Veterinary Reference Laboratory Market: Global Industry Analysis and Forecast (2023-2029)

Veterinary Reference Laboratory Market was valued at US$ 4.33 Bn. in 2022. The global Veterinary Reference Laboratory Market size is expected to grow at a CAGR of 11 % through the forecast period.
Veterinary Reference Laboratory Market Overview:
A veterinary reference laboratory is a privately owned institution used to identify zoonotic illnesses in domestic and farm animals. The labs are used to test animals for brucellosis, TB, anthrax, yellow fever, rabies, measles, and other diseases on a routine and specialized basis. In addition, they are employed to carry out pre-anesthetic assessments, conduct wellness exams, and keep track of treatment effectiveness. Regular testing contributes to the preservation of animal health and helps stop the spread of dangerous zoonotic illnesses. They are often employed in clinical pathology, bacteriology, toxicology, virology, and pregnancy testing, and they also offer technical and scientific help employing molecular diagnostics, hematology, and immunodiagnostics.



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The veterinary reference laboratory focuses on providing high-quality diagnostic tests for animal health and international services. Hematology, clinical chemistry, urinalysis, endocrinology, microbiology, parasitology, serology, cytopathology, and histopathology are among the testing specialties the reference laboratory provides.

The past five years' trends are considered while forecasting the market through 2029. 2022 is a year of exception and analysis, especially with the impact of lockdown by region.
Veterinary Reference Laboratory Market Dynamics:
Market Drivers:

Growth in the Companion Animal Population: The number of companion animals, such as dogs and cats, has greatly increased over time. According to the American Pet Products Association (APPA) National Pet Owners Survey 2019-2021, 67 % of US homes, or around 85 million families, own a pet. In addition, 88 million homes in Europe have pets in 2021, according to the European Pet Food Industry Federation (FEDIAF). In the US, the number of dogs climbed from 70 million in 2018 to 90 million in 2020, while the number of cats increased from 78.05 million in 2019 to 96.2 million in 2021. Brazil has 64.2 million dogs, 42.8 million birds, 25 million cats, 19 million fish, and about 5 million tiny animals as pets in 2020, according to PETS International.

Due to the high prevalence of companion animal adoption among urban residents, rising urbanization has led to rising per capita spending on animal health. The veterinary reference laboratory market is increasing as a result of this as well as rising animal health awareness.

Increasing Prevalence of Zoonotic Diseases: The increasing prevalence of zoonotic and transboundary animal diseases (TADs) across the globe is one of the key factors driving the growth of the market. Moreover, a significant rise in pet ownership and increasing preference for companion animals is also driving the market growth. As the coronavirus disease (COVID-19) continues to spread across the globe, there has been a significant increase in the demand for PCR testing in veterinary reference laboratories to analyze the effect of the virus and other pathogens in animals. Additionally, various technological advancements, such as the development of innovative rapid tests and portable instruments for point-of-care (POC) testing, are acting as other growth-inducing factors. The technologies aid in the timely diagnosis, identification, and management of poison sources in animals.

Market Restraints:

Low Awareness in Emerging Markets: There are many people who own companion animals in developing nations including India, China, Brazil, and several Southeast Asian nations. In contrast to the wealthy nations in North America and Europe, animal health expenditures are nonetheless very modest in these nations. The primary cause is general ignorance about accessible veterinary and pet owner healthcare services. As a result of the high expense of diagnostic technology, companion animal health spending in these nations is mostly on therapeutic treatments.

The impact of this problem is made worse by the fact that makers of companion animal diagnostic products have more of an emphasis on developed markets in North America and Europe than on developing ones. This is due to markets in industrialized nations having a greater acceptance of companion animal diagnostics and spending more on animal health. The adoption of solutions in these markets is not expected to develop much over the next several years, despite the fact that certain major global companies in the companion animal diagnostics market have launched campaigns to raise awareness.
Veterinary Reference Laboratory Market Segment Analysis:
Based on Animal Type, the Veterinary Reference Laboratory Market is segmented into Production Animals and Companion Animals. Due to the increasing consumption of milk, meat, and other animal products, production animals dominate the business in terms of animal type share in 2019. The use of VRL for animal health is expected to be accelerated by rising government attempts to maintain global food security and sustainability. Global regulatory organizations strive toward complete food security. Massive food production is expected to increase as a result, which will increase the demand for production animals.

As pet ownership rises and several studies show that spending time with animals has positive effects on one's health, the companion animal market is expected to grow at a profitable pace throughout the forecast period. One of the major contributing elements is the government's increased efforts to promote animal welfare. Hematology and immunodiagnostic are being more widely used to maintain the well-being of companion animals, which is a major reason for the segment's growth. Furthermore, to generate development opportunities for this market sector, major industry players are always working to manufacture unique and highly effective animal products.



Based on the Application, the Veterinary Reference Laboratory Market is segmented into Clinical Pathology, Toxicology, Productivity Testing, and Others. Because pathology tests are widely used for routine pet health monitoring, the clinical pathology segment had the biggest revenue share as of 2022. For clients of referring physicians and the veterinarians themselves, clinical pathology laboratories provide routine blood analysis testing of animals. The tests available from these labs include coagulation profiles, chemical analysis, complete blood cell counts, blood gas analyses, cross matches, endocrine testing, urinalysis, and cytology investigations. Additionally, they provide veterinary clinical pathologists' consulting services.

The Due to the rising need for toxicology testing services, it is expected that the toxicology segment would experience significant growth over the upcoming years. To preserve veterinary and human wellness, usage of these tests is expected to increase in response to stricter food safety requirements. Identification of the poison source and conditions of exposure, diagnosis of the kind of poisoning, treatment, and implementation of management or educational initiatives to avoid poisoning are all part of veterinary toxicology.
Regional Insights:
The North America region dominated the market with a 39 % share in 2022. The North America region is expected to witness significant growth at a CAGR of 8.5% through the forecast period. The increased proportion of the category is due in part to the presence of well-known businesses, improved healthcare infrastructure, and high healthcare costs. Due to the existence of unmet clinical requirements, an increase in healthcare spending, and the construction of VRLs by key international companies in this area, the Asia Pacific is expected to have profitable growth throughout the forecast period. Increased R&D spending by major competitors in the international market, together with persistent attempts to commercialize veterinary diagnostics & monitoring services at reasonably cheap costs, are the two factors driving the business in the Asia Pacific region.

The objective of the report is to present a comprehensive analysis of the global Veterinary Reference Laboratory Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Veterinary Reference Laboratory Market dynamic, and structure by analyzing the market segments and increasing the Veterinary Reference Laboratory Market size. Clear representation of competitive analysis of key players by Animal type, price, financial position, product portfolio, growth strategies, and regional presence in the Veterinary Reference Laboratory Market make the report investor’s guide.
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Global Veterinary Reference Laboratory Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US$ 4.33 Bn.


Forecast Period 2023 to 2029 CAGR:
11%
Market Size in 2029:
US$ 9 Bn.


 Segments Covered:
by Animal Type
Production Animals
Companion Animals


by Application
Clinical Pathology
Toxicology
Productivity Testing
Others


by Service Type
Clinical Chemistry
Hematology
Immunodiagnostics
Others



Veterinary Reference Laboratory Market by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest)
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

Frequently Asked Questions:

1] What segments are covered in the Global Veterinary Reference Laboratory Market report?
Ans. The segments covered in the Veterinary Reference Laboratory Market report are based on Animal Type, Application and Service Type.

2] Which region is expected to hold the highest share in the Global Veterinary Reference Laboratory Market?
Ans. The North America region is expected to hold the highest share in the Veterinary Reference Laboratory Market.

3] What is the market size of the Global Veterinary Reference Laboratory Market by 2029?
Ans. The market size of the Veterinary Reference Laboratory Market by 2029 is expected to reach US$ 9 Bn.

4] What is the forecast period for the Global Veterinary Reference Laboratory Market?
Ans. The forecast period for the Veterinary Reference Laboratory Market is 2023-2029.

5] What was the market size of the Global Veterinary Reference Laboratory Market in 2022?
Ans. The market size of the Veterinary Reference Laboratory Market in 2022 was valued at US$ 4.33 Bn.