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(IT-NEWSWIRE.COM, October 23, 2021 ) According to research report the veterinary reference laboratories market size is projected to reach USD 5.6 billion by 2025 from USD 3.4 billion in 2020, at a CAGR of 10.5%.
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Factors such as increasing demand for animal-derived food products and increasing incidence of transboundary and zoonotic diseases are driving the growth of this market amongst the livestock animals during the forecast period.
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.
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.
In 2019, IDEXX Laboratories, Inc. (US), VCA, Inc. (US), and GD Animal Health (Netherlands) dominated the global veterinary reference laboratories industry.
Some of the other prominent players operating in the veterinary reference laboratories market are Zoetis, Inc. (US), Neogen Corporation (US), Boehringer Ingelheim (Germany), Marshfield Labs (US), ProtaTek Internationals, Inc. (US), Texas A&M Veterinary Medical Diagnostic Laboratory (US), Veterinary Diagnostic Laboratory - University of Minnesota (US), and Veterinary Diagnostic Laboratory, Iowa State University (US).
IDEXX Laboratories, Inc. (US) dominated the global veterinary reference laboratories market in 2019. The company has a diversified product portfolio, which includes a wide range of companion animal diagnostic products. IDEXX’s leading position in this market can be attributed to its active R&D activities and an extensive distribution footprint across the globe. To garner a larger share in this market, IDEXX continuously focuses on inorganic growth strategies such as acquisitions. The company was involved in the acquisition of six veterinary reference laboratories in FY 2017-19. Additionally, the company was the first one in the veterinary space to launch a COVID-19 test kit for companion animals in its reference laboratories across the US.
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The veterinary reference laboratories market, by region, is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. 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 veterinary reference lab market.
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MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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Source: EmailWire.com
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