Veterinary Reference Laboratory Market is Expected to Reach $7.8 billion | MarketsandMarkets™

Chicago, May 24, 2024 (GLOBE NEWSWIRE) -- Veterinary Reference Laboratory market in terms of revenue was estimated to be worth $4.6 billion in 2024 and is poised to reach $7.8 billion by 2029, growing at a CAGR of 11.2% from 2024 to 2029 according to a latest report published by MarketsandMarkets™.

The veterinary reference laboratory market is seeing substantial growth due to the increasing consumer demand for animal products and the care of companion and livestock animals, and escalating costs in animal healthcare. Over the forecast period, expansion in the veterinary reference laboratory market is expected to be fueled by a rising number of professionals in the field, increasing incomes in developed nations, and greater awareness of animal health issues. However, there are several factors restraining growth in the veterinary reference laboratory market. These may include regulatory challenges, limited access to advanced diagnostic technologies in some regions, and potential competition from alternative diagnostic methods or tests.

Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=256972714

Veterinary Reference Laboratory Market Scope:

Report Coverage	Details
Market Revenue in 2024	$4.6 billion
Estimated Value by 2029	$7.8 billion
Growth Rate	Poised to grow at a CAGR of 11.2%
Market Size Available for	2019–2029
Forecast Period	2024–2029
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Service Type, Application, Animal Type, and Region
Geographies Covered	North America US Canada Europe Germany UK France Spain Italy Rest of Europe Asia Pacific Japan China India Australia South Korea Rest of APAC Latin America Brazil Mexico Argentina Middle East and Africa GCC countries
Report Highlights	Updated financial information / product portfolio of players
Key Market Opportunity	Expansion of livestock industries
Key Market Driver	Rising awareness of animal health

By service type, the veterinary reference laboratory market is segmented into immunodiagnostics, clinical chemistry services, molecular diagnostics, hematology, urinalysis, and other services. In 2023, clinical chemistry services segment accounted for the largest share in the veterinary reference laboratory market due to their essential nature in diagnosing and monitoring various animal health conditions. These services encompass a wide range of diagnostic tests that evaluate the levels of different substances in blood, urine, and other body fluids. They provide valuable insights into organ function, metabolic processes, and overall health status, aiding veterinarians in making accurate diagnoses and developing effective treatment plans for their patients. With the growing emphasis on preventive healthcare and the increasing prevalence of chronic diseases in animals, the demand for comprehensive clinical chemistry services in veterinary reference laboratories continues to rise.

Based on application, the veterinary reference laboratory market is segmented into clinical pathology, bacteriology, virology, parasitology, productivity testing, pregnancy testing, and toxicology testing. Clinical pathology segment dominates the veterinary reference laboratory market owing to its crucial role in diagnosing and monitoring diseases in animals. With advancements in diagnostic technologies and the rising demand for accurate and timely diagnosis, veterinary clinics and hospitals increasingly rely on clinical pathology services for comprehensive blood, urine, and tissue analysis. Moreover, the growing pet population, coupled with the rising prevalence of zoonotic diseases, further fuels the demand for clinical pathology services, positioning it as the leading segment in the veterinary reference laboratory market.

Based on animal type, the veterinary reference laboratory market is segmented into companion animals and livestock animals. In 2023, the companion animals’ segment has emerged as the dominant force in the veterinary reference laboratory market, capturing the largest share due to several key factors such as the growing trend of pet ownership, coupled with increasing awareness about the health and well-being of pets, and demand for advanced diagnostic services.

In 2023, North American region accounted for the largest share of the veterinary reference laboratory market due to several factors. The region boasts advanced healthcare infrastructure, and a strong focus on animal health and welfare. Additionally, technological advancements and innovations in veterinary diagnostics and laboratory services are more prevalent in this region. Additionally, a large number of market players in the veterinary reference laboratory market are based in the US region. Thus, all such factors have contributed to North America's prominent position in the veterinary reference laboratory market.

Additionally, the Asia-Pacific region witnessed the highest CAGR in the veterinary reference laboratory market. This growth was attributed to several factors, including increasing pet ownership, and rising awareness about animal health. Additionally, the region's developing economies are leading to an increased spending on pet care and veterinary services, thereby further driving the demand for specialized diagnostic services provided by reference laboratories in this region.

Buy a Veterinary Reference Laboratory Industry Report (304 Pages PDF with Insightful Charts, Tables, and Figures): https://www.marketsandmarkets.com/Purchase/purchase_reportNew.asp?id=256972714

Prominent Players of Veterinary Reference Laboratory Market

• IDEXX Laboratories, Inc. (US)
• Mars Incorprated (US)
• GD Animal Health (Netherlands)
• Zoetis (US)
• NEOGEN Corporation (US)
• LABOKLIN GMBH & CO. KG (Germany)
• VETLAB (Veterinary Diagnostic Laboratory) (India)
• Mira Vista Labs (US)
• Virbac (US)
• Vaxxinova (Netherlands)
• Thermo Fisher Scientific (US)
• Texas A&M Veterinary Medical Diagnostic Laboratory (US)
• University of Minnesota (Veterinary Diagnostic Laboratory) (US)
• Iowa State University (Veterinary Diagnostic Laboratory) (US)
• Greencross Vets (Australia)
• QML Vetnostics (Australia)
• ProtaTek International, Inc. (US)
• Animal and Plant Health Agency (UK)
• Animal Health Diagnostic Center (Cornell University) (US)
• National Veterinary Services Laboratory USDA-APHIS (US)
• Washington Animal Disease Diagnostic Laboratory (US)
• Colorado State University (Veterinary Diagnostic Laboratories) (US)
• The Pirbright Institute (UK)
• Friedrich-Loeffler-Institute (FLI) (Germany)
• Kansas State Veterinary Diagnostic Laboratory (US)
• and Among others

The research report categorizes veterinary reference laboratory market into the following segments:

By Service Type

• Clinical Chemistry
• Immunodiagnostics
  • ELISA
  • Lateral Flow Assays
  • Other Immunodiagnostics Services
• Molecular Diagnostics
  • PCR Tests
  • Microarrays
  • Other Molecular Diagnostics Services
• Hematology
• Urinalysis
• Other Services

By Application

• Clinical Pathology
• Bacteriology
• Parasitology
• Virology
• Productivity Testing
• Pregnancy Testing
• Toxicology Testing

By Animal Type

• Companion Animals
  • Dogs
  • Cats
  • Horses
  • Other Companion Animals
• Livestock Animals
  • Cattle
  • Swine
  • Poultry
  • Other Livestock Animals

By Country

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• Middle East and Africa
• GCC Countries

Request for FREE Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=256972714

Key Market Stakeholders:

• Veterinary Diagnostic Manufacturers
• Veterinary Diagnostic Distributors
• Animal Health R&D Companies
• Government Associations
• Market Research and Consulting Firms
• Venture Capitalists and Investors

Report Objectives:

• To define, describe, and forecast the veterinary reference laboratory market based on service type, application, animal type, and region  
• To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
• To analyze the micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall veterinary reference laboratory market
• To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
• To forecast the size of the veterinary reference laboratory market in five regions, namely, North America (US and Canada), Europe (Germany, UK, France, Spain, Italy, and Rest of Europe), the Asia Pacific (Japan, China, India, Australia, South Korea, and Rest of Asia Pacific), Latin America (Brazil, Mexico, Argentina, and Rest of Latin America), Middle East and Africa, and the GCC countries.
• To analyze the impact of the economic recession on the growth of the veterinary reference laboratory market
• To strategically profile the key players in the global market and comprehensively analyze their core competencies
• To track and analyze competitive developments, such as service launches, expansions, acquisitions, partnerships, collaborations, and agreements, of the leading players in the market

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=256972714

Related Reports:

Veterinary Diagnostic Market

Veterinary Imaging Market

Veterinary Infectious Disease Diagnostics Market

Veterinary Equipment and Supplies Market

Companion Animal Diagnostics Market

Get access to the latest updates on Veterinary Reference Laboratory Companies and Veterinary Reference Laboratory Industry

            About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com