The global veterinary reference laboratory market is estimated to grow at a significant CAGR during the forecast period. The growing number of companion animals and the rise in zoonotic diseases globally are driving the market growth. The market is helped by the increased use of the companion, particularly in developed and emerging economies. The adoption rate of cats and dogs has increased significantly in recent years, according to the US National Shelter. In 2018, the overall number of companion animals in the US was estimated to be around 184 million, up from 144 million in 2012. Furthermore, the market is being propelled by rising zoonotic diseases as a result of the changing environment associated with pathogens.
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The veterinary reference laboratory focuses on developing high-value animal health diagnostic tests and providing global services. These laboratories are more likely than in-clinic reference laboratories to achieve favourable quality conditions consistently. Parasitology, serology, clinical chemistry, cytopathology, urinalysis, endocrinology, haematology, microbiology, and histopathology are among the fields in which the reference laboratory offers testing services. The global veterinary reference laboratory market is expected to expand due to factors such as increasing pet adoption, rising animal healthcare costs, rising demand for animal-derived food products, and rising need for pet insurance. However, the expanding number of veterinary physicians and their rising income levels in developed nations, as well as increased awareness of zoonotic diseases, are expected to drive the global veterinary reference laboratory market forward.
The adoption of veterinary reference laboratories for animal health is likely to be fuelled by an increase in government initiatives for food safety and sustainability across the globe. Government regulators all across the world are working to achieve complete food security. This is expected to result in increased demand for producing animals as a result of increased food production. The laws place a strong emphasis on the sustainability of food products. This may be accomplished by using veterinary lab services to maintain animal health.
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Market Coverage
- Segment Covered-
o By Animal Type
o By Application
- Competitive Landscape- IDEXX Laboratories., Zoetis Inc., Boehringer Ingelheim International GmbH, Neogen Corp., and Cornell University College of Veterinary Medicine., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Veterinary Reference Laboratory Market by Segment
- By Animal Type
- Livestock Animals
- Companion Animals
- By Application
- Clinical Pathology
- Gynaecology
- Bacteriology
- Toxicology
- Others (Virology)
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