LONDON, June 16, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the veterinary laboratory testing services market, the development of innovative rapid tests and portable instruments for point-of-care (POC) testing will contribute to the growth of the market in the forecast period. Innovative and portable instruments make testing more accurate and accessible to the general public, contributing to the growth of the veterinary laboratory testing services market during the forecast period. For example, in April 2022, PBD Biotech, a UK-based biotech company, launched a new Johne’s disease testing service for the identification of the disease. Also, in June 2021, PetDx, a US-based molecular diagnostics company dedicated to unleashing the power of genomics to improve pet health, launched its innovative product, OncoK9, a novel multi-cancer early detection test that helps veterinarians detect cancer in dogs earlier by using a simple blood draw. In May 2022, the Ministry of Fisheries, Animal Husbandry & Dairy and the Government of India launched mobile veterinary units (MVUs) from Karnataka.
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The global veterinary laboratory testing services market size is expected to grow from $20.55 billion in 2021 to $23.08 billion in 2022 at a compound annual growth rate (CAGR) of 12.3%. The global veterinary laboratory testing service market size is expected to grow to $34.66 billion in 2026 at a CAGR of 10.7%.
IDEXX Laboratories, Inc. was the largest competitor in the veterinary laboratory testing services industry in 2021, with a 2.94% share of the market. IDEXX Laboratories, Inc. is an American multinational corporation that offers products and services for the animal veterinary, water testing, livestock and poultry, and dairy markets. It also sells portable electrolytes and blood gas analyzers for the human point-of-care medical diagnostics industry. The company sells its products and services to more than 175 countries. The company has 10,350 employees worldwide. It is headquartered in Westbrook, Maine, USA, and was incorporated in 1983. IDEXX’s growth strategy focuses on expanding its business operations in veterinary laboratory testing services through the launching of new products for testing. For instance, in August 2020, IDEXX launched a new ProCyte One hematology analyzer. The advanced technology of the ProCyte One hematology analyzer provides breakthrough workflow simplicity and consistent, accurate results at the point of care.
Major players in the veterinary services market are ABAXIS, Inc., IDEXX Laboratories, Inc., Heska Corporation, Pfizer Animal Health, Neogen Corporation, Thermo Fisher Scientific Inc., Zoetis, Inc., IDVet, Virbac, Zoetis, VCA Antech, Inc., and Prionics AG.
TBRC’s global veterinary laboratory testing services market analysis is segmented by technology into clinical biochemistry, immunodiagnostics, hematology, molecular diagnostics, urinalysis, others; by animal type into pet animals, livestock; by end-user into veterinary hospitals and clinics, diagnostic laboratories, research institutes, in-house testing, others.
North America was the largest region in the veterinary laboratory testing market in 2021. Asia-Pacific was the second-largest region in the global veterinary lab testing market. The regions covered in the global veterinary laboratory testing services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Veterinary Laboratory Testing Services – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide veterinary laboratory testing services market overviews, veterinary laboratory testing services market analyze and forecast market size and growth for the whole market, veterinary laboratory testing services market segments and geographies, veterinary laboratory testing services market trends, veterinary laboratory testing services market drivers, veterinary laboratory testing services market restraints, veterinary laboratory testing services market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
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