The "Veterinary Reference Laboratory Market by Service Type (Clinical Chemistry, Hematology, Immunodiagnostics, Molecular Diagnostics), Application (Pathology, Bacteriology, Virology, Parasitology), Animal (Dog, Cat, Cattle, Poultry, Pig) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The veterinary reference laboratories market is projected to reach USD 4.8 billion by 2024 from USD 2.9 billion in 2019, at a CAGR of 10.7%.
The growth in this market is driven by the growth in the companion animal population, rising demand for pet insurance, and growth in the number of veterinary practitioners in developed economies. However, the growing demand for rapid tests and portable instruments for point-of-care (POC) services and increasing pet care costs are expected to restrain market growth to a certain extent.
The clinical chemistry segment is projected to witness the highest growth in the veterinary reference laboratories market, by type of service, during the forecast period
Based on the type of service, the veterinary reference laboratories market is segmented into clinical chemistry, immunodiagnostics, hematology, urinalysis, molecular diagnostics, and other services. The clinical chemistry segment is projected to register the highest CAGR during the forecast period. The high growth in this market can be attributed to the increased preference for various advanced clinical diagnostic services by veterinarians, pet owners, and laboratory technicians.
Clinical pathology is the fastest-growing application segment of the veterinary reference laboratories market
Based on application, the veterinary reference laboratories market is segmented into clinical pathology, bacteriology, virology, parasitology, productivity testing, pregnancy testing, and toxicology. The clinical pathology segment is expected to register the highest CAGR during the forecast period, primarily due to the large volume of pathology tests performed.
Companion animals dominate the veterinary reference laboratories market, by animal
Based on animal, the veterinary reference laboratories market is segmented into livestock animals and companion animals. The companion animals segment is expected to grow at the highest CAGR during the forecast period. The increasing adoption of companion animals and the increasing incidence of zoonotic diseases in these animals are the major factors driving the growth of this segment.
Asia Pacific market to witness the highest growth during the forecast period
Asia Pacific is expected to witness the highest growth during the forecast period (2019 to 2024), owing to factors such as rise in demand for pet insurance, increasing pet healthcare expenditure, growing population of food-producing animals and the need for animal-derived food products, rising awareness of zoonotic animals, and the growing number of veterinary hospitals and clinics in this region.
Companies Mentioned
- IDEXX Laboratories, Inc.
- VCA, Inc.
- GD Animal Health
- Boehringer Ingelheim
- Zoetis, Inc.
- Neogen Corporation
- Laboklin GmbH
- Synlab International GmbH
- Marshfield Labs
- Texas A&M Veterinary Medical Diagnostic Laboratory
- University of Minnesota (Veterinary Diagnostic Laboratory)
- Iowa State University (Veterinary Diagnostic Laboratory)
- Other Players
- Protatek International Inc.
- Animal and Plant Health Agency
- Animal Health Diagnostic Center (Cornell University)
- National Veterinary Services Laboratory Usda-Aphis
- Znlabs
- Colorado State University (Veterinary Diagnostic Laboratories)
- The Pirbright Institute
- Friedrich-Loeffler-Institut (FLI)
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View source version on businesswire.com: https://www.businesswire.com/news/home/20191209005362/en/
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