Veterinary Reference Laboratory Market Will Expand At A 11.2% Cagr During 2021-2030

By Author: Strategic Market Research
Total Articles: 19
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A veterinary reference laboratory is used to detect zoonotic diseases in domestic and farm animals. Animals are routinely and expertly tested in the laboratory for brucellosis, TB, anthrax, yellow fever, rabies, measles, and other diseases. They are also used to perform pre-anesthetic evaluations, perform wellness checkups, and monitor treatment efficacy. Regular testing helps prevent the spread of hazardous zoonotic diseases and preserves animal health. In addition to providing technical and scientific support using molecular diagnostics, hematology, and immunodiagnostics, they are frequently used in clinical pathology, bacteriology, toxicology, virology, and pregnancy testing.

The market for veterinary reference laboratory in 2021 was worth USD 3.74 billion, and by 2030, it will reach USD 9.74 billion, growing at an 11.2% CAGR during the forecast

Market Dynamics

Drivers

The main factors stimulating market's expansion are the adoption of more companion animals and pets, the rising demand for pet insurance, the rising cost of veterinary care, and the rising demand for PCR testing, rapid testing, ...
... and other testing procedures.

The market is expanding significantly due to the increased adoption of companion animals. For instance, Germany had 10,300,000 dogs and 16,700,000 cats in 2021, according to European Pet Food Industry data. 

Restraints

The market expansion is restrained by the high cost of veterinary treatment and imaging equipment and the shortage of veterinarians.

Opportunity 

The market will expand rapidly as more veterinary immunodiagnostic kits are used in applications, including advanced diagnostic platforms and immunoassay formats. The need for veterinary health immunodiagnostics tests is also anticipated to increase throughout the forecasted period due to growing consumer demand for animal-derived products as well as companion and livestock animals.

Additionally, a higher rate of adaptation is being caused by the rapid development of various veterinary lab equipment and methodologies, including endocrinology, clinical immunology, pcr testing, microbiology, pharmacology, drug testing, pancreas testing, etc., followed by accurate and precise results from these tests. As a result, the market will expand rapidly during the forecast period.

Market Segmentation 

By Animal Type

In 2021, the companion animal market sector had the biggest share, with about 53%. The increasing acceptance of companion animals in residences and homes across developed and developing parts of the world is primarily blamed for the rise of the category. Additionally, a rise in pet care costs brought on by a rise in people's disposable income is projected to favor category growth.

By Service Type

In 2021, the clinical chemistry market category had the greatest share of 35%. Clinical chemistry involves using tools like chemical analyzers, osmometers, pH meters, and others to examine, diagnose, and monitor bodily fluids like blood and urine. Animal disease diagnosis with clinical chemistry. This has increased the need for chemical analyzers and the aforementioned medical equipment among veterinary health professionals throughout time. 

By Application 

Because of the growing popularity of pathology-related test services, the clinical pathology segment ruled the market in 2021 with a share of 35%. In veterinary reference labs, pathology-related tests are carried out for routine examinations of pets and other animals.

Regional Analysis 
With a 38.5% revenue share in 2021, the North American region became the veterinary reference laboratory's largest market. The key driver of market growth and development is the growing emphasis on pet health and an increase in pet health expenditures. Additionally, the increasing adoption of family pets and the existence of well-known market leaders in the veterinary reference laboratory market are contributing to the expansion of the sector in that area.

Europe is the second largest regional market because of significant research organizations dedicated to advancing technology and science in veterinary diagnostics and science. These research organizations work with significant market participants to provide cutting-edge pet diagnostic products for companion animals. Additionally, this aspect greatly impacts the industry growth of veterinary reference labs.

Key players 

Idexx Laboratories, Inc.
VCA, Inc. (A Part of Mars Petcare)
Colorado State University (Veterinary Diagnostic Laboratories)
The Pirbright Institute
Boehringer Ingelheim
Neogen Corporation
GD Animal Health
Zoetis Inc.
Laboklin GmbH
Virbac
Thermo Fisher Scientific, Inc.
Synlab International GmbH
Heska Corporation
Texas A&M Veterinary Medical Diagnostic Laboratory
Vetnostics
University of Minnesota (Veterinary Diagnostic Laboratory)
Iowa State University (Veterinary Diagnostic Laboratory)
Protatek International Inc.
National Veterinary Services Laboratory Usda-Aphis
Animal and Plant Health Agency
Animal Health Diagnostic Center (Cornell University)
Washington Animal Disease Diagnostic Laboratory (Waddl)
Friedrich-Loeffler-Institut (FLI)
Kansas State Veterinary Diagnostic Laboratory

The market for veterinary reference laboratory in 2021 was worth USD 3.74 billion, and by 2030, it will reach USD 9.74 billion, growing at an 11.2% CAGR during the forecast period. The veterinary reference laboratory market has experienced rapid expansion due to the rising trend of pet adoption, rising demand for meat and dietary items made from animals, and rising costs associated with animal healthcare.

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