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Dublin, December 14, 2021 (GLOBE NEWSWIRE) – The Veterinary Reference Laboratory Market by Service Type (Clinical Chemistry, Hematology, Immunodiagnostics, Molecular Diagnostics, Urinalysis), Application (Pathology, Bacteriology, Virology, Parasitology), Animal and Region – Global Forecast to 2026 “report was added to ResearchAndMarkets.com to offer.
The global veterinary reference laboratory market is projected to reach US $ 6.6 billion by 2026, up from US $ 3.8 billion in 2021, with a CAGR of 11.0% over the forecast period.
Factors such as the growth of the pet population, the increasing demand for pet insurance, an increasing number of veterinarians in developed countries, the increasing demand for animal foods and the increasing incidence of cross-border and zoonotic diseases are driving growth in the market. However, rising pet care costs and increasing demand for POC testing and portable instruments are holding back the growth of this market to some extent.
The immunodiagnostic services segment had the largest share of the veterinary reference laboratory market. The large portion of this segment is primarily due to the widespread popularity of immunodiagnostics for diagnosing disease, screening disease progression, and monitoring patient response to therapy.
In terms of application, the Clinical Pathology segment had the largest share of the Veterinary Reference Laboratory market in 2020. The increasing volume of pathology tests performed is the main factor behind the demand for diagnostic products and consumables for clinical pathology applications.
In terms of animal type, pets made up the largest share of the veterinary reference laboratory market. This segment is also expected to see the highest CAGR during the forecast period. The high share and growth rate of this segment is largely due to the increasing adoption of pets, rising disposable incomes, the growing willingness of pet owners to spend more on animal health, and the increasing incidence of zoonotic diseases.
North America had the largest share of the veterinary reference laboratory market in 2020. The growth of the North American market is due to the increasing adoption of pets, the growing pet insurance industry, increasing spending on veterinary health care, and the growing number of veterinary practices. Additionally, most of the players in the Veterinary Reference Laboratory market are based in the United States.
This report provides insights into the following areas:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the global Veterinary Reference Laboratory market
- Product Development / Innovation: In-depth insight into the upcoming trends, R&D activities, and product launches or services in the global Veterinary Reference Laboratory Market
- Market development: Comprehensive information on the lucrative emerging regions by service type, application, animal type and region
- Market Diversification: Comprehensive information on new products, growing regions, and recent developments in the global Veterinary Reference Laboratory Market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, sales analysis, as well as products and services of leading players in the global Veterinary Reference Laboratory Market.
Premium insights
- Veterinary Reference Laboratory Market Review – Growing Population of Companion Animals to Drive Market Growth over the Forecast Period
- Asia Pacific: Veterinary Reference Laboratory Market by Service Type and Country (2020) – Immundiagnostik had the largest share of the Veterinary Reference Laboratory market in APAC in 2020
- Veterinary Reference Laboratory Market: Geographical Growth Opportunity – China experienced the highest growth in the Veterinary Reference Laboratory Market over the forecast period
- Veterinary Reference Laboratory Market: Regional Mix – North America will continue to dominate the market in 2026
Market dynamics
driver
- Companion animal population growth
- Growing demand for pet insurance and increasing pet care expenses
- Growing numbers of veterinarians in developed economies
- Growing demand for animal food
- Increasing incidence of cross-border and zoonotic diseases
Restrictions
- Rising pet care costs
- Growing demand for rapid tests, POC tests and portable instruments
opportunities
- Untapped emerging markets
- Public-private partnerships in veterinary medicine
- Increased use of PCR test panels to rule out COVID-19 in animals
challenges
- Low awareness in emerging markets
- Shortage of veterinarians in emerging countries
- Weak functional and infrastructural capacities
Company profiles
- Idexx Laboratories, Inc.
- VCA, Inc. (Part of Mars Petcare)
- Boehringer Ingelheim
- DG Animal Health
- Zoetis Inc.
- Neogen Corporation
- Laboklin GmbH
- Synlab International GmbH
- Heska Corporation
- Virbac
- Thermo Fisher Scientific, Inc.
- Texas A&M Veterinary Medical Diagnostic Laboratory
- University of Minnesota (veterinary diagnostic laboratory)
- Iowa State University (veterinary diagnostic laboratory)
- Vetnostics
- IDVET
- Protatek International Inc.
- Animal and Plant Health Agency
- Animal Health Diagnostic Center (Cornell University)
- Usda-Aphis National Laboratory for Veterinary Services
- Washington Animal Disease Diagnostic Laboratory (Waddl)
- Colorado State University (Veterinary Diagnostic Laboratories)
- The Pirbright Institute
- Friedrich Loeffler Institute (FLI)
- Kansas State Veterinary Diagnostic Laboratory
Please visit https://www.researchandmarkets.com/r/j6mdtt for more information on this report
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