Market Size in 2024 | Market Forecast in 2034 | CAGR (in %) | Base Year |
---|---|---|---|
USD 4.78 Billion | USD 12.93 Billion | 10.5% | 2024 |
The global veterinary reference laboratory market size was worth around USD 4.78 Billion in 2024 and is predicted to grow to around USD 12.93 Billion by 2034 with a compound annual growth rate (CAGR) of roughly 10.5% between 2025 and 2034. The report analyzes the global veterinary reference laboratory market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the veterinary reference laboratory industry.
A veterinary reference laboratory is a stand-along laboratory that receives a specimen from another veterinary lab or clinic for performing various tests on the specimen. A veterinary hospital may have selected a number of tests depending on the size of the clinic, the technological equipment owned, the number & availability of testing personnel, the types of the animal being tested, the in-house testing affordability, and its cost-effectiveness. In case the clinic is not able to perform the tests, after authorization from senior management, the specimen has to be sent to the reference laboratory in order for the necessary tests to be conducted.
Another application of veterinary reference laboratories is the performing of complex or unusual tests, or if certain equipment in the actual clinic is undergoing repair or service along with tests that can only be performed by patented equipment and cannot be easily conducted at regular laboratories. Typically, hospitals or clinics have tie-ups with veterinary reference laboratories to avoid a last-minute hassle in case a test needs to be conducted.
Increase in R&D for studying animal-related infections and their implication for humans is expected to drive the global market
The main origin source for a lot of diseases in current times that still do not have any cure are animals. In the last couple of decades, there has been a growing interest in learning zoology and the various medical aspects related to animals. Covid-19 is the latest example. The world came to a standstill due to the virus which the majority of the agencies claim to come from bats. This in turn has propelled the need to conduct exhaustive R&D on animals and get detailed information about the consequential implications that may arise due to interaction between humans and animals thus assisting global veterinary reference laboratory market growth. This step is aided not just by government agencies but private companies as well where heavy investments can be seen to fund such research activities.
The global market growth can also be attributed to the rise in acceptance of animals amongst the human population. Gone are the days when animal lives were considered less important than human lives. Due to multiple initiatives taken up by global agencies like PETA and various other domestic animal welfare agencies, there is considerable growth in providing animals with the necessary medical attention they need which in turn has resulted in the opening of multiple veterinary clinics which require the help of veterinary reference laboratory to conduct complicated animals-related medical cases thus aiding global market expansion.
The rise in the adoption of technology in veterinary clinics and laboratories is projected to aid global market growth backed by heavy investments from market players to expand their footprints in the global economy.
High costs related to vet care may restrain the global market growth
Vet care is expensive and may not be affordable by large strata of society. Different animals require different types of medical attention on regular bases like vaccines, regular checkups, medical treatments, and diseases depending on the animal species. Even the imaging systems used at veterinary clinics cost a lot of money which restricts the adoption of animals and many animals do not get the necessary medical attention on time which is expected to restrict the global market growth during the forecast period.
Increase in demand for immunodiagnostic kits to provide global market growth opportunities
The global veterinary reference laboratory market growth may receive a positive push owing to the rising demand for immunodiagnostic kits for animals. These kits aid the detection of parasite antigens and antibodies. Because of the higher interdependence between animals and humans, global leaders are keen on learning everything about the implications that humans and animals have on each other, and the environment in general. This is also coupled with the increasing demand for animal-derived food across the world. Food items like meat, eggs, fish, and others are extremely common forms of animal-based products and in many regions, they form a significant portion of staple food. The rise in consumption of these food items is expected to aid global market expansion.
Proper and ethical management of specimens to create challenging situations in the global market
Storing animal specimens requires excessive attention along with sufficient space and technology to store them for a longer duration for necessary tests to be conducted. Veterinary reference laboratories have high confidential data related to animal specimen tests, and there is always a chance of unethical use of this data. It is imperative that authorized agencies take utmost care when dealing with test results for specimens and contrary situations may pose a challenge to the global market growth during the projection period.
The global veterinary reference laboratory market is segmented by animal type, molecular diagnostics, technology, application, and region.
Based on Animal Type, the global veterinary reference laboratory market is divided into Companion Animals, and Livestock Animals.
On the basis of Molecular Diagnostics, the global veterinary reference laboratory market is bifurcated into Microarrays, PCR, and Others.
By Technology, the global veterinary reference laboratory market is split into Hematology, Clinical Chemistry, and Immunodiagnostics (ELISA, Rapid Tests, and Lateral Flow Others.
In terms of Application, the global veterinary reference laboratory market is categorized into Toxicology, Clinical Pathology, Productivity Testing, and Others.
Report Attributes | Report Details |
---|---|
Report Name | Veterinary Reference Laboratory Market |
Market Size in 2024 | USD 4.78 Billion |
Market Forecast in 2034 | USD 12.93 Billion |
Growth Rate | CAGR of 10.5% |
Number of Pages | 254 |
Key Companies Covered | IDEXX Laboratories, Texas A&M Veterinary Medical Diagnostic Lab., The Pirbright Institute, Vetnostics, NEOGEN Corporation, LABOKLIN GmbH, SYNLAB International GmbH, Kansas State Veterinary Diagnostic Lab., ProtaTek International Inc., Colorado State University, and others. |
Segments Covered | By Animal Type, By Molecular Diagnostics, By Technology, By Application, and By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, The Middle East and Africa (MEA) |
Base Year | 2024 |
Historical Year | 2020 to 2023 |
Forecast Year | 2025 - 2034 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
North America to lead the global market during the forecast period
The global veterinary reference laboratory market is expected to be dominated by North America which has already been leading the market in the last few years owing to extremely funding received from various organizations to improve animal healthcare in the region. In December 2021, the US Department of Agriculture’s Animal and Plant Health Inspection Service donated over $16m for over 60 projects in the USA.
Asia Pacific may generate high revenue owing to increasing consumption of animal-based products, China is a leading consumer of pig, poultry, & beef and is projected to contribute heavily to the regional growth followed by the Middle East because of growing medical tourism.
The report provides a company market share analysis to give a broader overview of the key market players. In addition, the report also covers key strategic developments of the market, including acquisitions & mergers, new product launches, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the veterinary reference laboratory market on a global and regional basis.
The global veterinary reference laboratory market is dominated by players like:
By Animal Type
By Molecular Diagnostics
By Technology
By Application
By Region
FrequentlyAsked Questions
North America is expected to dominate the veterinary reference laboratory market over the forecast period.
Leading players in the global veterinary reference laboratory market include IDEXX Laboratories, Texas A&M Veterinary Medical Diagnostic Lab., The Pirbright Institute, Vetnostics, NEOGEN Corporation, LABOKLIN GmbH, SYNLAB International GmbH, Kansas State Veterinary Diagnostic Lab., ProtaTek International Inc., Colorado State University, among others.
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