Veterinary Reference Laboratories Industry Development And Future Trends

Market growth influenced due to following factors-

• Growth in the companion animal population.
• Rising demand for pet insurance.
• Increasing number of veterinary practitioners in developed economies.
• Increasing demand for animal-derived food products.
• Increasing incidence of transboundary.
• Zoonotic diseases.

Global market size-

According to the new market research report the Veterinary Reference Laboratories Market is projected to reach USD 5.6 billion by 2025 from USD 3.4 billion in 2020, at a CAGR of 10.5%.

Leading Players-

Prominent players in the global Veterinary Reference Laboratories Market are IDEXX Laboratories, Inc. (US), VCA, Inc. (US), GD Animal Health (Netherlands), Zoetis Inc. (US), Neogen Corporation (US), Boehringer Ingelheim (Germany), ProtaTek International (US), Texas A&M Veterinary Medical Diagnostic Laboratory (US), Veterinary Diagnostic Laboratory - University of Minnesota (US), and Veterinary Diagnostic Laboratory, Iowa State University (US).

Top Market Segments-

Based on the type of service, the veterinary reference laboratory market is segmented into clinical chemistry, immunodiagnostics, hematology, urinalysis, molecular diagnostics, and others. In 2019, the immunodiagnostics segment accounted for the largest share of the Veterinary Reference Laboratories Market.

Based on animal type, the Veterinary Reference Laboratories Market is segmented into livestock animals and companion animals. In 2019, the companion animal segment accounted for the larger share of this market. Growth in this segment is attributed to the growing adoption of companion animals, increasing disposable incomes, growing willingness of companion animal owners to spend more on animal health, and rising incidence of zoonotic diseases.

Based on application, the veterinary reference laboratory market is segmented into clinical pathology, bacteriology, virology, parasitology, productivity testing, pregnancy testing, and toxicology. In 2019, the clinical pathology segment accounted for the largest market share. The rising volume of pathology tests performed is the major factor driving the demand for diagnostic products and consumables for clinical pathology applications.

For Details, Download PDF Brochure Here

Geographic Overview-

In 2019, North America accounted for the largest share of the market, followed by Europe. The increasing adoption of companion animals, the growing pet insurance industry, rising veterinary healthcare expenditure, and the ever-increasing number of veterinary practices are driving the growth of the North American market.