The global veterinary reference laboratory market is projected to reach USD 2.8 billion by 2021 from USD 1.7 billion in 2016, at a CAGR of 9.8%. The study involved four major activities to estimate the current market size for veterinary reference laboratory. Exhaustive secondary research was done to collect information on market and peer market. The next step was to validate these findings, assumptions, and sizing with industry experts across value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter market breakdown and data triangulation was used to estimate the market size of segments and subsegments.

Market Size Estimation

Both top-down and bottom-up approaches were used to estimate and validate the total size of the veterinary reference laboratory market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

• The key players in the industry and markets have been identified through extensive secondary research.
• The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
• All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Data Triangulation

After arriving at the overall market size-using the market size estimation processes as explained above—the market was split into several segments and subsegments. In order to complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both, the demand and supply sides.

Objectives of the Study

• To define, describe, and forecast the global veterinary reference laboratories market with respect to technologies, animal types, applications, and regions
• To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
• To strategically analyze the micromarkets1 with respect to individual growth trends, future prospects, and contributions to the overall market
• To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
• To forecast the size of the veterinary reference laboratories market with respect to four main regions—North America, Europe, Asia-Pacific, and the Rest of the World
• To strategically profile the key players in the global veterinary reference laboratories market and comprehensively analyze their core competencies2
• To track and analyze competitive developments such as joint ventures, alliances, mergers and acquisitions, new tests/technology developments, unique service provisions, and research and development activities of the leading players in the global veterinary reference laboratories market