Veterinary Reference Laboratory Market Expected to Reach US ~$9.15 Billion and CAGR 10.9% by 2030 – Polaris Market Research
The global Veterinary Reference Laboratory Market size is expected to reach USD 9.15 billion by 2030 according to a new study by Polaris Market Research.
The market is being driven by factors such as the rise in the number of companion animals, increase in premiums for pet insurance, increase in the number of animal specialists, and growing awareness about zoonotic diseases.
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Increased consumer awareness of the importance of investing in the health of animals, particularly those that come into touch with humans, to prevent animal specialist diseases is projected to boost the use of animal specialist diagnostics and, as a result, propel the industry growth. Furthermore, in the agriculture sector, strict requirements for livestock health have kept the demand for lab testing services high in the long term.
In 2021, production animals will have the highest portion of the animal type segment, owing to the growing use of milk, meat, and other animal products. Due to a surge in animal ownership, the companion animals industry is likely to develop at a lucrative rate throughout the forecast period, as different studies show that interacting with animals has health benefits. One of the significant contributing elements is the government’s increased animal protection measures.
The Asia Pacific is anticipated to create a lucrative growth opportunity in the forecast period due to the prevalence of unmet clinical needs, increased healthcare expenditure, and the construction of VRLs by significant global players in this region. Growing spending on R&D by global industry players and ongoing efforts to industry animal specialist diagnostics and management capabilities at lower prices are driving the industry forward.
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Colorado State University, Boehringer Ingelheim, Friedrich-Loeffler-Institute, Heska Corporation, GD Animal Health, IDEXX Laboratories, Inc., IDVet, LABOKLIN GmbH, NEOGEN Corporation, ProtaTek International Inc., Washington Animal Disease Diagnostic Laboratory, Kansas State Veterinary Diagnostic Lab., SYNLAB International GmbH, The Pirbright Institute, Texas A&M Veterinary Medical Diagnostic Lab., Thermo Fisher Scientific, Inc., Vetnostics, Virbac, VCA, Inc., and Zoetis Inc. are some of the major players operating in the global market.
In November 2021, VetZ GmbH, a European animal specialist practice information management software firm, was acquired by Heska Corporation. Early in 2022, the acquisition is likely to be completed. With VetZ PIMS, Heska joins an exclusive group that provides the ideal solution and completely integrated services for point-of-care diagnostics, fast diagnostics, imaging, specialist telemedicine services, and reference lab services.
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Polaris Market Research has segmented the veterinary reference laboratory market report on the basis of technology, application, animal type, end-use, and region:
Veterinary Reference Laboratory, Technology Outlook (Revenue – USD Billion, 2018 – 2030)
- Molecular Diagnostic
- Clinical Chemistry
Veterinary Reference Laboratory, Application Outlook (Revenue – USD Billion, 2018 – 2030)
- Clinical Pathology
- Productivity Testing
- Pregnancy Testing
Veterinary Reference Laboratory, Animal Type Outlook (Revenue – USD Billion, 2018 – 2030)
- Companion Animals
- Food-Producing Animals
Veterinary Reference Laboratory, End-Use Outlook (Revenue – USD Billion, 2018 – 2030)
- Veterinary Hospitals
- Veterinary Clinics
Browse detailed report with in-depth TOC – Veterinary Reference Laboratory Market
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