Dublin, Jan. 25, 2023 (GLOBE NEWSWIRE) -- The "Veterinary Laboratory Testing Services Global Market Opportunities And Strategies To 2031" report has been added to ResearchAndMarkets.com's offering.
The global veterinary laboratory testing services market reached a value of nearly $20,548.1 million in 2021, having grown at a compound annual growth rate (CAGR) of 4.5% since 2016. The market is expected to grow from $20,548.1 million in 2021 to $31,298.4 million in 2026 at a rate of 8.8%. The market is then expected to grow at a CAGR of 7.8% from 2026 and reach $45,296.0 million in 2031.
Growth in the historic period resulted from a rise in disposable income, a rise in adoption of pets, a rise in merger and acquisition activity, a rise in animal healthcare expenditure, increased pet spending and growth in the companion animal population.
Going forward, increasing penetration of pet insurance, rapidly growing urban population, growing awareness about animal health and the development of innovative rapid tests and portable instruments for point-of-care testing will drive market growth. Factors that could hinder the growth of the veterinary laboratory testing services market in the future include high cost of products and services and complications associated with the veterinary tests.
The veterinary laboratory testing services market is segmented by technology into clinical biochemistry, immunodiagnostics, hematology, molecular diagnostics, and other technologies. The immunodiagnostics market was the largest segment of the veterinary laboratory testing services market segmented by technology, accounting for 29.9% of the total in 2021. Going forward, the molecular diagnostics segment is expected to be the fastest growing segment in the veterinary laboratory testing services market segmented by technology, at a CAGR of 9.3% during 2021-2026.
The veterinary laboratory testing services market is also segmented by animal type into companion animals and livestock. The companion animals market was the largest segment of the veterinary laboratory testing services market segmented by animal type, accounting for 84.7% of the total in 2021. Going forward, the livestock segment is expected to be the fastest-growing segment in the veterinary laboratory testing services market segmented by animal type, at a CAGR of 9.6% during 2021-2026.
The veterinary laboratory testing services market is also segmented by end-user into veterinary hospitals and clinics, diagnostic laboratories, research institutes, in-house testing, and other end users. The diagnostic laboratories market was the largest segment of the veterinary laboratory testing services market segmented by end-user, accounting for 42.2% of the total in 2021. Going forward, the research institutes segment is expected to be the fastest growing segment in the veterinary laboratory testing services market segmented by end-user, at a CAGR of 9.4% during 2021-2026.
North America was the largest region in the veterinary laboratory testing services market, accounting for 34.6% of the total in 2021. It was followed by Asia Pacific, and then the other regions. Going forward, the fastest-growing regions in the veterinary laboratory testing services market will be Asia Pacific, and, Africa where growth will be at CAGRs of 9.9% and 9.4% respectively. These will be followed by Middle East, and, South America where the markets are expected to grow at CAGRs of 9.2% and 8.8% respectively.
The top opportunities in the veterinary laboratory testing services market segmented by technology will arise in the immunodiagnostics market segment, which will gain $3,068.4 million of global annual sales by 2026. The top opportunities in the veterinary laboratory testing services market segmented by animal type will arise in the companion animals market segment, which will gain $8,928.7 million of global annual sales by 2026. The top opportunities in the veterinary laboratory testing services market segmented by end-user will arise in the diagnostic laboratories market segment, which will gain $4,253.2 of global annual sales by 2026. The veterinary laboratory testing services market size will gain the most in the USA at $3,093.6 million.
Major Market Trends
- Increasing Adoption Of Multiple Testing Panels
- Use Of Artificial Intelligence
- Growing Number Of Collaborations And Partnerships
- Launch Of New Pathogen PCR Tests
- Launch Of New Products
- Launch Of Mobile Veterinary Units
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A selection of companies mentioned in this report includes
- IDEXX Laboratories
- Mars Incorporated
- Zoetis Inc
- CVS Group PLC
- Heska Corporation
For more information about this report visit https://www.researchandmarkets.com/r/bkefzz
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