Veterinary Reference Laboratory Market worth $6.4 billion by 2027
The report "Veterinary Reference Laboratory Market by Service Type (Clinical Chemistry, Immunodiagnostics (ELISA), Molecular Diagnostics (PCR, Microarray)), Application (Pathology, Virology), Animal (Companion, Livestock), and Region - Global Forecast to 2027", is projected to reach USD 6.4 billion by 2027 from USD 4.1 billion in 2022, at a CAGR of 9.3% during the forecast period. The driving factors are rising number of veterinarians in developed countries and increasing incidence and prevalence of zoonotic diseases. Whereas, increasing treatment cost for both companion and livestock animals may hinder the growth of this market. The untapped emerging markets, public-private partnership in veterinary health are significant opportunities in the market. However, low awareness in emerging market, shortage of veterinarians in veterinary reference laboratory market are few challenges leading players are facing.
Browse 268 market data Tables and 55 Figures spread through 314 Pages and in-depth TOC on "Veterinary Reference Laboratory Market by Service Type (Clinical Chemistry, Immunodiagnostics (ELISA), Molecular Diagnostics (PCR, Microarray)), Application (Pathology, Virology), Animal (Companion, Livestock), and Region - Global Forecast to 2027"
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By Service type, the clinical chemistry services segment is expected to account for the largest share of the veterinary reference laboratory market
The clinical chemistry services segment accounted for the largest share of the veterinary reference laboratory market. The large share of this segment can primarily be attributed to the wide usage of chemistry analyzers to analyze different reference laboratory test such as metabolic profiles, electrolyte profile, and protein analysis in both companion and livestock animals.
By Application type, the clinical pathology segment is expected to account for the largest share of the veterinary reference laboratory market
The clinical pathology segment accounted for the largest share of the veterinary reference laboratory market in 2021. The largest share of clinical pathology segment is mainly attributed to increasing volume of clinical pathology tests performed in the veterinary reference laboratories across the globe.
By Animal type, the cattle segment is expected to hold the largest share of the veterinary reference laboratory market for livestock animals
In 2021, the market for cattle accounted for a largest share of the veterinary reference laboratory market for livestock animals. The increasing demand of milk and related diary products are key factor attributing the largest share of cattle in the veterinary reference laboratory market for livestock animals.
Geramny to dominate the European veterinary reference laboratory market during the forecast period
Germany accounted for a largest share of the European veterinary reference laboratory market in 2021. The growing pet population, increasing awareness about pet healthcare, rising pet healthcare expenditure, and growing awareness about zoonotic diseases are driving the growth of the veterinary reference laboratory market in Germany.
Prominent players in the Veterinary Reference Laboratory Market are IDEXX Laboratories, Inc. (US), VCA, Inc. (US), GD Animal Health (Netherlands), Zoetis Inc. (US), NEOGEN Corporation (US), LABOKLIN GmbH (Germany), SYNLAB International GmbH (Germany), Heska Corporation (US), Virbac (US) and Thermo Fisher Scientific, Inc. (US).
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