Global Veterinary Reference Laboratory Market Valued at US$ 4.33 Billion in 2022, Anticipated to Grow at a CAGR of 11% Through 2029

Market Overview:

The Global Veterinary Reference Laboratory Market, valued at US$ 4.33 billion in 2022, is expected to exhibit a robust CAGR of 11% through the forecast period. Veterinary reference laboratories play a crucial role in identifying zoonotic illnesses in domestic and farm animals, offering a range of diagnostic tests to ensure animal health and prevent the spread of dangerous diseases.

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Report Scope and Research Methodology:

The comprehensive report considers the past five years' trends, with a special focus on the exceptional circumstances of 2022, analyzing the impact of regional lockdowns. The market analysis employs a diligent research methodology, encompassing data on market dynamics, drivers, restraints, and regional insights. The scope of the report includes a detailed examination of testing specialties such as hematology, clinical chemistry, urinalysis, endocrinology, microbiology, parasitology, serology, cytopathology, and histopathology provided by veterinary reference laboratories.

Market Dynamics:

Market Drivers:

Growth in Companion Animal Population: The surge in the population of companion animals, such as dogs and cats, is a significant driver for the market. Rising urbanization and increased per capita spending on animal health contribute to the growing demand for veterinary reference laboratory services.

Increasing Prevalence of Zoonotic Diseases: The global rise in zoonotic and transboundary animal diseases, coupled with the ongoing COVID-19 pandemic, drives the demand for PCR testing in veterinary reference laboratories. Technological advancements in rapid testing and portable instruments further contribute to market growth.

Market Restraints:

Low Awareness in Emerging Markets: Despite a considerable number of companion animal owners in developing nations, low awareness about available veterinary services and diagnostic technologies hampers market growth. Limited animal health expenditures in these regions are a result of insufficient awareness.
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Segment Analysis:

Animal Type: The market is segmented into Production Animals and Companion Animals. Production animals dominate the market share due to increased demand for animal products. However, the companion animal segment is expected to grow steadily, driven by government initiatives promoting animal welfare.

Application: Segments include Clinical Pathology, Toxicology, Productivity Testing, and Others. Clinical pathology holds the largest revenue share, with toxicology expected to experience significant growth due to rising demand for toxicology testing services.

by Animal Type

Production Animals
Companion Animals

by Application

Clinical Pathology
Toxicology
Productivity Testing
Others

by Service Type

Clinical Chemistry
Hematology
Immunodiagnostics
Others

Regional Insights:

North America dominated the market in 2022 with a 39% share and is projected to witness significant growth at a CAGR of 8.5% through the forecast period. The Asia Pacific region is expected to experience profitable growth, driven by increased healthcare spending and the construction of veterinary reference laboratories.

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Veterinary Reference Laboratory Market Key Players are:

1. IDEXX Laboratories, Inc.
2. VCA, Inc.
3. GD Animal Health
4. Boehringer Ingelheim
5. Zoetis Inc.
6. NEOGEN Corporation
7. LABOKLIN GmbH
8. SYNLAB International GmbH
9. Heska Corporation
10.Virbac
11.Thermo Fisher Scientific, Inc.
12.Texas A&M Veterinary Medical Diagnostic Laboratory
13.University of Minnesota
14.Iowa State University
15.Vetnostics
16.Animal Health Diagnostic Center
17.Colorado State University
18.The Pirbright Institute

Table of content for the Global Veterinary Reference Laboratory Market includes:

Part 01: Executive Summary

Part 02: Scope of the Global Veterinary Reference Laboratory Market Report

Part 03: Global Veterinary Reference Laboratory Market Landscape

Part 04: Global Veterinary Reference Laboratory Market Sizing

Part 05: Global Veterinary Reference Laboratory Market Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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