(I-BusinessNews.Com, June 03, 2021 ) According to the new market research report the Veterinary Reference Laboratory Market is projected to reach USD 5.6 billion by 2025 from USD 3.4 billion in 2020, at a CAGR of 10.5%.
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.
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Prominent players in the global 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), 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 Veterinary Reference Laboratories Market is segmented based on the type of service, application, animal, and region. Due to lockdown restrictions and social distancing protocols due to COVID-19 across various countries through the first half of 2020, the market saw a small dip in the number of veterinary clinic visits for routine testing. However, with the launch of new test kits for COVID-19 testing in pets, the second half of the year is expected to see a rise in the total number of tests in reference laboratories, thus compensating for the loss in revenues across the first two quarters.
The immunodiagnostics segment accounted for the largest share of the Veterinary Reference Laboratories Market, by type of service, in 2019.
Based on the type of service, the market is segmented into clinical chemistry, immunodiagnostics, hematology, urinalysis, molecular diagnostics, and others. In 2019, the immunodiagnostics segment accounted for the largest share of the Veterinary Reference Laboratories Market. The low cost, low procedural complexity, and greater adoption due to ease of training are some of the key advantages supporting the adoption of this service.
Clinical pathology is the largest application segment of the Veterinary Reference Laboratories Market
Based on application, the market is segmented into clinical pathology, bacteriology, virology, parasitology, productivity testing, pregnancy testing, and toxicology. In 2019, the clinical pathology segment accounted for the largest market share. The rising volume of pathology tests performed is the major factor driving the demand for diagnostic products and consumables for clinical pathology applications.
The companion animal segment accounted for the larger market in 2019.
Based on animal type, the Veterinary Reference Laboratories Market is segmented into livestock animals and companion animals. In 2019, the companion animal segment accounted for the larger share of this market. Growth in this segment is attributed to the growing adoption of companion animals, increasing disposable incomes, growing willingness of companion animal owners to spend more on animal health, and rising incidence of zoonotic diseases.
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North America will continue to dominate the Veterinary Reference Laboratory Market in 2025
In 2019, North America accounted for the largest share of the 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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