Veterinary Reference Laboratory Market was valued at US$ 4 Bn. in 2021. The global Veterinary Reference Laboratory Market size is expected to grow at a CAGR of 11 % through the forecast period.
Veterinary Reference Laboratory Market Overview:
A veterinary reference laboratory is a privately owned institution used to identify zoonotic illnesses in domestic and farm animals. The labs are used to test animals for brucellosis, TB, anthrax, yellow fever, rabies, measles, and other diseases on a routine and specialized basis. In addition, they are employed to carry out pre-anesthetic assessments, conduct wellness exams, and keep track of treatment effectiveness.
The Veterinary Reference Laboratory Market study gives a comprehensive view of the competition, including the market share and company profiles of the major global competitors. The scope of the research includes a full examination of the Veterinary Reference Laboratory Market , as well as the reasons for variations in the industry's growth between regions.
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Market Scope:
Following the completion of market engineering, which included market statistics computations, market size estimations, market forecasts, market breakdown, and data triangulation, extensive primary research was done to gather information and verify and validate important numbers. To undertake market estimating and forecasting for the overall market segments and sub-segments described in this research, top-down and bottom-up tactics, as well as different data triangulation procedures, were often employed throughout the market engineering process. Extensive qualitative and quantitative analysis is performed on all data obtained during the market engineering process in order to provide essential information throughout the report.
Segmentation:
Based on Animal Type, the Veterinary Reference Laboratory Market is segmented into Production Animals and Companion Animals. Due to the increasing consumption of milk, meat, and other animal products, production animals dominate the business in terms of animal type share in 2019. The use of VRL for animal health is expected to be accelerated by rising government attempts to maintain global food security and sustainability. Global regulatory organizations strive toward complete food security. Massive food production is expected to increase as a result, which will increase the demand for production animals.
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Key Players:
Market leaders are identified by primary and secondary research, and market revenue is calculated using primary and secondary research. The core study included in-depth interviews with key thought leaders and industry experts such as experienced front-line personnel, CEOs, and marketing executives. In-depth interviews with important thought leaders and industry experts, such as experienced front-line personnel, CEOs, and marketing executives, were conducted as part of primary research, while secondary research included a review of the major manufacturers' annual and financial reports. Secondary data is utilized to calculate percentage splits, market shares, growth rates, and global market breakdowns, which are then verified against primary data.
The biggest players in the Veterinary Reference Laboratory Market are as follows:
• IDEXX Laboratories, Inc.
• VCA, Inc.
• GD Animal Health
• Boehringer Ingelheim
• Zoetis Inc.
• NEOGEN Corporation
• LABOKLIN GmbH
• SYNLAB International GmbH
• Heska Corporation
• Virbac
• Thermo Fisher Scientific, Inc.
• Texas A&M Veterinary Medical Diagnostic Laboratory
• University of Minnesota
• Iowa State University
• Vetnostics
• Animal Health Diagnostic Center
• Colorado State University
• The Pirbright Institute
Regional Analysis:
Individual market influencing components and changes in market laws impacting current and future market trends are also covered in the Veterinary Reference Laboratory Market analysis regional overview. Current and future trends are studied in order to evaluate the overall market potential and find profitable patterns in order to get a firmer footing. The geographical market evaluation is based on the current environment and anticipated trends.
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COVID-19 Impact Analysis on Veterinary Reference Laboratory Market :
Due to a break in operations, end-user sectors where Veterinary Reference Laboratory Market are used suffered a drop in growth from January 2020 to May 2020 in a number of countries, including China, Italy, Germany, the United Kingdom, the United States, and Spain, France, and India. As a result, the revenues of enterprises in these industries fell significantly, as did the demand for Veterinary Reference Laboratory Market manufacturers, impacting the growth of the Veterinary Reference Laboratory Market in 2020. Lockdowns and a surge in COVID-19 events globally have severely reduced end-user business demand for Veterinary Reference Laboratory Market .
Key Questions Answered in the Veterinary Reference Laboratory Market Report are:
- In 2021, which segment owned the greatest share of the Veterinary Reference Laboratory Market ?
- What is the competitive landscape of the Veterinary Reference Laboratory Market ?
- What are the key factors influencing Veterinary Reference Laboratory Market growth?
- In the Veterinary Reference Laboratory Market , which region has the most market share?
- What will be the CAGR of the Veterinary Reference Laboratory Market over the forecast period (2022-2027)?
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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.
