DUBLIN--(BUSINESS WIRE)--The "Veterinary Reference Laboratory Market by Service Type (Clinical Chemistry, Hematology, Immunodiagnostics, Molecular Diagnostics), Application (Pathology, Bacteriology, Virology, Parasitology), Animal, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global veterinary reference laboratories market is projected to reach USD 5,627.6 million by 2025 from USD 3,420.8 million in 2020, at a CAGR of 10.5% during the forecast period.
The growth in this market is driven by the increase in the companion animal population, rising demand for pet insurance, and growth in the number of veterinary practitioners in developed economies. However, the growing demand for rapid tests and portable instruments for point-of-care (POC) services and increasing pet care costs are expected to restrain market growth to a certain extent.
The clinical chemistry segment is projected to witness the highest growth in the veterinary reference laboratories market, by type of service, during the forecast period.
Based on the type of service, the veterinary reference laboratories market is segmented into clinical chemistry, immunodiagnostics, hematology, urinalysis, molecular diagnostics, and other services. The clinical chemistry segment is projected to register the highest CAGR during the forecast period. The high growth in this market can be attributed to the increased preference for various advanced clinical diagnostic services by veterinarians, pet owners, and laboratory technicians.
Clinical pathology is the fastest-growing application segment of the veterinary reference laboratories market.
Based on the application, the veterinary reference laboratories market is segmented into clinical pathology, bacteriology, virology, parasitology, productivity testing, pregnancy testing, and toxicology. The clinical pathology segment is expected to register the highest CAGR during the forecast period, primarily due to the large volume of pathology tests performed.
Companion animals dominate the veterinary reference laboratories market
Based on animals, the veterinary reference laboratories market is segmented into livestock animals and companion animals. The companion animal segment is expected to grow at the highest CAGR during the forecast period. The increasing adoption of companion animals and the rising incidence of zoonotic diseases in these animals are the major factors driving the growth of this segment.
Asia Pacific market to witness the highest growth during the forecast period
Asia Pacific is expected to witness the highest growth during the forecast period (2020 to 2025), owing to factors such as a rise in demand for pet insurance and increasing pet healthcare expenditure. Moreover, a growing population of food-producing animals & the need for animal-derived food products, rising awareness of zoonotic animals, and the increasing number of veterinary hospitals and clinics are expected to drive growth in this region.
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
- Demand for Animal-Derived Food Products
- Increasing Incidence of Trans-Boundary 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 Virus in Animals
Key Challenges
- Low Awareness in Emerging Markets
- Shortage of Veterinarians in Emerging Markets
- Weak Functional and Infrastructural Capacities
Companies Profiled
- Idexx Laboratories, Inc.
- Vca, Inc. (A Part of Mars Petcare)
- Gd Animal Health
- Boehringer Ingelheim
- Zoetis, Inc.
- Neogen Corporation
- Laboklin GmbH
- Synlab International GmbH
- Vetnostics
- Texas A&M Veterinary Medical Diagnostic Laboratory
- University of Minnesota (Veterinary Diagnostic Laboratory)
- Iowa State University (Veterinary Diagnostic Laboratory)
- 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)
For more information about this report visit https://www.researchandmarkets.com/r/szlfp2
