Veterinary Reference Laboratory Market Analysis and Forecast till 2031: By Technology (Clinical Chemistry, Haematology, Immunodiagnostics, Molecular Diagnostics), Application (Pathology, Bacteriology, toxicology, Virology, Parasitologys), Animal Type (Com

Veterinary Reference Laboratory Market Analysis and Forecast till 2031: By Technology (Clinical Chemistry, Haematology, Immunodiagnostics, Molecular Diagnostics), Application (Pathology, Bacteriology, toxicology, Virology, Parasitologys), Animal Type (Companion Animal, Livestock Animal) and Region

The global veterinary reference laboratory market was valued at USD 3.2 billion in 2021 and it is anticipated to grow up to USD 9.8 billion by 2031, at a CAGR of 11.8% during the forecast period.

Veterinary reference laboratory play an important role in animal health protection by preventing and controlling serious epi zoonotic disease. It is a institution where several critical function related to veterinary sciences including prevention diagnosis, treatment and monitoring of animal health are undertaken. Also they have major implications on human due to the animal to human transmission of diseases including plague, rabies, listeriosis and query fever.

Market Trends and Drivers

The number of companion animals has dramatically expanded over time, including dogs and cats. 85 million US households, or 67 percent, have pets, according to the American Pet Products Association's (APPA) National Pet Owners Survey 2019-2020. Additionally, 38 percent of homes (88 million) in Europe owned pets in 2020, according to the European Pet Food Industry Federation (FEDIAF). While the number of cats increased from 74.05 million in 2017 to 94.2 million in 2019, the number of dogs in the US increased from 69.9 million in 2017 to 89.7 million in 2019. PETS International estimates that Brazil has 54.2 million dogs, 39.8 million birds, 23.9 million cats, 19.1 million fish, and roughly 2.3 million small animals as pets in 2018. Similarly, as of 2019, India reported 20 million dogs and 19 million other domestic pets. Every year, approximately 600,000 pets are adopted in India. Hence, high adoption rate of companion animals in the urban population, rising rapid urbanization has contributed to rising per capita expenditure on animal health. Also increasing awareness of animal health, is propelling market growth.

Market Restraints and Challenges

A large companion animal population exists in emerging economies such as India, China, Brazil, and some Southeast Asian countries. However, when compared to developed countries in North America and Europe, animal health expenditure in these countries is relatively low. This is primarily due to a lack of awareness among pet owners and veterinarians about animal healthcare services. These countries' companion animal health expenditure is solely focused on therapeutic treatments; diagnostic technologies are not widely used in these countries due to their high cost.

Global Veterinary Reference Laboratory Market Segmental Overview

The report analyses the Global Veterinary reference laboratory market based on type, application, end use, and region.

Global Veterinary Reference Laboratory Market by Technology

Based on technology, it is segmented into the clinical chemistry, haematology, immunodiagnostics, molecular diagnostics and others. The clinical chemistry segment is likely to account for the significant market share during the forecast period. In clinical chemistry tests, bodily fluids including blood and urine are analysed to determine the function and capabilities of the entire metabolism and organs. These parameters provide crucial information for disease diagnosis and monitoring. This technology entails sample collection, analysis, and consultation. This procedure employs instruments such as an automatic analyzer, an immulite automated chemiluminescent immunoassay system, an osmometer, and a pH metre. Hence, such aforementioned factors will fuel segmental growth over the forecast period.

Global Veterinary Reference Laboratory Market by Application

Based on application, it is segmented into pathology, toxicology, bacteriology, virology, parasitology and others. The pathology segment is likely to dominate the market during the forecast period. The largest share of the segment is attributed to the widespread use of pathology tests for routine pet health monitoring. For referring veterinarian clients and veterinarians, Pathology laboratories perform routine blood analysis tests on animals. Coagulation profiles, chemistry analysis, complete blood cell count, blood gas analysis, cross-match, endocrine testing, urinalysis, and cytology studies are all available at these laboratories. They also provide veterinary clinical pathologists as consultants. Such factors boosting the market growth.

Global Veterinary Reference Laboratory Market by Animal Type

Based on animal type, it is segmented into companion animal and livestock animal. The companion animal segment is likely to dominate the market during the forecast period. This is due to the increase in companion animal ownership as well as increased awareness and demand for efficient animal care. The associated health benefits, such as lower blood pressure, greater psychological stability, and a lower frequency of cardiac arrhythmias and anxiety attacks, have led to an increase in animal ownership, which helps improve humans' overall well-being. Adoption of hematology and immunodiagnostic is increasing in order to maintain the well-being of companion animals, serving as a key contributing factor to segment growth. Furthermore, prominent industry players are constantly working to develop differentiated and highly effective animal products in order to create growth opportunities for this segment.

Geographical Analysis of Global Veterinary Reference Laboratory Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North American region is accounted for the majority of market share during the forecast period. The largest share of the region is primarily attributed to Presence of prominent players, advanced healthcare infrastructure, and high healthcare expenditure are some of the factors responsible for the greater share of the segment.

Major Players in the Global Veterinary Reference Laboratory MarketCOVID-19 Impact

To date, there is no convincing evidence that any domestic animal, including cats, dogs, and ferrets, can easily transmit SARS-CoV-2 to other animals, including humans, under natural conditions. Furthermore, the global number of naturally infected animals is far less than the number of people infected with COVID-19, indicating that animals, including pets, are not a driver of the COVID-19 pandemic, which is still driven by human-to-human transmission. Testing volumes on humans and animals continue to rise as the global prevalence of COVID-19 rises. This has also led to the development of new and improved animal tests by players and reference laboratories. IDEXX Laboratories announced the availability of the IDEXX SARS-CoV-2 (COVID-19) RealPCR Test for Pets in April 2020.

Recent Developments

• October 2021, The Texas AM Veterinary Medical Diagnostic Laboratory (TVMDL) announced the addition of Cytology-Urine to the test catalog. This new offering aims to aid in the characterization of urine and assist with the diagnosis of urinary tumors.
• June 2021, The University of Minnesota (Veterinary Diagnostic Laboratory) introduced ELISA test for the detection of antibodies to Mycoplasma hyopneumoniae in the serum samples of pigs.
• August 2020, IDEXX Laboratories, Inc. launched ProCyte One Hematology Analyzer. ProCyte delivers breakthrough workflow simplicity and consistent, accurate results at the point of care.
• May 2020, IDEXX Laboratories, Inc. received Emergency Use Authorization from the U.S. FDA for the OPTI SARS-CoV-2 RNA PCR test Kit for the detection of the virus causing COVID-19 for veterinary applications.

Frequently Asked Questions

Q1. How big is the Veterinary Reference Laboratory market?Ans. The global Veterinary Reference Laboratory market size was USD 3.2 Billion in 2021 and is anticipated to reach USD 9.8 Billion in 2031, growing at a rate of 11.8% from 2022 to 2031.Q2. What is the Veterinary Reference Laboratory market growth rate?Ans. The growth rate of the Veterinary Reference Laboratory market is 11.8%.Q3. Which region holds a major market share for the Veterinary Reference Laboratory market?Ans. North America holds a major market share of the Veterinary Reference Laboratory market in 2021.Q4. Which segment accounted for the largest Veterinary Reference Laboratory market share?Ans. By application, the clinical chemistry segment accounted for the largest Veterinary Reference Laboratory market share.Q5. Who are the key players in the Veterinary Reference Laboratory market?Q6. What are the factors driving the Veterinary Reference Laboratory market growth?Ans. The major factors driving the growth of the market are the increasing animal associated disorders across the globe.Q7. What are the key growth strategies of Veterinary Reference Laboratory market players?Ans. The key growth strategies of Veterinary Reference Laboratory market players are product launch and product approval.Q8. Which region will provide more business opportunities for the Veterinary Reference Laboratory market during the forecast period?Ans. The Asia-Pacific region will provide more business opportunities for the Veterinary Reference Laboratory market during the forecast period.

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