Veterinary reference laboratory market worth $2.8 billion by 2021

The veterinary reference laboratory market is expected to reach USD 2.8 billion by 2021 from an estimated USD 1.7 billion in 2016, at a CAGR of 9.8%. The rising animal health expenditure, growing demand for pet insurance, increasing incidences of zoonotic diseases, and growth in the number of veterinarians and their rise in income levels in developed countries are the significant growth drivers of the veterinary reference laboratory market.

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“The clinical chemistry segment is expected to dominate the veterinary reference laboratory market during the forecast period.”

On the basis of technology, the veterinary reference laboratory market is segmented in clinical chemistry, hematology, immunodiagnostics, and molecular duiagnostics. The clinical chemistry segment is expected to account for the largest share of the veterinary reference laboratory market in 2015. The large share of this segment can be attributed to its wide applications in small veterinary clinics and hospitals as well as in reference laboratories. Clinical chemistry is one of the most important areas in clinical laboratory analysis and this field has advanced significantly in recent years. In the veterinary industry, clinical chemistry tests are used to diagnose diseases, screen disease progression, and observe responses of patients to therapy.

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“Clinical pathology to hold the largest market share between 2016 and 2021.”

Based on applications, the market has been classified into clinical pathology, bacteriology, parasitology, virology, productivity testing, pregnancy testing, and toxicology. In 2015, clinical pathology accounted for the largest market share owing to the high number of diagnostic tests fall under this application. In clinical pathology, diagnosis of diseases is carried out by using samples such as blood and other bodily fluids, tissues, and microscopic evaluation of individual cells. Clinical pathology encompasses hematology, clinical chemistry, cytopathology, endocrinology, urinalysis, coagulation, immunohematology, and general pathology. In case of chronic disease conditions, veterinarians recommend routine blood check-ups where clinical pathologists work along with veterinarians to evaluate the cause of the disease.

“The companion animals segment to account for the largest market share in 2015.”

Based on animal type, the veterinary reference laboratories market is categorized into companion animals and food-producing animals. In 2015, the companion animals segment accounted for the largest share of around 68.7% of the global veterinary reference laboratories market. The large share of this segment is mainly due to the rising demand for pet health insurance, increase in the animal healthcare expenditure, and greater concerns about zoonotic diseases.

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“North America to dominate the market in 2015.”

The global veterinary reference laboratory market has been segmented into North America, Europe, Asia Pacific, and Rest of the World (Latin America, and the Middle East & Africa). In 2015, North America accounted for the largest share of the veterinary reference laboratory market. The rise in the consumption of animal-derived food products, increasing demand for companion animal healthcare products, rising awareness about zoonotic diseases, and rising demand for innovative diagnostic testing services by veterinarians, pet owners, and food-producing animal producers in this region are some of the key factors driving the growth of the veterinary reference laboratory market in North America.

The prominent players in the global veterinary reference laboratory market are IDEXX Laboratories, Inc. (US), VCA, Inc. (Mars, Incorporated) (US), GD Animal Health (Netherlands), National Veterinary Services Laboratory (US), Animal and Plant Health Agency (DEFRA APHA Scientific) (UK), Animal Health Diagnostic Center (Cornell University) (US), Greencross Limited (Australia), Gribbles Veterinary Pathology (Australia), Phoenix Central Laboratory for Veterinarians, Inc. (US), Zoetis, Inc. (US), Neogen Corporation (US), ProtaTek Internationals Inc. (US), Wisconsin Veterinary Diagnostic Laboratory (US), and Washington State University Veterinary Clinical Pathology Laboratory (US).

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Study Coverage

This report describes and studies the global veterinary reference laboratory market on the basis of technology, application, animal type, and region. It provides detailed information regarding the major factors influencing the growth of this market. The report includes in-depth competitive analysis of the prominent players in this market along with their company profiles, product portfolios, recent developments, and key business strategies.

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