven because of the growing adoption of immunodiagnostics kits for veterinary applications.

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Triton’s research report denotes that the global market for veterinary research laboratory (VRL) is probable to advance at a CAGR of 10.63% in revenue during the given years 2021-2028. It is further likely to gain revenue worth $5167.9 million by 2028.

The key drivers motivating the studied market’s progress include growing zoonotic diseases, coupled with the surge in animal healthcare expenditure. In recent years, the number of people willing to spend on animal healthcare services has increased, owing to growing disposable income. This further indicates that companion healthcare expenditure is likely to grow in the next few years, boosting R&D activities relating to veterinary medicine. Hence, these factors are expected to stimulate the development of the VRL market during the forecast period.

However, factors such as, lack of veterinary professionals in underdeveloped nations and the dearth of standardized regulations regarding animal health, significantly weigh down the veterinary research laboratory market’s future growth.

The market for veterinary research laboratory (VRL) is divided into animal type, technology, and application. Based on animal type, the market is bifurcated into production animals and companion animals. Here, the production animals section is subdivided into poultry, cattle, sheep and goats, pigs, and other production animals. The companion animals segment is divided into dogs, horses, cats, and other companion animals. In terms of technology, the market is divided into molecular diagnostics, hematology, immunodiagnostics, clinical chemistry, and other technologies.

Further, molecular diagnostics is trifurcated into PCR, microarrays, and other molecular diagnostics; immunodiagnostics is branched into Elisa, lateral flow rapid tests, and other immunodiagnostics. Lastly, the application segment is sub sectioned into productivity testing, toxicology, clinical pathology, and other applications.

Globally, Asia-Pacific is estimated to become the fastest-growing market for veterinary research laboratory (VRL). In the region, significant investment in R&D activities and continual initiatives by prominent market players to commercialize their products at lower costs, are majorly motivating the VRL market’s growth. Furthermore, in China, the sudden surge in the incidence of several infectious diseases among animals is boosting the demand for veterinary services, fueling the studied market’s growth. Also, the growing awareness among people regarding treatment and early diagnosis of the condition among companion animals, is driving the VRL market’s growth across China and the overall region.

Thermo Fisher Scientific Inc, Neogen Corporation, Texas A&M Veterinary Medical Diagnostic Laboratory, Zoetis, Boehringer Ingelheim Animal Health GmbH, ProtaTek International Inc, Royal GD Animal Health, Indical Bioscience GmbH, Virbac SA, IDEXX Laboratories, VCA Inc, Bio-Rad Laboratories Inc, Nutreco NV, and Biomerieux SA are prominent companies thriving in the VRL market.

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Question & Answer: Veterinary Research Laboratory (VRL) Market

Question 1: What key drivers are motivating the veterinary research laboratory market’s progress?

Answer: The key drivers motivating the studied market’s progress include growing zoonotic diseases, coupled with the surge in animal healthcare expenditure.

In recent years, the number of people willing to spend on animal healthcare services has increased, owing to growing disposable income. This further indicates that companion healthcare expenditure is likely to grow in the next few years, boosting R&D activities relating to veterinary medicine. Hence, these factors are expected to stimulate the development of the VRL market during the forecast period.

Question 2: What factors significantly weigh down the VRL market’s future growth?

Answer: Factors such as, lack of veterinary professionals in underdeveloped nations and the dearth of standardized regulations regarding animal health, significantly weigh down the veterinary research laboratory market’s future growth.

Question 3: Which region is estimated to become the fastest-growing market for veterinary research laboratory?

Answer: Globally, Asia-Pacific is estimated to become the fastest-growing market for veterinary research laboratory (VRL). In the region, significant investment in R&D activities and continual initiatives by prominent market players to commercialize their products at lower costs, are majorly motivating the VRL market’s growth.

Furthermore, in China, the sudden surge in the incidence of several infectious diseases among animals is boosting the demand for veterinary services, fueling the studied market’s growth. Also, the growing awareness among people regarding treatment and early diagnosis of the condition among companion animals, is driving the VRL market’s growth across China and the overall region.

Question 4: Which are the prominent companies thriving in the VRL market?

Answer: Thermo Fisher Scientific Inc, Neogen Corporation, Texas A&M Veterinary Medical Diagnostic Laboratory, Zoetis, Boehringer Ingelheim Animal Health GmbH, ProtaTek International Inc, Royal GD Animal Health, Indical Bioscience GmbH, Virbac SA, IDEXX Laboratories, VCA Inc, Bio-Rad Laboratories Inc, Nutreco NV, and Biomerieux SA are prominent companies thriving in the VRL market.

 

Related Report:

Global Veterinary Vaccines Market

The global veterinary vaccines market is predicted to progress at a CAGR of 5.68% during the assessed period of 2019-2028, while acquiring $11.80 billion in revenue by 2028.

Veterinary vaccines are environment-friendly products that aid in decreasing the use of antibodies, along with the threat of drug-resistant microbes. Moreover, these vaccines are vital to enhance animal welfare, while limiting financial loss for owners.

The surge in the occurrence of zoonotic and livestock diseases, are key elements driving the progress of the global market. Additionally, a growing number of government initiatives and growth in pet ownership have generated several opportunities for the veterinary vaccines market.

However, the high cost of vaccines and lack of skilled farmworkers, are restraining factors that are negatively impacting the veterinary vaccines market.

 

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