(I-BusinessNews.Com, March 02, 2021 ) According to research report 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%. In 2019, IDEXX Laboratories, Inc. (US), VCA, Inc. (US), and GD Animal Health (Netherlands) dominated the global veterinary reference laboratories industry.
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The Factors such as 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 during the forecast period. However, rising pet care costs and the increasing demand for POC testing and portable instruments are restraining the growth of this market to some extent.
IDEXX Laboratories, Inc. (US) dominated the global veterinary reference laboratories market in 2019. The company has a diversified product portfolio, which includes a wide range of companion animal diagnostic products. IDEXX’s leading position in this market can be attributed to its active R&D activities and an extensive distribution footprint across the globe.
VCA, Inc. (US) accounted for the second-largest share of the veterinary reference laboratories market in 2019. The company offers a strong portfolio of products and services in the veterinary diagnostics industry through 65 of its veterinary diagnostic laboratories. VCA provides diagnostic testing for more than 15,000 clients, including standard hospitals for small animals, large animal practices, universities, and other government organizations.
Some of the other prominent players operating in the veterinary reference laboratories market are Zoetis, Inc. (US), ProtaTek Internationals, Inc. (US), Texas A&M Veterinary Medical Diagnostic Laboratory (US), Neogen Corporation (US), Boehringer Ingelheim (Germany), Marshfield Labs (US), Veterinary Diagnostic Laboratory – University of Minnesota (US), and Veterinary Diagnostic Laboratory, Iowa State University (US).
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In 2019, North America accounted for the largest share of the veterinary reference laboratories market, followed by Europe. The increasing adoption of companion animals, the growing pet insurance industry, rising veterinary healthcare expenditure, and the ever-increasing number of veterinary practices are driving the growth of the North American market.
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