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Veterinary Reference Laboratory Global Market Report 2023: Rising Demand For Pet Insurance And Increasing Animal Health Expenditure Boosts Growth
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The "Veterinary Reference Laboratory Market by Service Type (Clinical Chemistry, Immunodiagnostics (ELISA), Molecular Diagnostics (PCR, Microarray)), Application (Pathology, Virology), Animal (Companion, Livestock), and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global veterinary reference laboratory market is projected to reach USD 6.4 Billion by 2027 from USD 4.1 Billion in 2022, at a CAGR of 9.3% during the forecast period.
The factors driving the growth of the veterinary reference laboratory market during the forecast period are rising the animal population, especially companion animals, many peoples are interested in insuring their pets, rising the number of veterinary physicians in countries from the developed region, and rising demand for milk and milk related dairy products, However, increase in animal care cost and increasing demand for point of care testing are expected to restrain the market during the forecast period.
The immunodiagnostic services segment is expected to account for the second-largest share of the veterinary reference laboratory market.
The immunodiagnostic services segment accounted for the second-largest share of the veterinary reference laboratory market in 2021. On the basis of technology, the immunodiagnostics service segment is further segmented into ELISA, lateral flow assays, and other immunodiagnostics services.
The clinical pathology segment is expected to grow with the highest CAGR of the veterinary reference laboratory market.
Based on application, the veterinary reference laboratory market is segmented into clinical pathology, bacteriology, parasitology, virology, product testing, pregnancy testing, and toxicology testing. The clinical pathology segment is expected to grow with the highest CAGR of the veterinary reference laboratory market in 2021. The growth of this segment is mainly due to the rising volume of pathology tests performed is the major factor driving the demand for diagnostic products and consumables for clinical pathology applications.
The dog segment is expected to account for the largest share of the veterinary reference laboratory market for companion animals.
Based on animal type, the veterinary reference laboratory market for companion animal is segmented into dogs, cats, horses, and other companion animals. In 2021, the market for dogs accounted for the largest share of the veterinary reference laboratory market for companion animals. The increasing incidence of zoonotic and chronic diseases and cases of parasitic infections in dogs has resulted in a higher demand for various diagnostic services.
The US to dominate the veterinary reference laboratory market during the forecast period.
The US accounted for the largest share of the North American veterinary reference laboratory market in 2021. The growth of the US market can be attributed to the increasing adoption of companion animals, the growing pet insurance industry, rising veterinary healthcare expenditure, and the growing number of veterinary practices. In addition, a majority of players in the veterinary reference laboratory market are based in the US.
A breakdown of the primary participants for the veterinary reference laboratory market referred to for this report is provided below:
- By Company Type: Tier 1-60%, Tier 2-30%, and Tier 3-10%
- By Designation: C-level-30%, Director Level-50%, and Others-20%
- By Region: North America-45%, Europe-15%, Asia Pacific-25%, Latin America- 10%, Middle East & Africa- 5%
Market Dynamics
Drivers
- Growth in Companion Animal Population
- Rising Demand for Pet Insurance and Increasing Animal Health Expenditure
- Increasing Number of Veterinary Practitioners in Developed Economies
- Increasing Demand for Animal-Derived Food Products
- Increasing Incidence of Transboundary 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
Challenges
- Low Awareness in Emerging Markets
- Shortage of Veterinarians in Emerging Markets
- Weak Functional and Infrastructural Capacities
Key Topics Covered:
- Introduction
- Research Methodology
- Executive Summary
- Premium Insights
- Market Overview
- Veterinary Reference Laboratory Market, by Service Type
- Veterinary Reference Laboratory Market, by Application
- Veterinary Reference Laboratory Market, by Animal Type
- Veterinary Reference Laboratory Market, by Region
- Competitive Landscape
- Company Profiles
- Appendix
Companies Mentioned
- Animal and Plant Health Agency
- Animal Health Diagnostic Center (Cornell University)
- Colorado State University (Veterinary Diagnostic Laboratories)
- Friedrich-Loeffler-Institut (Fli)
- GD Animal Health
- Greencross Limited
- Heska Corporation
- Idexx Laboratories
- Iowa State University (Veterinary Diagnostic Laboratory)
- Kansas State Veterinary Diagnostic Laboratory
- Laboklin
- National Veterinary Services Laboratory Usda Aphis
- Neogen Corporation
- Protatek International
- Synlab International
- Texas A&M Veterinary Medical Diagnostic Laboratory
- The Pirbright Institute
- Thermo Fisher Scientific
- University of Minnesota (Veterinary Diagnostic Laboratory)
- Vaxxinova
- VCA
- Vetnostics
- Virbac
- Washington Animal Disease Diagnostic Laboratory (WADDL)
- Zoetis
For more information about this report visit https://www.researchandmarkets.com/r/bio4k7
1 day ago