CHICAGO, Dec. 3, 2021 /PRNewswire/ -- According to the new market research report "Veterinary Reference Laboratory Market by Service Type (Clinical Chemistry, Hematology, Immunodiagnostics, Molecular Diagnostics, Urinalysis), Application (Pathology, Bacteriology, Virology, Parasitology), Animal, and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global market is projected to reach USD 6.6 billion by 2026 from USD 3.8 billion in 2021, at a CAGR of 11.0% during the forecast period.
The Factors such as the growth in the companion animal population, rising demand for pet insurance, an increasing number of veterinary practitioners in developed economies, increasing demand for animal-derived food products, and increasing incidence of transboundary and zoonotic diseases are driving the growth of this market. However, growing pet care costs and the increasing demand for POC testing and portable instruments are restraining the growth of this market to some extent.
By Service type, the immunodiagnostic services segment is expected to account for the largest share of the market.
The immunodiagnostic 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 widespread popularity of immunodiagnostics for disease diagnosis, screening of disease progression, and observing patient response to therapy.
On the basis of application, 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 market in 2020. The rising volume of pathology tests performed is the major factor driving the demand for diagnostic products and consumables for clinical pathology applications.
On the basis of animal type, the companion animals segment is expected to account for the largest share of the veterinary reference laboratory market.
The companion animals accounted for the largest share of the market. This segment is also projected to register the highest CAGR during the forecast period. The large share and high growth rate of this segment are largely attributed to the growing adoption of companion animals, increasing disposable incomes, growing willingness of companion animal owners to spend more on animal health, and increasing incidence of zoonotic diseases.
North America to dominate the veterinary reference laboratory market during the forecast period.
North America accounted for the largest share of the market in 2020. The growth of the North American market can be attributed to the increasing adoption of companion animals, the growing pet insurance industry, rising veterinary healthcare expenditure, and the growing number of veterinary practices. In addition, a majority of players in the market are based in the US.
Prominent players in the Veterinary Reference Laboratory Market are IDEXX Laboratories, Inc. (US), VCA, Inc. (US), GD Animal Health (Netherlands), Boehringer Ingelheim (Germany), 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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