Veterinary Reference Laboratory Market is expected to rise from its initial estimated value of USD 2.05 billion to an estimated value of USD 4.37 billion by 2026, registering a CAGR of 9.95% in the forecast period of 2020-2026.
Veterinary reference laboratory are specially designed to detect the diseases in animals. These days, there is an increase in the adoption of animals, so these specialized centers are used to detect diseases in the animals. To identify the disease quickly these centers have reference database. These centers are used to maintain the health of the animals and provide them treatment as per the requirement.
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Key Market Competitors:
Few of the major competitors currently working in the veterinary reference laboratory market are Boehringer Ingelheim International GmbH., Sanofi, Idexx Laboratories, Mars, Incorporated, GD, Zoetis, NEOGEN CORPORATION, Marshfield Clinic., ProtaTek International, Inc, Phoenix Lab, Virbac, Greencross Limited, Gribbles Veterinary., Wisconsin Veterinary Diagnostic Laboratory, Washington Animal Disease Diagnostic Lab (WADDL).
Segmentation: Global Veterinary Reference Laboratory Market
- By Technology (Clinical Chemistry, Hematology, Immunodiagnostics, Molecular Diagnostics)
- By Applications (Clinical Pathology, Bacteriology, Parasitology, Virology, Productivity Testing, Pregnancy Testing, Toxicology)
- By Type of Animal (Companion Animals, Food-Producing Animals)
- By End User (Veterinary Hospitals, Veterinary Clinics)
- By Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)
Competitive Analysis:
Global veterinary reference laboratory market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of veterinary reference laboratory market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.
Market Drivers
- Increasing zoonotic diseases is driving the market
- Increasing spending on the animal healthcare is also driving the growth of this market
Market Restraints
- Lack of standardization is restraining the market growth
- Increasing prices of the pet care is restraining market
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- Current and future of global veterinary reference laboratory market outlook in the developed and emerging markets
- The segment that is expected to dominate the market as well as the segment which holds highest CAGR in the forecast period
- Regions/Countries that are expected to witness the fastest growth rates during the forecast period
- The latest developments, market shares, and strategies that are employed by the major market players
Customization of the Report:
- All segmentation provided above in this report is represented at country level
- All products covered in the market, product volume and average selling prices will be included as customizable options which may incur no or minimal additional cost (depends on customization)
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According to research report the veterinary reference laboratories market size is projected to reach USD 5.6 billion by 2025 from USD 3.4 billion in 2020, at a CAGR of 10.5%.Factors such as increasing demand for animal-derived food products and increasing incidence of transboundary and zoonotic diseases are driving the growth of this market amongst the livestock animals during the forecast period.Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=256972714The veterinary reference lab market is segmented based on the type of service, application, animal, and region.
Due to lockdown restrictions and social distancing protocols due to COVID-19 across various countries through the first half of 2020, the market saw a small dip in the number of veterinary clinic visits for routine testing.
However, with the launch of new test kits for COVID-19 testing in pets, the second half of the year is expected to see a rise in the total number of tests in reference laboratories, thus compensating for the loss in revenues across the first two quarters.The immunodiagnostics segment accounted for the largest share of the veterinary reference lab market, by type of service, in 2019.Based on the type of service, the market is segmented into clinical chemistry, immunodiagnostics, hematology, urinalysis, molecular diagnostics, and others.
The low cost, low procedural complexity, and greater adoption due to ease of training are some of the key advantages supporting the adoption of this service.Clinical pathology is the largest application segment of the veterinary reference laboratories marketBased on application, the veterinary reference laboratories market is segmented into clinical pathology, bacteriology, virology, parasitology, productivity testing, pregnancy testing, and toxicology.
The rising volume of pathology tests performed is the major factor driving the demand for diagnostic products and consumables for clinical pathology applications.The companion animal segment accounted for the larger market in 2019.Based on animal type, the veterinary reference lab market is segmented into livestock animals and companion animals.
Growth in this segment is attributed to the growing adoption of companion animals, increasing disposable incomes, growing willingness of companion animal owners to spend more on animal health, and rising incidence of zoonotic diseases.IDEXX Laboratories, Inc. (US), VCA Inc. (US), GD Animal Health (Netherlands), Zoetis Inc. (US), Neogen Corporation (US), Boehringer Ingelheim (Germany), Marshfield Labs (US), ProtaTek International (US), Texas A Veterinary Medical Diagnostic Laboratory (US), Veterinary Diagnostic Laboratory - University of Minnesota (US), and Veterinary Diagnostic Laboratory, Iowa State University (US).Recent Developments> In April 2020, IDEXX launched the SARS-CoV-2 (COVID-19) RealPCR Test for companion animals in the US.> In 6-9 months since October 2019, Zoetis acquired three laboratories that have enhanced the company’s portfolio of testing services with the introduction of microbiology, serology, hematology, chemistry, and many other miscellaneous tests.> In June 2018, Boehringer Ingelheim acquired Newport Laboratories.
According to the latest research report published by Dhirtek Business Research, the global veterinary reference laboratory market report provides detailed information on the factors driving the growth of the veterinary reference laboratory market.
This pandemic is having an impact on various sectors of the economy.
It predicts that the global economy will suffer as a result of the loss of trillions of dollars.
To compete in a competitive market, the companies must identify product opportunities based on their strengths.
This study provides a platform for understanding the various exciting and rising prospects in the field of veterinary reference laboratory, and it will help every producer, distributor, or even user understand and succeed in this burgeoning industry.
Obtain a Sample Report and the Table of Content for the Veterinary Reference Laboratory Market Report:https://www.dhirtekbusinessresearch.com/market-report/Veterinary-Reference-Laboratory-Market/request-for-sample-report Study Goals and Objectives of Global Veterinary Reference Laboratory Market The report provides information on the market impact of veterinary reference laboratory.
