The new report by Expert Market Research titled, ‘Global Veterinary Reference Laboratory Market Report and Forecast 2022-2027’, gives an in-depth analysis of the global veterinary reference laboratory market, assessing the market based on its segments like technology, application, animal type, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
- Forecast CAGR (2022-2027): 9%
Combined growth of veterinary laboratories and availability of skilled veterinarians is propelling the market for veterinary reference laboratory. Rising awareness and concern towards animal health is leading to an augmenting trend of animal diagnostics and disease management in them. The active effort to maintain wellbeing of animals is supporting the market growth of veterinary reference laboratory. Along the same lines, research and development for new and innovative medicines is strongly helping the industry growth.
Ownership of pets in the urban areas is significantly rising, especially cats and dogs. This is in turn increasing the demand for veterinary diagnostics to prevent the risk of being infected for zoonotic diseases. With the pandemic in the scene, the demand for such laboratories has further surged to ensure safety of pets. Increasing number of pet owners prefer polymerase chain reaction (PCR) for detecting viral diseases as it offers a rapid and accurate test.
Industry Definition and Major Segments
Veterinary reference laboratory is a laboratory for veterinary diagnostic. It receives a specimen from another laboratory in order to perform tests for effective diagnosis. These laboratories offer accurate, precise, and reliable results for pathological testing, advanced diagnostics, and routine testing for animals.
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On the basis of technology, the market is segmented into:
- Clinical Chemistry
- Haematology
- Immunodiagnostics
- ELISA
- Lateral Flow Rapid Tests
- Others
- Molecular Diagnostics
- PCR
- Microarrays
- Others
- Others
Based on application, the market is divided into:
- Clinical Pathology
- Toxicology
- Productivity Testing
- Others
The market is classified into the following, based on animal type:
- Production Animals
- Cattles
- Pigs
- Sheep and Goats
- Others
- Companion Animals
- Dogs
- Cats
- Others
The major regional markets include:
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
Market Trends
Owing to the research activities, the development of advanced and quality veterinary diagnostic methods is helping in offering better diagnosis of various diseases. The introduction of new techniques such as western blot and polymerase chain reaction (PCR) are boosting the growth of the veterinary reference laboratory market. Additionally, advanced monoclonal antibodies, recombinant antigens, and synthetic peptides provide quality diagnosis of zoonotic diseases. The production of specific proteins and peptides for different biotechnological methods like overexpression of immunogens and cloning of genes, is anticipated to boost the growth of the market in the forecast period. Also, building popularity of diagnostic kits for the purpose of effective detection of parasitical movement is observed to provide impetus to the market.
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Key Market Players
The major players in the market are Heska Corporation, Randox Laboratories Ltd., Zoetis Inc., IDEXX Laboratories, Inc., and Virbac S.A., among others.
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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%.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.Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=256972714The veterinary reference lab 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.The immunodiagnostics segment accounted for the largest share of the veterinary reference lab market, by type of service, in 2019.Based on the type of service, the market is segmented into clinical chemistry, immunodiagnostics, hematology, urinalysis, molecular diagnostics, and others.
The low cost, low procedural complexity, and greater adoption due to ease of training are some of the key advantages supporting the adoption of this service.Clinical pathology is the largest application segment of the veterinary reference laboratories marketBased on application, the veterinary reference laboratories market is segmented into clinical pathology, bacteriology, virology, parasitology, productivity testing, pregnancy testing, and toxicology.
The rising volume of pathology tests performed is the major factor driving the demand for diagnostic products and consumables for clinical pathology applications.The companion animal segment accounted for the larger market in 2019.Based on animal type, the veterinary reference lab market is segmented into livestock animals and companion animals.
Growth in this segment is attributed to the growing adoption of companion animals, increasing disposable incomes, growing willingness of companion animal owners to spend more on animal health, and rising incidence of zoonotic diseases.IDEXX Laboratories, Inc. (US), VCA Inc. (US), GD Animal Health (Netherlands), Zoetis Inc. (US), Neogen Corporation (US), Boehringer Ingelheim (Germany), Marshfield Labs (US), ProtaTek International (US), Texas A Veterinary Medical Diagnostic Laboratory (US), Veterinary Diagnostic Laboratory - University of Minnesota (US), and Veterinary Diagnostic Laboratory, Iowa State University (US).Recent Developments> In April 2020, IDEXX launched the SARS-CoV-2 (COVID-19) RealPCR Test for companion animals in the US.> In 6-9 months since October 2019, Zoetis acquired three laboratories that have enhanced the company’s portfolio of testing services with the introduction of microbiology, serology, hematology, chemistry, and many other miscellaneous tests.> In June 2018, Boehringer Ingelheim acquired Newport Laboratories.
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