The global veterinary reference laboratories market size is projected to reach USD 5.6 billion by 2025 from USD 3.4 billion in 2020, at a CAGR of 10.5%.
The growth in this market is driven by the increase in the companion animal population, rising demand for pet insurance, and growth in the number of veterinary practitioners in developed economies. However, the growing demand for rapid tests and portable instruments for point-of-care (POC) services and increasing pet care costs are expected to restrain market growth to a certain extent.
“The clinical chemistry segment is projected to witness the highest growth in the veterinary reference laboratories market, by type of service, during the forecast period.”
Based on the type of service, the veterinary reference laboratories market is segmented into clinical chemistry, immunodiagnostics, hematology, urinalysis, molecular diagnostics, and other services. The clinical chemistry segment is projected to register the highest CAGR during the forecast period. The high growth in this market can be attributed to the increased preference for various advanced clinical diagnostic services by veterinarians, pet owners, and laboratory technicians.
“Clinical pathology is the fastest-growing application segment of the veterinary reference laboratories market.”
Based on the application, the veterinary reference laboratories market is segmented into clinical pathology, bacteriology, virology, parasitology, productivity testing, pregnancy testing, and toxicology. The clinical pathology segment is expected to register the highest CAGR during the forecast period, primarily due to the large volume of pathology tests performed.
Companion animals dominate the veterinary reference laboratories market
Based on animals, the veterinary reference laboratories market is segmented into livestock animals and companion animals. The companion animal segment is expected to grow at the highest CAGR during the forecast period. The increasing adoption of companion animals and the rising incidence of zoonotic diseases in these animals are the major factors driving the growth of this segment.
“Asia Pacific market to witness the highest growth during the forecast period”
Asia Pacific is expected to witness the highest growth during the forecast period (2020 to 2025), owing to factors such as a rise in demand for pet insurance and increasing pet healthcare expenditure. Moreover, a growing population of food-producing animals & the need for animal-derived food products, rising awareness of zoonotic animals, and the increasing number of veterinary hospitals and clinics are expected to drive growth in this region.
Breakdown of primary participants is as mentioned below:
By Company Type: Tier 1: 22%, Tier 2: 50%, and Tier 3: 28%
By Designation: C-level Executives: 17%, Directors: 25%, and Others: 58%
By Region: North America: 28%, Europe: 22%, Asia Pacific: 30%, Middle East & Africa: 12%, and Latin America: 8%
Prominent players in the 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), Marshfield Labs (US), 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).
The report analyzes the veterinary reference laboratories market and estimates the market size and future growth potential of this market based on various segments, such as type of service, application, animal, and region. It also covers competitive leadership mapping, which helps in analyzing the position of key market players as visionary leaders, innovators, dynamic players, and emerging players. The report also provides a competitive analysis of the key players in this market, along with their company profiles, product offerings, recent developments, and key market strategies.
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This report provides insights into the following pointers:
- Market Penetration: Comprehensive information on product portfolios offered by the top players in the global veterinary reference laboratories market. The report analyzes this market by type of service, application, animal, and region.
- Product Enhancement/Innovation: Detailed insights on upcoming trends and service launches in the global veterinary reference laboratories market.
- Market Development: Comprehensive information on the lucrative emerging markets by type of service, application, animal, and region.
- Market Diversification: Exhaustive information about new testing services, growing geographies, recent developments, and investments in the global veterinary reference laboratories market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, service offerings, and capabilities of leading players in the global veterinary reference laboratories market.