Yahoo Finance Veterinary Laboratory Testing Services Global Market Report 2023
Major players in the veterinary laboratory testing market are ABAXIS, Inc, IDEXX Laboratories, Inc, Heska Corporation, Pfizer Animal Health, Neogen Corporation, Thermo Fisher Scientific Inc, Zoetis, Inc.
New York, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Veterinary Laboratory Testing Services Global Market Report 2023" - https://www.reportlinker.com/p06281020/?utm_source=GNW
, IDVet, Virbac, Zoetis, VCA Antech, Inc, and Prionics AG.
The global veterinary laboratory testing services market will grow from $23.39 billion in 2022 to $25.75 billion in 2023 at a compound annual growth rate (CAGR) of 10.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The veterinary laboratory testing services market is expected to grow from $36.19 billion in 2027 at a CAGR of 8.9%.
The veterinary laboratory testing services market consists of revenues earned by entities that use technologies such as clinical biochemistry, immunodiagnostics, hematology, molecular diagnostics, urinalysis, and others for the diagnosis of animal diseases.The tests conducted involve chemistry, pathology, serology, radiography and endocrinology related assessments.
The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
Veterinary services refers to various tests conducted for diagnosis of infectious agents, toxins, and other causes of diseases in animals.
North America was the largest region in the veterinary laboratory testing market in 2022.Asia Pacific was the second-largest region in the veterinary laboratory testing market.
The regions covered in the veterinary laboratory testing services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main technologies of veterinary laboratory testing services are clinical biochemistry, immunodiagnostics, hematology, molecular diagnostics, urinalysis, and other technologies.Clinical Biochemistry is the branch of laboratory medicine concerned with the detection of chemicals (both natural and synthetic) in blood, urine, and other bodily fluids.
These veterinary laboratory testing services are beneficial for pet animals and livestock and are used by veterinary hospitals and clinics, diagnostic laboratories, research institutes, in-house testing, and other end users.
The veterinary laboratory testing services market is being driven by the rising prevalence of disease epidemics in animals.For instance, cattle are getting infected by a wide group of pathogens, which is leading to a rise in the number of laboratory tests done for cattle.
Moreover, livestock globally is becoming vulnerable to infectious diseases caused by pathogens and viruses.For instance, Salmonella and Campylobacter are the two most common zoonotic pathogens that are present in the intestine tracts of animals, such as chickens, swine, and cattle, and are leading causes of foodborne disease worldwide.
These diseases get passed through the food chain to humans, which is a potential threat.Therefore, efforts to curb these infections in animals are driving the market for veterinary laboratory testing.
The FoodNet system (Center for Disease Control and Prevention, USA) identified 24,484 foodborne illnesses, 5,677 hospitalizations, and 122 deaths. The highest incidences per 100,000 people were for Campylobacter, Salmonella, and Shigella(these are organisms causing bacterial gastroenteritis, which is a digestive problem) in the USA.
The veterinary laboratory testing services market is being restrained by a lack of animal healthcare awareness in emerging markets, which is responsible for causing many animal-related diseases to go untreated.Some of the ry laboratory testing services market is being restrained by a lack of animal healthcare awareness in emerging markets, which is responsible for causing many animal-related diseases to go untreated.
Some of the illnesses in animals are often unknown or undiagnosed due to a lack of awareness.For instance, in emerging countries like India, China, and South Africa, diseases like rabies, which can be detected through veterinary testing, are often left undiagnosed, which results in the deaths of a large number of people who are bitten by rabid animals in these countries.
For example, more than 55,000 people globally die of rabies every year, and around 30,000 of these cases are from India.According to Prof Andrew Leisewitz from the University of Pretoria, around 27,000 cases of animal rabies were reported, but the estimated number of actual cases was much higher.
Such a lack of awareness, especially in emerging markets, is restraining the veterinary laboratory testing services market.
The companies in the veterinary laboratory testing services are increasingly adopting multiple testing panels.A test panel is a pre-decided group of medical tests to be used in the diagnosis as well as the treatment of an animal disease.
The test panels are normally composed of individual laboratory tests, which are grouped by specimen type, the methodology used, or by the most frequently requested tests.Multiple test panels offer various advantages, such as labour efficiency, automation, and reduced costs, achieved by conducting a large number of tests daily.
For instance, Abaxis Inc. is using multiple single-use test panels designed to address several conditions, wherein just 3 to 4 drops of blood are required to deliver up to 14 precise results.
The veterinary laboratory testing market in the US is subject to regulations by the Center for Disease Control and Prevention (CDC).The CDC requires the professionals responsible for conducting the tests to undergo technical training at the National Veterinary Services Laboratories (NVSL).
The veterinary laboratory personnel are required to conduct the tests licenced by the United States Department of Agriculture(USDA) as per the label instructions or the official protocols provided by the NVSL.Further, the CDC requires the laboratory personnel to test only those samples submitted by accredited veterinarians and report the test results within 48 hours of completion.
Laboratory inspections must be conducted by animal health officials periodically.
In February 2020, Zoetis, Inc., a US-based animal health company specializing in the discovery, development, production, and marketing of animal health drugs, acquired Ethos Diagnostic Science for an undisclosed amount. Through this acquisition, Zoetis continues to expand its diagnostics presence in order to provide American veterinarians with comprehensive services at an improved value. Ethos Diagnostic Science is a US-based veterinary diagnostic company pioneering in various types of diagnostic testing and clinical chemistry.
The countries covered in the veterinary laboratory testing services market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The veterinary laboratory testing services research report is one of a series of new reports that provides veterinary laboratory testing services statistics, including veterinary laboratory testing services industry global market size, regional shares, competitors with veterinary laboratory testing services share, detailed veterinary laboratory testing services segments, market trends and opportunities, and any further data you may need to thrive in the veterinary laboratory testing services industry. This veterinary laboratory testing services research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.
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