Global Veterinary Reference Laboratory Market to Grow at 10.2% During 2024-2032, Impelled by Rise in Animal Diseases

April 23, 2021 | Healthcare

According to the latest report by IMARC Group, titled “Veterinary Reference Laboratory Market Report by Technology (Clinical Chemistry, Hematology, Immunodiagnostics, Molecular Diagnostics, and Others), Application (Clinical Pathology, Toxicology, Productivity Testing, and Others), Animal Type (Livestock Animals, Companion Animals), and Region 2024-2032,” the global veterinary reference laboratory market reached a value of US$ 4.2 Billion in 2023. A veterinary reference laboratory is a facility wherein zoonotic and associated diseases are diagnosed. These laboratories perform routine or special research on pets and farm animals. Veterinary reference laboratories also conduct health screenings, pre-anesthetic examinations, and track therapy effectiveness. They provide technical and scientific assistance and consultancy on the diagnosis and treatment of multiple zoonotic diseases, such as plague, rabies, query fever and listeriosis, that can spread from animals to humans.

Global Veterinary Reference Laboratory Market Trends:

The increasing prevalence of transboundary animal diseases (TADs) and zoonotic diseases is primarily driving the market growth. Moreover, the growing adoption of companion animals, along with the rising demand for pet insurance is also driving the market. Besides this, the need for polymerase chain reaction (PCR) research in veterinary reference laboratories to study the effects of SARS-CoV-2 and other pathogens is contributing to the market further. Various technological advancements, such as the development of innovative rapid tests and portable instruments for point-of-care (POC) testing, are also fueling the market growth. Other factors, including increasing animal healthcare expenditures and extensive research and development (R&D) activities in veterinary sciences, are creating a positive outlook for the market. Looking forward, the market is expected to grow at a CAGR of 10.2% during 2024-2032.

Market Summary:

On the basis of the technology, the market has been divided into clinical chemistry, hematology, immunodiagnostics (ELISA, lateral flow rapid tests, and others), molecular diagnostics (PCR, microassays, and others) and others.
On the basis of the animal type, the market has been classified into livestock animals and companion animals.
Based on the application, the market has been classified into clinical pathology, toxicology, productivity testing and others.
On a regional basis, the market has been spread across North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (the United Kingdom, Germany, France, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and Middle East and Africa.
The competitive landscape of the market has also been examined, with some of the key players being Boehringer Ingelheim GmbH, IDEXX Laboratories Inc., Neogen Corporation, Phoenix Central Laboratory for Veterinarians Inc. (Zoetis Inc.), ProtaTek International Inc. (Pharmgate LLC), Royal GD, Texas A&M Veterinary Medical Diagnostic Laboratory, VCA Inc. (Mars Incorporated) and Virbac Animal Health India Private Limited.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Technology, Application, Animal Type, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Boehringer Ingelheim GmbH, IDEXX Laboratories Inc., Neogen Corporation, Phoenix Central Laboratory for Veterinarians Inc. (Zoetis Inc.), ProtaTek International Inc. (Pharmgate LLC), Royal GD, Texas A&M Veterinary Medical Diagnostic Laboratory, VCA Inc. (Mars Incorporated) and Virbac Animal Health India Private Limited
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Global Veterinary Reference Laboratory Market to Grow at 10.2% During 2024-2032, Impelled by Rise in Animal Diseases

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