VRL Market Hits USD 5.13 Billion By 2025: By Grand View Research, Inc.
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.
U.S. VRL market revenue by animal type, 2014 - 2025 (USD
million)
Browse full research
report on Veterinary Reference Laboratory (VRL) Market: http://www.grandviewresearch.com/industry-analysis/veterinary-reference-laboratory-vrl-market
Further key findings from the report 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
Access Press Release By Grand View Research: http://www.grandviewresearch.com/press-release/global-veterinary-reference-laboratory-vrl-market
About Grand View Research,
Inc:
Grand View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
For more information: http://www.grandviewresearch.com
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