Veterinary Reference Laboratory Market is anticipated to grow at a CAGR of 11.8% to reach USD 9.8 billion by 2031

The global veterinary reference laboratory market was valued at USD 3.2 billion in 2021 and it is anticipated to grow up to USD 9.8 billion by 2031, at a CAGR of 11.8% during the forecast period.

Veterinary reference laboratory play an important role in animal health protection by preventing and controlling serious epi zoonotic disease. It is a institution where several critical function related to veterinary sciences including prevention diagnosis, treatment and monitoring of animal health are undertaken. Also they have major implications on human due to the animal to human transmission of diseases including plague, rabies, listeriosis and query fever.

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Market Trends and Drivers:

The number of companion animals has dramatically expanded over time, including dogs and cats. 85 million US households, or 67 percent, have pets, according to the American Pet Products Association's (APPA) National Pet Owners Survey 2019-2020. Additionally, 38 percent of homes (88 million) in Europe owned pets in 2020, according to the European Pet Food Industry Federation (FEDIAF). While the number of cats increased from 74.05 million in 2017 to 94.2 million in 2019, the number of dogs in the US increased from 69.9 million in 2017 to 89.7 million in 2019.

PETS International estimates that Brazil has 54.2 million dogs, 39.8 million birds, 23.9 million cats, 19.1 million fish, and roughly 2.3 million small animals as pets in 2018. Similarly, as of 2019, India reported 20 million dogs and 19 million other domestic pets. Every year, approximately 600,000 pets are adopted in India. Hence, high adoption rate of companion animals in the urban population, rising rapid urbanization has contributed to rising per capita expenditure on animal health. Also increasing awareness of animal health, is propelling market growth.

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COVID-19 Impact:

To date, there is no convincing evidence that any domestic animal, including cats, dogs, and ferrets, can easily transmit SARS-CoV-2 to other animals, including humans, under natural conditions. Furthermore, the global number of naturally infected animals is far less than the number of people infected with COVID-19, indicating that animals, including pets, are not a driver of the COVID-19 pandemic, which is still driven by human-to-human transmission. Testing volumes on humans and animals continue to rise as the global prevalence of COVID-19 rises.

Major Players in the Global Veterinary Reference Laboratory Market:

The key players in the market are IDEXX Laboratories, Inc. (US), VCA, Inc. (US), GD Animal Health (Netherlands), Boehringer Ingelheim (Germany), Zoetis Inc. (US), NEOGEN Corporation (US), LABOKLIN GmbH (Germany), SYNLAB International GmbH (Germany), Heska Corporation (US), Virbac (US), Thermo Fisher Scientific, Inc. (US), Texas A&M Veterinary Medical Diagnostic Laboratory (US), University of Minnesota (Veterinary Diagnostic Laboratory) (US), Vetnostics (Australia), and ProtaTek International Inc. (US) among others.

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