At 10.2% CAGR, Global Veterinary Reference Laboratory Market Size & Share to Surpass US$ 9.2 Billion By 2028 | Veterinary Reference Laboratory Industry Trends, Share, Growth, Value, Analysis & Forecast Report By ZMR
NEW YORK, July 14, 2022 /PRNewswire/ -- As per Zion Market Research study, 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.
Key Industry Insights & Finding of the Veterinary Reference Laboratory Market Reports:
- As per the analysis shared by our research analyst, the Veterinary Reference Laboratory Market is expected to grow annually at a CAGR of around 10.2 % (2022-2028).
- Through the primary research, it was established that the Veterinary Reference Laboratory Market was valued approximately USD 3.35 Billion in 2021 and is projected to reach to roughly USD 9.2 Billion by 2028.
- 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 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.
Zion Market Research published the latest report titled as "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." into their research database.
Veterinary Reference Laboratory Market : Overview
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.
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Industry Dynamics:
Veterinary Reference Laboratory Market : Growth Drivers
- 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.
Veterinary Reference Laboratory Market : Restraints
- 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.
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Veterinary Reference Laboratory Market: Opportunities
- 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.
Veterinary Reference Laboratory Market: Challenges
- 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.
Global Veterinary Reference Laboratory Market : Segmentation
- 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.
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List of Key Players of Veterinary Reference Laboratory Market :
- 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.
Key questions answered in this report:
- What are the growth rate forecast and market size for Veterinary Reference Laboratory Market ?
- What are the key driving factors propelling the Veterinary Reference Laboratory Market forward?
- What are the most important companies in the Veterinary Reference Laboratory Market Industry?
- What segments does the Veterinary Reference Laboratory Market cover?
- How can I receive a free copy of the Veterinary Reference Laboratory Market sample report and company profiles?
Report Scope:
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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.
Regional Dominance:
- 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.
Global Veterinary Reference Laboratory Market is segmented as follows:
Veterinary Reference Laboratory Market : By Animal Type Outlook (2022-2028)
- Companion Animals
- Livestock Animals
Veterinary Reference Laboratory Market : By Molecular Diagnostics Outlook (2022-2028)
- Services
- Healthcare Provider Solutions
- Healthcare Payer Solutions
Veterinary Reference Laboratory Market : By End-User Outlook (2022-2028)
- Microarrays
- PCR
- Others
Veterinary Reference Laboratory Market : By Technology Outlook (2022-2028)
- Hematology
- Clinical Chemistry
- Immunodiagnostics
Veterinary Reference Laboratory Market : By Application Outlook (2022-2028)
- Toxicology
- Clinical Pathology
- Productivity Testing
- Others
Veterinary Reference Laboratory Market : By Region Outlook (2022-2028)
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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