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CHICAGO, December 3, 2021 / PRNewswire / – According to new research report “Veterinary Reference Laboratory Market according to service type (clinical chemistry, hematology, immunodiagnostics, molecular diagnostics, urinalysis), application (pathology, bacteriology, virology, parasitology), animal and region – global forecast up to 2026 “, published by MarketsandMarkets ™, is expected to reach the global market $ 6.6 billion until 2026 $ 3.8 billion in 2021 with a CAGR of 11.0% in the forecast period.
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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 the growth of this 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.
In terms of service type, the immunodiagnostic services segment is expected to make up the largest share of the market.
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.
Based on the application, the clinical pathology segment is expected to make up the largest share of the veterinary reference laboratory market.
The clinical pathology segment had the largest market share in 2020. The increasing volume of pathology tests performed is driving the demand for diagnostic products and consumables for clinical pathology applications.
Based on animal type, the Pet segment is expected to represent the largest share of the veterinary reference laboratory market.
The pets made up the largest share of the 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.
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North America to dominate the Veterinary Reference Laboratory market during the forecast period.
North America had the largest market share in 2020. The growth of the North American market is due to increased pet adoption, the growing pet insurance industry, increasing spending on veterinary health care, and the growing number of veterinary practices. In addition, the majority of the market participants are based in the USA.
Prominent players in the Veterinary Reference Laboratory market are IDEXX Laboratories, Inc. (US), VCA, Inc. (US), GD Animal Health (Netherlands), Boehringer Ingelheim (Germany), Zoetis Inc. (USA), NEOGEN Corporation (USA), LABOKLIN GmbH (Germany), SYNLAB International GmbH (Germany), Heska Corporation (USA), Virbac (USA) and Thermo Fisher Scientific, Inc. (USA).
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