Veterinary Reference Laboratory Market is Expected to Reach $7.8 billion | MarketsandMarkets™
Chicago, May 24, 2024 (GLOBE NEWSWIRE) -- *Veterinary Reference Laboratory market* in terms of revenue was estimated to be worth $4.6 billion in 2024 and is poised to reach $7.8 billion by 2029, growing at a CAGR of 11.2% from 2024 to 2029 according to a latest report published by MarketsandMarkets™.
The veterinary reference laboratory market is seeing substantial growth due to the increasing consumer demand for animal products and the care of companion and livestock animals, and escalating costs in animal healthcare. Over the forecast period, expansion in the veterinary reference laboratory market is expected to be fueled by a rising number of professionals in the field, increasing incomes in developed nations, and greater awareness of animal health issues. However, there are several factors restraining growth in the veterinary reference laboratory market. These may include regulatory challenges, limited access to advanced diagnostic technologies in some regions, and potential competition from alternative diagnostic methods or tests.
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*Veterinary Reference Laboratory** Market** Scope:*
*Report Coverage* *Details*
Market Revenue in 2024 $4.6 billion
Estimated Value by 2029 $7.8 billion
Growth Rate Poised to grow at a CAGR of 11.2%
Market Size Available for 2019–2029
Forecast Period 2024–2029
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered By Service Type, Application, Animal Type, and Region
Geographies Covered · North America
· US
· Canada
· Europe
· Germany
· UK
· France
· Spain
· Italy
· Rest of Europe
· Asia Pacific
· Japan
· China
· India
· Australia
· South Korea
· Rest of APAC
· Latin America
· Brazil
· Mexico
· Argentina
· Middle East and Africa
· GCC countries
Report Highlights Updated financial information / product portfolio of players
Key Market Opportunity Expansion of livestock industries
Key Market Driver Rising awareness of animal health
By service type, the veterinary reference laboratory market is segmented into immunodiagnostics, clinical chemistry services, molecular diagnostics, hematology, urinalysis, and other services. In 2023, clinical chemistry services segment accounted for the largest share in the veterinary reference laboratory market due to their essential nature in diagnosing and monitoring various animal health conditions. These services encompass a wide range of diagnostic tests that evaluate the levels of different substances in blood, urine, and other body fluids. They provide valuable insights into organ function, metabolic processes, and overall health status, aiding veterinarians in making accurate diagnoses and developing effective treatment plans for their patients. With the growing emphasis on preventive healthcare and the increasing prevalence of chronic diseases in animals, the demand for comprehensive clinical chemistry services in veterinary reference laboratories continues to rise.
Based on application, the veterinary reference laboratory market is segmented into clinical pathology, bacteriology, virology, parasitology, productivity testing, pregnancy testing, and toxicology testing. Clinical pathology segment dominates the veterinary reference laboratory market owing to its crucial role in diagnosing and monitoring diseases in animals. With advancements in diagnostic technologies and the rising demand for accurate and timely diagnosis, veterinary clinics and hospitals increasingly rely on clinical pathology services for comprehensive blood, urine, and tissue analysis. Moreover, the growing pet population, coupled with the rising prevalence of zoonotic diseases, further fuels the demand for clinical pathology services, positioning it as the leading segment in the veterinary reference laboratory market.
Based on animal type, the veterinary reference laboratory market is segmented into companion animals and livestock animals. In 2023, the companion animals’ segment has emerged as the dominant force in the veterinary reference laboratory market, capturing the largest share due to several key factors such as the growing trend of pet ownership, coupled with increasing awareness about the health and well-being of pets, and demand for advanced diagnostic services.
In 2023, North American region accounted for the largest share of the veterinary reference laboratory market due to several factors. The region boasts advanced healthcare infrastructure, and a strong focus on animal health and welfare. Additionally, technological advancements and innovations in veterinary diagnostics and laboratory services are more prevalent in this region. Additionally, a large number of market players in the veterinary reference laboratory market are based in the US region. Thus, all such factors have contributed to North America's prominent position in the veterinary reference laboratory market.
Additionally, the Asia-Pacific region witnessed the highest CAGR in the veterinary reference laboratory market. This growth was attributed to several factors, including increasing pet ownership, and rising awareness about animal health. Additionally, the region's developing economies are leading to an increased spending on pet care and veterinary services, thereby further driving the demand for specialized diagnostic services provided by reference laboratories in this region.
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*Prominent Players of Veterinary Reference Laboratory Market*
· IDEXX Laboratories, Inc. (US)
· Mars Incorprated (US)
· GD Animal Health (Netherlands)
· Zoetis (US)
· NEOGEN Corporation (US)
· LABOKLIN GMBH & CO. KG (Germany)
· VETLAB (Veterinary Diagnostic Laboratory) (India)
· Mira Vista Labs (US)
· Virbac (US)
· Vaxxinova (Netherlands)
· Thermo Fisher Scientific (US)
· Texas A&M Veterinary Medical Diagnostic Laboratory (US)
· University of Minnesota (Veterinary Diagnostic Laboratory) (US)
· Iowa State University (Veterinary Diagnostic Laboratory) (US)
· Greencross Vets (Australia)
· QML Vetnostics (Australia)
· ProtaTek International, Inc. (US)
· Animal and Plant Health Agency (UK)
· Animal Health Diagnostic Center (Cornell University) (US)
· National Veterinary Services Laboratory USDA-APHIS (US)
· Washington Animal Disease Diagnostic Laboratory (US)
· Colorado State University (Veterinary Diagnostic Laboratories) (US)
· The Pirbright Institute (UK)
· Friedrich-Loeffler-Institute (FLI) (Germany)
· Kansas State Veterinary Diagnostic Laboratory (US)
· and Among others
*The research report categorizes veterinary reference laboratory market into the following segments: *
*By Service Type*
· Clinical Chemistry
· Immunodiagnostics
· ELISA
· Lateral Flow Assays
· Other Immunodiagnostics Services
· Molecular Diagnostics
· PCR Tests
· Microarrays
· Other Molecular Diagnostics Services
· Hematology
· Urinalysis
· Other Services
*By Application*
· Clinical Pathology
· Bacteriology
· Parasitology
· Virology
· Productivity Testing
· Pregnancy Testing
· Toxicology Testing
*By Animal Type*
· Companion Animals
· Dogs
· Cats
· Horses
· Other Companion Animals
· Livestock Animals
· Cattle
· Swine
· Poultry
· Other Livestock Animals
*By Country*
· North America
· US
· Canada
· Europe
· Germany
· UK
· France
· Spain
· Italy
· Rest of Europe
· Asia Pacific
· Japan
· China
· India
· Australia
· South Korea
· Rest of APAC
· Latin America
· Brazil
· Mexico
· Argentina
· Rest of Latin America
· Middle East and Africa
· GCC Countries
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*Key Market Stakeholders:*
· Veterinary Diagnostic Manufacturers
· Veterinary Diagnostic Distributors
· Animal Health R&D Companies
· Government Associations
· Market Research and Consulting Firms
· Venture Capitalists and Investors
*Report Objectives:*
· To define, describe, and forecast the veterinary reference laboratory market based on service type, application, animal type, and region
· To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
· To analyze the micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall veterinary reference laboratory market
· To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
· To forecast the size of the veterinary reference laboratory market in five regions, namely, North America (US and Canada), Europe (Germany, UK, France, Spain, Italy, and Rest of Europe), the Asia Pacific (Japan, China, India, Australia, South Korea, and Rest of Asia Pacific), Latin America (Brazil, Mexico, Argentina, and Rest of Latin America), Middle East and Africa, and the GCC countries.
· To analyze the impact of the economic recession on the growth of the veterinary reference laboratory market
· To strategically profile the key players in the global market and comprehensively analyze their core competencies
· To track and analyze competitive developments, such as service launches, expansions, acquisitions, partnerships, collaborations, and agreements, of the leading players in the market
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*Veterinary Equipment and Supplies Market*
*Companion Animal Diagnostics Market*
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