Veterinary Reference Laboratory Market - Forecast(2022 - 2027)

Report Code: HCR 0542 Report Format: PDF + Excel

Veterinary Reference Laboratory Market Overview

The Veterinary Reference Laboratory market size is estimated to reach $6.2 billion by 2026, growing at a CAGR of 10.7% during the forecast period 2021-2026. Veterinary Reference Laboratories are medical facilities where important aspects related to veterinary immunodiagnostics, molecular diagnostics, clinical pathology, disease prevention, monitoring and treatment of various animals are conducted. The animals that are monitored in these facilities can be companion animals such as dogs, cats and birds or livestock animals such as cattle, pigs and poultry. The rapid global rise in companion animal population during the Covid-19 pandemic is driving the market for Veterinary Reference Laboratories in developed regions. However, the lack of Reference Laboratories in rural areas of developing and developed regions act as a major challenge for the Veterinary Reference Laboratory Industry during the forecast period.

Report Coverage

The report: “Veterinary Reference Laboratory Market Forecast (2021-2026)”, by Industry ARC, covers an in-depth analysis of the following segments of the Veterinary Reference Laboratory Market.

By Service Type: Clinical Chemistry Services, Immunodiagnostic Services, Hematology Services, Urinalysis Services, Molecular Diagnostic Services and Others.
By Application: Clinical Pathology, Bacteriology, Parasitology, Virology, Productivity Testing, Pregnancy Testing and Toxicology.
By Animal Type: Companion Animals and Livestock Animals.
By Geography: North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia & New Zealand, and Rest of Asia-Pacific), South America (Brazil, Argentina, and Rest of South America) and Rest of World (Middle East and Africa). 

Key Takeaways

  • Geographically, the North American Veterinary Reference Laboratory market accounted for the largest share in 2020 owing to the high number of pet owners in the region.
  • Increase in veterinary diseases among livestock animals is driving the Veterinary Reference Laboratory market during the forecast period. However, the low awareness among livestock animal owners in developing regions act as a major challenge for market growth.
  • Detailed analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Veterinary Reference Laboratory Report.

Veterinary Reference Laboratory Market Share, By Geography, 2020(%)

Veterinary Reference Laboratory Market

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Veterinary Reference Laboratory Market Segment Analysis-By Service Type

Based on Service Type, the Veterinary Reference Laboratory Market is segmented into Clinical Chemistry Services, Immunodiagnostic Services, Hematology Services, Urinalysis Services, Molecular Diagnostic Services and Others. The Immunodiagnostics Services segment is anticipated to have the largest share of the market in 2020 and is poised to dominate the market during the forecast period 2021-2026. Immunodiagnostic service is a diagnostic methodology that uses the reaction between antigen and antibody as a means of detecting various diseases. The rapid rise in the adoption of immunodiagnostic kits is driving the growth of this segment. The Molecular Diagnostic segment is also projected to witness significant growth at a CAGR of 11.3% owing to the increasing use of Polymerase Chain Reaction (PCR) testing for the detection of SARS-CoV-2 virus in pet, livestock and zoo animals.

Veterinary Reference Laboratory Market Segment Analysis-By Animal Type

The Veterinary Reference Laboratory Market based on Animal Type can be further segmented into Companion Animals and Livestock Animals. The Livestock animals segment accounted for the largest share of the market in 2020. This is attributed to the rapid surge in the global demand for animal-based products such as milk and dairy based products, meat, eggs, and leather. Moreover, the increase in government initiatives regarding the improvement of food safety and sustainability is boosting the demand for Veterinary Reference Laboratories. However, the Companion Animals segment is anticipated to register the fastest rate of growth during the forecast period at a CAGR of 11.5% owing to the increase in adoption of pet dogs and cats during the pandemic period. Moreover, the restrictions implemented by various government regarding traveling has increased the time spent by pet owners with their pets. This has led to a growth in concern towards the pet’s well-being, thereby increasing the demand for hematology and immunodiagnostic procedures.

Veterinary Reference Laboratory Segment Analysis-By Geography

The Veterinary Reference Laboratory Market based on Geography can be segmented into North America, Europe, Asia-Pacific, South America, and Rest of World. The North American segment is projected to dominate the Veterinary Reference Laboratory market during the forecast period 2021-2026 with a market share of 41% owing to the presence of highly developed veterinary healthcare infrastructure, high awareness levels regarding animal health, stringent food safety regulations, high disposable income and rising adoption of companion animals in the region. For instance, the US has the highest population of pet dog and cat owners in the world. The Asia Pacific region is predicted to register the fastest growth owing to the increase in demand for animal-based products as well as the rising cases of zoological disease outbreaks such as swine flu in the region.

Veterinary Reference Laboratory Market Drivers

Increase in Companion Animals is Projected to Drive Market Growth.

The rise in the number of companion animals, especially in developed regions during the Covid-19 pandemic is driving the market for Veterinary Reference Laboratories. For instance, the number of pet dogs and cats in the US alone increased from 140 million in 2019 to 149 million in 2020. This is owing to the increasing need for companionship during the pandemic induced lockdowns. Furthermore, according to the BBC, the number of pet dogs in the UK increased by 3.2 million during the lockdown period, making the total pet dog population in the country reach 17 million.

Rise in Zoological Disease Outbreak is Anticipated to Boost Demand.

The surge in zoological disease outbreaks is increasing the demand for Veterinary Reference Laboratories in order to ensure human safety through early detection of the pathogens. For instance, the Saudi Arabian government reported an outbreak of the H5N8 virus on a poultry farm which resulted in the deaths of 22,000 birds. Moreover, avian influenza outbreaks were reported in 7 Indian states, leading to the culling of 160,000 birds. Furthermore, more than 437,000 birds died in the poultry belt of the country during this period. Veterinary Reference Laboratories play a crucial role in identifying the pathogens for ensuring early containment.

Veterinary Reference Laboratory Market Challenges

The Low Awareness in Developing Regions is Anticipated to Hamper Market Growth.

The low awareness in major developing regions such as India, China, Brazil, Indonesia and Vietnam act as a major challenge for the market. The low awareness regarding treatment options means that the pet and livestock animal owners only focus on therapeutic treatment and not diagnostic technology. This is a major challenge for the Veterinary Reference Laboratory market as India, Brazil and China have the largest population of cattle in the world. India has more than 330 million cows while Brazil and China have 210 million and 100 million cows respectively. This is further worsened by the low animal welfare expenditure in these regions when compared to Europe or North America.

Rising Use of Rapid Tests and Portable Kits are Projected to Limit Growth Opportunities

The rising demand and adoption of Portable diagnostic kits for Point of Care (POC) testing of companion and livestock animals is becoming a major challenge for the Veterinary Reference Laboratory Market. The growth of rapid tests and portable kits is attributed to the difficulties of transporting samples to the Veterinary Reference Laboratory, especially in remote rural regions where majority of the livestock animals are present. These kits eliminate the need of farmers to travel hundreds of kilometers for testing samples, thereby reducing cost, time and effort. POC instruments enable the diagnostics to be performed at the livestock farm and the results are generated much faster. This is reducing the number of samples being shared with Veterinary Reference Laboratories by farms, veterinary hospitals and clinics.

Veterinary Reference Laboratory Market Industry Outlook:

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Veterinary Reference Laboratory Market. Top 10 companies in of the industry include:

  1. IDEXX Laboratories, Inc
  2. VCA Inc
  3. GD Animal Health
  4. Zoetis Inc
  5. Neogen Corporation
  6. Boehringer Ingelheim
  7. Marshfield Labs
  8. ProtaTek International
  9. Texas A&M Veterinary Medical Diagnostic Laboratory
  10. Veterinary Diagnostic Laboratory - University of Minnesota

Partnerships/Product Launches:

  • In April 2020, IDEXX Laboratories announced the launched SARS-CoV-2 Real PCR Test for animals. The test offers veterinarians the opportunity to bring pet owners the peace of mind if their pet is negative or provide highest standard of care should they test positive for the virus.
  • In October 2019, Zoetis announced that they completed the acquisition of Phoenix Lab, a leading veterinary reference laboratory. The acquisition will enable Zoetis to provide more comprehensive diagnostics products and services to veterinarians in the US.

Relevant Links:

Veterinary Diagnostics Market – Forecast (2021 - 2026)
Report Code: HCR 0422

Equine Veterinary Services Market – Forecast (2021 - 2026)
Report Code: HCR 0650

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1. Veterinary Reference Laboratory Market - Overview
    1.1 Definitions and Scope
2. Veterinary Reference Laboratory Market - Executive Summary
    2.1 Market Revenue and Key Trends by Company
    2.2 Key trends by Service Type
    2.3 Key trends by Application
    2.4 Key trends by Geography
3. Veterinary Reference Laboratory Market – Comparative Analysis
    3.1 Company Benchmarking – Key Companies
    3.2 Financial Analysis – Key Companies
    3.3 Market Value Split by Key Companies
    3.4 Patent Analysis
    3.5 Pricing Analysis – Average Selling Price
4. Veterinary Reference Laboratory Market - Startup Companies Scenario Premium
    4.1 Key Startup Company Analysis by
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Venture Capital and Funding Scenario
5. Veterinary Reference Laboratory Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing business index
    5.3 Case Studies of Successful Ventures
6. Veterinary Reference Laboratory Market - Forces
    6.1 Market Drivers
    6.2 Market Constraints/Challenges
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Rivalry among existing players
        6.3.5 Threat of substitutes
7. Veterinary Reference Laboratory Market – Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunities Analysis
    7.3 Market Life Cycle
8. Veterinary Reference Laboratory Market – By Service Type (Market Size –$Million/$Billion)
    8.1 Clinical Chemistry Services
    8.2 Immunodiagnostic Services
        8.2.1 ELISA
        8.2.2 Lateral Flow Rapid Tests
        8.2.3 Others
    8.3 Hematology Services
    8.4 Urinalysis Services
    8.5 Molecular Diagnostic Services
        8.5.1 PCR
        8.5.2 Microarrays
        8.5.3 Others
    8.6 Others
9. Veterinary Reference Laboratory Market – By Application (Market Size –$Million/$Billion)
    9.1 Clinical Pathology
    9.2 Bacteriology
    9.3 Parasitology
    9.4 Virology
    9.5 Productivity Testing
    9.6 Pregnancy Testing
    9.7 Toxicology
10. Veterinary Reference Laboratory Market - By Animal Type (Market Size –$Million/$Billion)
    10.1 Companion Animals
        10.1.1 Dogs
        10.1.2 Cats
        10.1.3 Birds
        10.1.4 Others (Horse, Rabbit, Fish and Reptiles)
    10.2 Livestock Animals
        10.2.1 Cattle
        10.2.2 Pigs
        10.2.3 Poultry
        10.2.4 Others ( Camels, Mules, Turkey and Aquatic Animals)
11. Veterinary Reference Laboratory Market - By Geography (Market Size –$Million/$Billion)
    11.1 North America
        11.1.1 U.S.
        11.1.2 Mexico
        11.1.3 Canada
    11.2 Europe
        11.2.1 U.K.
        11.2.2 France
        11.2.3 Germany
        11.2.4 Italy
        11.2.5 Spain
        11.2.6 Russia
        11.2.7 Rest of Europe
    11.3 Asia Pacific
        11.3.1 China
        11.3.2 India
        11.3.3 Japan
        11.3.4 South Korea
        11.3.5 Australia & New Zealand
        11.3.6 Rest of Asia Pacific
    11.4 South America
        11.4.1 Brazil
        11.4.2 Argentina
        11.4.3 Rest of South America
    11.5 Rest of the World
        11.5.1 Middle East
        11.5.2 Africa
12. Veterinary Reference Laboratory Market - Entropy
13. Veterinary Reference Laboratory Market – Industry/Segment Competition Landscape Premium
    13.1 Market Share Analysis
        13.1.1 Global Market Share – Key Companies
        13.1.2 Market Share by Region – Key companies
        13.1.3 Market Share by Countries – Key Companies
        13.1.4 Competition Matrix
        13.1.5 Best Practices for Companies
14. Veterinary Reference Laboratory Market – Key Company List by Country Premium Premium
15. Veterinary Reference Laboratory Market Company Analysis
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10
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