Veterinary Reference Laboratory Market Set to Grow $9.15 Billion By 2030
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 report “Veterinary Reference Laboratory Market Share, Size, Trends, Industry Analysis Report, By Technology; By Application (Clinical Pathology, Virology, Bacteriology, Parasitology, Productivity Testing, Pregnancy Testing, Toxicology, Others); By Animal Type; By End-Use; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
“According to the research report published by Polaris Market Research, The global veterinary reference laboratory market was valued at USD 3.73 billion in 2021 and is expected to grow at a CAGR of 10.9% during the forecast period.
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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.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, propelling 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.
Top Market Players
- Colorado State University
- Boehringer Ingelheim
- Heska Corporation
- GD Animal Health
- IDEXX Laboratories Inc.
- LABOKLIN GmbH
- NEOGEN Corporation
- ProtaTek International Inc.
- Washington Animal Disease Diagnostic Laboratory
- Kansas State Veterinary Diagnostic Lab.
- SYNLAB International GmbH
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Companion animals, dogs, and cats have seen considerable growth in population over the years. Generally, for social connections, people opt cats and dogs, and their ties with humans bring mutual mental health advantages in most cases.
Despite the global spread of COVID-19 infection, social distancing measures such as the work-from-home policy have been strengthened worldwide. In addition to lack of employment, the average number of hours spent at home by the general public has grown significantly since the pandemic compared to the same seasons in 2019, which significantly increased the need for companion animals. According to Frontiers Media S.A., The global relative search volume (RSV) for pets adoption surged in April 2020, during the COVID-19 pandemic.
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
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