The report" Global veterinary reference laboratory "Market by Technology (Clinical Chemistry, Hematology, Immunodiagnostics, Molecular Diagnostics, Others), Application (Clinical Pathology, Toxicology, Productivity Testing, Others), Animal Type (Livestock Animals, Companion Animals) and Regional (North America, Latin America, Europe, APAC, and The Middle East and Africa)- Global Forecast to 2030. "In 2020, the market share of the Global veterinary reference laboratory market was USD 3.37 billion. However, it is predicted to reach USD 9.74 billion by 2030, with a CAGR of 11.2 % throughout the forecasted period.
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KEY FACTORS AUGMENTING THE MARKET GROWTH
The number of veterinary reference laboratories has expanded as the number of animal sickness episodes increased. Furthermore, pet adoption is on the rise, as are animal healthcare expenditures, demand for animal-derived food items, and the need for pet insurance, all of which are pushing the industry.
By Technology, the "Clinical Technology" segment holds the most significant market share.
Compared to other technology categories, the clinical technology category has the largest revenue share, owing to its extensive applications in sickness diagnosis and monitoring. Furthermore, the worldwide immunodiagnostics category is expected to develop at an all-time high CAGR of 8.3 %.
By Application, the "Clinical Pathology" segment holds the most significant market share.
Clinical pathology accounted for the most significant share of the veterinary reference laboratory market in 2020. Diagnostic instruments and consumables for clinical pathology applications are in high demand due to increased pathology testing. The toxicology industry is predicted to grow considerably in the next years due to the rising demand for toxicology testing
services. Furthermore, strict food safety regulations are expected to increase the use of these tests to maintain veterinarian and human health.
By Animal Type, the "Companion Animals" segment holds the maximum share of the market.
Companion animals accounted for the lion's share of the veterinary reference laboratory market based on the animal type category. As a result, this category is predicted to have the highest CAGR throughout the forecast period. The growing popularity of companion animals, rising disposable incomes, the greater willingness of companion animal owners to pay more for animal health, and the increasing occurrence of zoonotic infections contribute to this segment's sizable share and rapid growth rate.
By Region, "North America" will comprehensively lead the market in revenue.
Based on Region, over the next ten years, because of enhanced healthcare infrastructures, strong market competitors, and high healthcare expenditure, North America will have the greatest veterinary reference laboratory market share in terms of revenue. However, Asia
Pacific market is predicted to rise rapidly due to the establishment of VRLs by significant global corporations, rising animal healthcare expenditures, and unmet clinical requirements.
SOME OF THE CRUCIAL EXISTING MARKET PLAYERS:
Below mentioned players are the ones who are the market leaders of the global veterinary reference laboratory markets - Idexx Laboratories, Thermo Fisher Scientific, Inc., VCA, Inc. (A Part of Mars Petcare), Boehringer Ingelheim, GD Animal Health, Zoetis Inc., Laboklin GmbH, Synlab International GmbH, Heska Corporation, Virbac, Neogen Corporation, Texas A&M Veterinary Medical Diagnostic Laboratory.
Recent Developments: -
On 9th September 2021, Heska Corporation purchased Biotech Laboratories USA LLC ("Biotech"), a major developer of fast assay diagnostics testing, from Biotech Holdings USA LLC, a leading global provider of advanced veterinary diagnostic and speciality products.
On 15th July 2021, Vidium Animal Health® has introduced SpotLightTM ePARR, a highly accurate and rapid molecular diagnostic test for canine lymphoma. SpotLight ePARR is Vidium's second diagnostic test after the September 2020 launch of SearchLight DNATM, a genomics-based test that detects severe changes in 120 major cancer genes in dogs.
On 2nd June 2021, The University of Minnesota Veterinary Diagnostic Laboratory began offering a novel ELISA test to detect antibodies to Mycoplasma hyopneumoniae in pig serum samples.
On 17th January 2020, the development of a new quick digital cytology service was announced by IDEXX Laboratories, Inc., a significant leader in the worldwide veterinary diagnostics and software sector.