Global Veterinary Reference Laboratory Market To Generate A Revenue of $.9.2B By 2028

The global veterinary reference laboratory market was valued at $3.35B in 2021 and is projected to generate a revenue of over $9.2B by 2028. The global market is anticipated to grow at a CAGR of 10.2% during the forecast period.

Veterinary reference laboratories are used to store specimens under specialized conditions to perform different tests that vary at complexity levels. The laboratories greatly assist the learning & detection of infectious diseases and are divided into three groups depending on the task they perform. The first group is made up of central or national veterinary laboratories, which match international expectations, are highly secured, and may include state level or district level veterinary diagnostic laboratories. Their main goal is to aid the national Veterinary Services in identifying infectious diseases. The next group is made up of laboratories that manufacture veterinary diagnostics kits or vaccines. The last group comprises veterinary research centers and their main task is to conduct basic research but they do not directly contribute to the diagnosis or control of contagious animal diseases.

The global market is propelled by the rising standardization of animal-related vaccines and digitalization in veterinary centers or clinics. These laboratories play a significant role in encouraging animal health and welfare preventing animal-related or zoonotic infections and aiding the production of safe food. Zoonotic infections are more serious in tropical regions where the infection rate is very high but the regions lack the necessary healthcare infrastructure to handle these large-scale infections. Some examples of zoonotic diseases include rabies, measles, yellow fever, and others, some of which are fatal as well. As per Global Animal Health Association, more than 60% of the diseases have originated from animals thus making the global veterinary reference laboratory market a critical sector to invest in.

Covid-19 harmed the global market due to the closure of laboratories but the pandemic was able to divert the world towards enhancing their efforts to understand zoology and its effects on humans.

The global veterinary reference laboratory market is expected to grow owing to the rising adoption rate of companion pets witnessed across the globe. These animals have become as important as other family members for a large section of society. Companion animals are not just used for protection but are given equal treatment as humans. This is generally observed in modern cities but growing prevalence can also be witnessed in rural areas. The trend is propelled by the increasing number of insurers providing excellent pet insurance premiums, thus encouraging families to adopt pets without having to worry about medical expenses. There is also a growth in the number of animal specialists across the globe as compared to previous decades making medical treatments for animals easily accessible, reducing the difficulties in animal medical care which was a dominant cause for ignoring animal welfare.

The high costs related to vet care may restrain global market growth in the coming years.

The increase in demand for immunodiagnostic kits is expected to provide global market growth opportunities.

However, proper and ethical management of specimens may create challenging situations in the global market expansion.

The global veterinary reference laboratory market is segmented by animal type, molecular diagnostics, technology, application, and region

Based on animal type, the global market segments are companion animals and livestock animals. In the next few years, livestock animals may lead the segment due to rising demand for animal-based products; however, due to the increasing adoption of companion animals, the segment is expected to grow significantly.

Based on molecular diagnostics, the global market is segmented into microarrays, PCR, and others. Currently, microarrays are seen as the ideal technique to screen multiple genes at one go and may be preferred in the coming years as well.

Based on technology, the segments in the global market are hematology, clinical chemistry, and immunodiagnostics which are segmented into ELISA, rapid tests, lateral flow, and others. Clinical chemistry is expected to dominate the segment because of its extensive use in diagnosing and monitoring illness.

Based on applications, the global market segments are toxicology, clinical pathology, product testing, and others where clinical pathology may generate the highest revenue because of the increasing demand for toxicology testing services.

North America is expected to generate the highest revenue in the global veterinary reference laboratory market during the forecast period owing to the presence of many veterinary clinics and growing initiatives by the government to encourage animal welfare across the region. The high disposable income of the general population aids the adoption of pets which along with increasing livestock breeding is expected to aid regional growth.

Asia-Pacific is also expected to grow at a high CAGR due to rising exhaustive clinical trials conducted in regions like China, South Korea, and others, the rising healthcare expenditure along with the emergence of excellent veterinary reference laboratories set up by governments or private players. Since many countries allow foreign investors to invest in these regions because of relatively flexible regulations about foreign investments, Asia-Pacific is becoming an investor favorite to conduct research activities.

The global veterinary reference laboratory market is dominated by players like 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., and Colorado State University.

Recent Developments:

• In November 2021, Heska Corporation acquired VetZ GmbH, an EU-based animal practice information management software organization. The acquisition was completed in 2022 making Heska one of a kind company providing integrated solutions related to animal care from quick diagnosis to referring lab services.
• In July 2021, Vidium Animal Health released SpotlightePARR which aids in quick and accurate diagnosis of canine lymphoma and it is only the second diagnostic test rolled out by the company post the launch of SearchLight DNATM which is a genomics-based test detecting mutations in around 120 cancel genes in canines.

Browse the full “Global Veterinary Reference Laboratory Market By Animal Type (Companion Animals, and Livestock Animals), By Molecular Diagnostics (Microarrays, PCR, and Others), By Technology (Hematology, Clinical Chemistry, and Immunodiagnostics (ELISA, Rapid Tests, and Lateral Flow Others), By Application (Toxicology, Clinical Pathology, Productivity Testing, and Others), and Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/veterinary-reference-laboratory-market

Global veterinary reference laboratory market is segmented as follows:

By Animal Type

• Companion Animals
• Livestock Animals

By Molecular Diagnostics

• Microarrays
• PCR
• Others

By Technology

• Hematology
• Clinical Chemistry
• Immunodiagnostics
  • ELISA
  • Rapid Tests
  • Lateral Flow Others

By Application

• Toxicology
• Clinical Pathology
• Productivity Testing
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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