Dublin, Dec. 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 has been added to ResearchAndMarkets.com's offering.
The global veterinary reference laboratory market is projected to reach USD 6.6 billion by 2026 from USD 3.8 billion in 2021, at a CAGR of 11.0% during the forecast period.
Factors such as the growth in the companion animal population, rising demand for pet insurance, an increasing number of veterinary practitioners in developed economies, increasing demand for animal-derived food products, and increasing incidence of transboundary and zoonotic diseases are driving the growth of this market. However, growing pet care costs and the increasing demand for POC testing and portable instruments are restraining the growth of this market to some extent.
The immunodiagnostic services segment accounted for the largest share of the veterinary reference laboratory market. The large share of this segment can primarily be attributed to the widespread popularity of immunodiagnostics for disease diagnosis, screening of disease progression, and observing patient response to therapy.
Based on application, the clinical pathology segment accounted for the largest share of the veterinary reference laboratory market in 2020. The rising volume of pathology tests performed is the major factor driving the demand for diagnostic products and consumables for clinical pathology applications.
Based on animal type, the companion animals accounted for the largest share of the veterinary reference laboratory market. This segment is also projected to register the highest CAGR during the forecast period. The large share and high growth rate of this segment are largely attributed to the growing adoption of companion animals, increasing disposable incomes, growing willingness of companion animal owners to spend more on animal health, and increasing incidence of zoonotic diseases.
North America accounted for the largest share of the veterinary reference laboratory market in 2020. The growth of the North American market can be attributed to the increasing adoption of companion animals, the growing pet insurance industry, rising veterinary healthcare expenditure, and the growing number of veterinary practices. In addition, a majority of players in the veterinary reference laboratory market are based in the US.
This report provides insights on the following:
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the global veterinary reference laboratory market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product or service launches in the global veterinary reference laboratory market
- Market Development: Comprehensive information on the lucrative emerging regions by services type, application, animal type, and region
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the global veterinary reference laboratory market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, revenue analysis, and products & services of leading players in the global veterinary reference laboratory market.
Premium Insights
- Veterinary Reference Laboratory Market Overview - Growing Companion Animal Population to Drive Market Growth During the Forecast Period
- Asia-Pacific: Veterinary Reference Laboratory Market, by Service Type & Country (2020) - Immunodiagnostics Accounted for the Largest Share of the APAC Veterinary Reference Laboratory Market in 2020
- Veterinary Reference Laboratory Market: Geographic Growth Opportunities - China to Register the Highest Growth in the Veterinary Reference Laboratory Market During the Forecast Period
- Veterinary Reference Laboratory Market: Regional Mix - North America Will Continue to Dominate the Market in 2026
Market Dynamics
Drivers
- Growth in the Companion Animal Population
- Growing Demand for Pet Insurance and Increasing Pet Care Expenditure
- Increasing Number of Veterinary Practitioners in Developed Economies
- Increasing Demand for Animal-Derived Food Products
- Increasing Incidence of Transboundary and Zoonotic Diseases
Restraints
- Increasing Pet Care Costs
- Growing Demand for Rapid Tests, POC Testing, and Portable Instruments
Opportunities
- Untapped Emerging Markets
- Public-Private Partnerships in Veterinary Health
- Increased Use of PCR Testing Panels to Rule Out COVID-19 in Animals
Challenges
- Low Awareness in Emerging Markets
- Shortage of Veterinarians in Emerging Markets
- Weak Functional and Infrastructural Capacities
Company Profiles
- Idexx Laboratories, Inc.
- VCA, Inc. (A Part of Mars Petcare)
- Boehringer Ingelheim
- GD 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)
- National Veterinary Services Laboratory Usda-Aphis
- Washington Animal Disease Diagnostic Laboratory (Waddl)
- Colorado State University (Veterinary Diagnostic Laboratories)
- The Pirbright Institute
- Friedrich-Loeffler-Institut (FLI)
- Kansas State Veterinary Diagnostic Laboratory
For more information about this report visit https://www.researchandmarkets.com/r/j6mdtt
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