Global Veterinary Reference Laboratories Market: Introduction
- Veterinary reference laboratories are the laboratories wherein various key functions associated with veterinary science, including determination of treatment options, diagnosis, prevention, and monitoring of animal diseases take place
- Veterinary reference laboratories provide scientific and technical assistance, along with expert advice and consultancy, on various topics associated with the diagnosis and control of various animal diseases as well as zoonotic diseases
Key Drivers of Global Veterinary Reference Laboratories Market
- The global veterinary reference laboratories market is driven by increasing adoption of companion animals, growing availability of advanced diagnostic tests, rising demand for pet insurance, and growing focus on innovations in veterinary health care
- Around 67% of the U.S. households (or about 85 million families) own a pet, according to the 2019–20 National Pet Owners Survey conducted by the American Pet Products Association (APPA)
- Increasing prevalence of various animal diseases and increasing population of diseased animals are key factors driving the global veterinary reference laboratories market
- Rise in interest in veterinary health care, growth of research and development activities in veterinary health care, and surge in the number of veterinary reference laboratories are key factors boosting the global veterinary reference laboratories market
- However, increasing pet care costs are anticipated to restrain the global veterinary reference laboratories market during the forecast period
Are you a Start-up willing to make it Big in the Business? Grab an Exclusive PDF Brochure of Report
Strategies Adopted by Key Players to Offer Attractive Opportunities to Market
- Companies operating in the global veterinary reference laboratories market are focused on catering to the needs of the medical community as well as patient pool by introducing new products and technologies. Leading players emphasize research and developmental activities and engage in acquisitions, mergers, and collaborations to strengthen their position in the global market.
- For instance, in January 2020, IDEXX Laboratories, Inc., a leading player in the global veterinary diagnostics & software industry, announced the launch of a new rapid digital cytology service. The service digitally connects veterinarians to the largest global network of more than 100 veterinary clinical pathologists and enables them to receive cytology interpretations within 2 hours.
- In October 2019, Zoetis Inc. announced completion of the acquisition of Phoenix Central Laboratory for Veterinarians, Inc. (Phoenix Lab), a full-service veterinary reference laboratory company
- In November 2019, Zoetis Inc. acquired ZNLabs, a full-service veterinary clinical reference laboratory company with a network of labs across the U.S., to further strengthen its comprehensive diagnostics portfolio
- Developing economies present lucrative opportunities to the global veterinary reference laboratories market, owing to increase in patient population, surge in the prevalence of animal diseases and zoonotic diseases, and rise in research and development activities in these countries
North America to Account for a Major Share of Global Veterinary Reference Laboratories Market
- North America is projected to account for a leading share of the global veterinary reference laboratories market during the forecast period, due to rise in the adoption of companion animals, increase in population of diseased animals, availability of well-established veterinary health care infrastructure, continuous technological advancements, rise in the number of well-equipped laboratories, surge in research and development activities, and presence of key players in the region
- The veterinary reference laboratories market in Asia Pacific is projected to expand at a rapid pace during the forecast period, due to increasing prevalence of animal diseases as well as zoonotic diseases, expanding veterinary health care sector, and rising interest of key players in expanding their presence in the market in the region
Looking for Regional Analysis or Competitive Landscape, Ask for a Customized Report
Key Players Operating in Global Veterinary Reference Laboratories Market
Leading players in the global veterinary reference laboratories market are focusing on research and development activities and technological advancements. Their competitors are also emphasizing various growth strategies including mergers, acquisitions, product advancements, new product approvals and launches, partnerships, and collaborationsaa. Leading players operating in the global veterinary reference laboratories market are:
- IDEXX Laboratories, Inc.
- Neogen Corporation
- Boehringer Ingelheim International GmbH
- ProtaTek International, Inc.
- Gribbles Veterinary
- Wisconsin Veterinary Diagnostic Laboratory Madison
Global Veterinary Reference Laboratories Market: Research Scope
Global Veterinary Reference Laboratories Market, by Service Type
- Clinical Chemistry
- Molecular Diagnostics
Global Veterinary Reference Laboratories Market, by Application
- Clinical Pathology
Global Veterinary Reference Laboratories Market, by Animal Type
- Companion Animals
- Livestock Animals
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.