Veterinary Reference Laboratory Market worth $7.8 billion in 2029
The report "Veterinary Reference Laboratory Market by Service Type (Clinical Chemistry, Immunodiagnostics (ELISA), Molecular Diagnostics (PCR, Microarray)), Application (Pathology, Virology), Animal (Companion, Livestock), & Region - Global Forecast to 2029", is projected to reach USD 7.8 billion in 2029 from USD 4.6 billion in 2024, at a CAGR of 11.2% between 2024 and 2029.
Browse 268 market data Tables and 55 Figures spread through 304 Pages and in-depth TOC on "Veterinary Reference Laboratory Market by Service Type (Clinical Chemistry, Immunodiagnostics (ELISA), Molecular Diagnostics (PCR, Microarray)), Application (Pathology, Virology), Animal (Companion, Livestock), & Region - Global Forecast to 2029"
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The growth of veterinary reference laboratory market is driven increasing pet ownership, advancements in veterinary diagnostics, growing demand for specialty and advanced veterinary diagnostic services, and increasing healthcare expenditure on animals. However, the lack of awareness among pet owners & veterinarians, and limited access to advanced technologies tend to hinder the growth of veterinary reference laboratory market to a certain extent.
Clinical chemistry services segment is expected to account for the largest share, by service type in the veterinary reference laboratory market during the forecast period.
Based on the service type, the market is segmented into immunodiagnostics, clinical chemistry services, molecular diagnostics, hematology, urinalysis, and other services. In 2023, clinical chemistry services segment accounted for the highest share of 33.5% of the market. These services play a significant role in diagnosing and monitoring various animal health conditions by analyzing blood, urine, and other body fluids to identify potential diseases. Moreover, with the increasing focus on preventive healthcare and the rising demand for accurate and timely diagnostic services for companion and livestock animals to fuel the market growth during the forecast period.
Clinical Pathology segment is expected to account for the largest share, by application in the veterinary reference laboratory market.
Based on type, the market is segmented into clinical pathology, bacteriology, virology, parasitology, productivity testing, pregnancy testing, and toxicology testing. In 2023, the clinical pathology segment accounted for the largest share of 28.1% of the market. The large share and high growth of this segment is attributed to the advanced technologies and methodologies employed in clinical pathology, such as hematology, biochemistry, and molecular diagnostics. These services enable precise and timely diagnoses, facilitating optimal treatment strategies and improving animal health outcomes. The growing demand for accurate and efficient diagnostic services in veterinary medicine drives the expansion of the clinical pathology segment within the veterinary reference laboratory market.
Companion animals segment accounted for the largest share of veterinary reference laboratory market in 2023
Based on animal type, the market is segmented into companion animals and livestock animals. In 2023, the companion animals segment accounted for the largest share of 67.3% of the market due to the increasing pet ownership trend. The owners are increasingly investing in comprehensive diagnostics to ensure the well-being of their pets, leading to a surge in the number of tests conducted in veterinary reference laboratories. This trend underscores the growing importance of accurate and timely diagnostic services in maintaining the health of companion animals, thereby fueling the growth of the veterinary reference laboratory market.
In 2023, North America accounted for the largest share of the veterinary reference laboratory market
The veterinary reference laboratory market is segmented into five major regions, namely, North America, Europe, Asia Pacific (APAC), Latin America, Middle East and Africa, and the GCC Countries.
North America dominates the veterinary reference laboratory market, holding the largest share due to its advanced healthcare infrastructure, and increasing pet ownership. The region's robust research and development capabilities, coupled with a high level of awareness about animal health, drive demand for diagnostic services offered by veterinary reference laboratories.
Key Market Players :
The key players in the global veterinary reference laboratory market are IDEXX Laboratories, Inc. (US), Mars, Incorprated (US), GD Animal Health (Netherlands), Zoetis (US), NEOGEN Corporation (US), LABOKLIN GMBH & CO. KG (Germany), VETLAB (Veterinary Diagnostic Laboratory) (India), Mira Vista Labs (US), Virbac (US), Vaxxinova (Netherlands), Thermo Fisher Scientific (US), Texas A&M Veterinary Medical Diagnostic Laboratory (US), University of Minnesota (Veterinary Diagnostic Laboratory) (US), Iowa State University (Veterinary Diagnostic Laboratory) (US), Greencoss Vets (Australia), QML Vetnostics (Australia), ProtaTek International, Inc. (US), Animal and Plant Health Agency (UK), Animal Health Diagnostic Center (Cornell University) (US), National Veterinary Services Laboratory USDA-APHIS (US), Washington Animal Disease Diagnostic Laboratory (US), Colorado State University (Veterinary Diagnostic Laboratories) (US), The Pirbright Institute (UK), (Australia), Friedrich-Loeffler-Institute (FLI) (Germany), and Kansas State Veterinary Diagnostic Laboratory (US).
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