The global veterinary reference laboratories market is witnessing significant growth due to several factors. Firstly, there has been a rise in pet adoption, leading to an increased demand for veterinary services. Secondly, the availability of advanced diagnostic tests has improved, allowing for more accurate and timely diagnosis of various animal diseases. Additionally, the growing demand for pet insurance and the focus on innovation in veterinary healthcare further contribute to the market's expansion. With approximately 67% of U.S. households owning pets, the prevalence of animal diseases and the population of diseased animals drive the growth of the global veterinary reference laboratories market.
According to Data Bridge Market Research, the Veterinary Reference Laboratory Market accounted for USD 4.40 billion in 2022, is expected to reach USD 7.91 billion by 2030, at a CAGR of 7.6% during the forecast period 2023 to 2030.
“The growing pet population”
The pet population is witnessing significant advancements, driving growth in the veterinary industry. According to the American Pet Products Association's National Pet Owners Survey (2021-2022), 70% of households in the US own a pet. Additionally, the number of insured pets has been steadily increasing, reaching 3.1 million in 2020 compared to 2.5 million in 2019, as the North American Pet Health Insurance Association reported. Dogs remain the most popular insured pets, comprising 82.9%, followed by cats at 17.1%. These factors indicate a growing demand for veterinary services, leading to promising market growth in the industry.
What restraints the growth of the veterinary reference laboratory market?
“Rising costs of pet care”
The rising costs of pet care restrain the growth of the veterinary reference laboratory Market. As pet owners face increasing expenses related to veterinary services, including laboratory diagnostics, they may hesitate to utilize specialized reference laboratory services. The high costs associated with veterinary reference laboratory tests and procedures may limit their adoption, leading to slower market growth and utilization of these services.
Segmentation: Veterinary Reference Laboratory Market
The veterinary reference laboratory market is segmented on the basis of technology, application, type of animal and end user.
- On the basis of technology, the veterinary reference laboratory market is segmented into molecular diagnostics, immunodiagnostics, haematology, clinical chemistry.
- On the basis of application, the veterinary reference laboratory market is segmented into clinical pathology, virology, bacteriology, parasitology, productivity testing, pregnancy testing, toxicology, others.
- On the basis of type of animal, the veterinary reference laboratory market is segmented into companion animals, food-producing animals.
- On the basis of end user, the veterinary reference laboratory market is segmented into veterinary hospitals, veterinary clinics.
Regional Insights: North America dominates the Veterinary Reference Laboratory Market
North America's dominance in the veterinary reference laboratory market can be attributed to its robust healthcare infrastructure and favorable reimbursement policies, which encourage the use of advanced diagnostic services. These factors create a conducive environment for the growth of veterinary reference laboratories, driving market expansion in the region.
In the Asia-Pacific region, the veterinary reference laboratory market is expected to experience rapid growth due to the substantial population of domesticated animals. Increasing pet ownership, growing awareness of animal health, and rising per capita animal healthcare expenditure, particularly in emerging markets, contribute to the expanding demand for veterinary reference laboratory services, propelling market growth in the region.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-veterinary-reference-laboratory-market
Recent Developments
- In 2019, Zoetis Inc. expanded its presence in the veterinary reference laboratory market by acquiring Phoenix Central Laboratory for Veterinarians, Inc. (Phoenix Lab). This strategic move aimed to enhance Zoetis' offerings by incorporating the expertise and capabilities of Phoenix Lab, a renowned full-service veterinary reference laboratory company.
- In 2019, Zoetis Inc. further strengthened its comprehensive diagnostics portfolio by acquiring ZNLabs, a prominent full-service veterinary clinical reference laboratory company with an extensive network of labs across the United States. This acquisition enabled Zoetis to expand its reach and capabilities in providing advanced diagnostic services to veterinary professionals, reinforcing its position in the veterinary reference laboratory market.
The Prominent Key Players Operating in the Veterinary Reference Laboratory Market Include:
- Abbott (U.S.)
- Siemens Healthineers AG (Germany)
- Quidel Corporation (U.S.)
- F. Hoffman-La Roche Ltd. (Switzerland)
- Danaher (U.S.)
- BD (U.S.)
- Chembio Diagnostics (U.S.)
- EKF Diagnostics (U.K.)
- Trinity Biotech (Ireland)
- Instrumentation Laboratory (a Werfen Company) (U.S.)
- Nova Biomedical (U.S.)
- PTS Diagnostics (U.S.)
- Sekisui Diagnostics (U.S.)
- Thermo Fisher Scientific Inc. (U.S.)
- BIOMÉRIEUX (France)
Above are the key players covered in the report, to know about more and exhaustive list of veterinary reference laboratory market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Veterinary Reference Laboratory Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
