Veterinary Reference Laboratory Market worth $6.4 billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Dec. 16, 2022 /PRNewswire/ -- Veterinary Reference Laboratory Market is projected to reach USD 6.4 billion by 2027 from USD 4.1 billion in 2022, at a CAGR of 9.3% during the forecast period according to a new report by MarketsandMarkets™. The driving factors are rising number of veterinarians in developed countries and increasing incidence and prevalence of zoonotic diseases. Whereas, increasing treatment cost for both companion and livestock animals may hinder the growth of this market. The untapped emerging markets, public-private partnership in veterinary health are significant opportunities in the market. However, low awareness in emerging market, shortage of veterinarians in veterinary reference laboratory market are few challenges leading players are facing.

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Veterinary Reference Laboratory Market Scope:

By Service type, the clinical chemistry services segment is expected to account for the largest share of the veterinary reference laboratory market

The clinical chemistry services segment accounted for the largest share of the veterinary reference laboratory market. The large share of this segment can primarily be attributed to the wide usage of chemistry analyzers to analyze different reference laboratory test such as metabolic profiles, electrolyte profile, and protein analysis in both companion and livestock animals.

By Application type, the clinical pathology segment is expected to account for the largest share of the veterinary reference laboratory market

The clinical pathology segment accounted for the largest share of the veterinary reference laboratory market in 2021. The largest share of clinical pathology segment is mainly attributed to increasing volume of clinical pathology tests performed in the veterinary reference laboratories across the globe.

By Animal type, the cattle segment is expected to hold the largest share of the veterinary reference laboratory market for livestock animals

In 2021, the market for cattle accounted for a largest share of the veterinary reference laboratory market for livestock animals. The increasing demand of milk and related dairy products are key factor attributing the largest share of cattle in the veterinary reference laboratory market for livestock animals.

Germany to dominate the European veterinary reference laboratory market during the forecast period

Germany accounted for a largest share of the European veterinary reference laboratory market in 2021. The growing pet population, increasing awareness about pet healthcare, rising pet healthcare expenditure, and growing awareness about zoonotic diseases are driving the growth of the veterinary reference laboratory market in Germany.

Veterinary Reference Laboratory Market Dynamics:

Drivers:

1.  Growth in the companion animal population

2.  Growing demand for pet insurance and increasing pet care expenditure

3.  Increasing number of veterinary practitioners in developed economies

4.  Increasing demand for animal-derived food products

5.  Increasing incidence of transboundary and zoonotic diseases

Restraints:

1.  Increasing pet care costs

2.  Growing demand for rapid tests, POC testing, and portable instruments

Opportunities:

1.  Untapped emerging markets

2.  Public-private partnerships in veterinary health

3.  Increased use of PCR testing panels to rule out COVID-19 in animals

Challenges:

1.  Low awareness in emerging markets

2.  Shortage of veterinarians in emerging markets

3.  Weak functional and infrastructural capacities

Key Market Players:

Prominent players in the Veterinary Reference Laboratory Market are IDEXX Laboratories, Inc. (US), VCA, Inc. (US), GD Animal Health (Netherlands), Zoetis Inc. (US), NEOGEN Corporation (US), LABOKLIN GmbH (Germany), SYNLAB International GmbH (Germany), Heska Corporation (US), Virbac (US) and Thermo Fisher Scientific, Inc. (US).

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Recent Developments:

• In June 2022, IDEXX Laboratories, Inc. (US) launched Fecal Dx Antigen Testing, new reference laboratory tests and service to help veterinarians gain insights during wellness screenings and develop treatments plans for cats with chronic kidney diseases.
• In April 2022, Zoetis Inc. (US) added AI blood smear testing to the Vetscan Imagyst.
• In December 2021, Neogen Corporation (US) acquired Genetic Veterinary Sciences, Inc. (US) to increase its genetic testing portfolio for companion animals
• In September 2021, Heska Corporation (US) acquired Biotech Laboratories (US) to expand its product offerings in rapid assays.

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