Factors such as increasing incidence of transboundary and zoonotic diseases, increasing demand for animal-derived food products are driving the growth of this market amongst the livestock animals during the forecast period.
According to research report the veterinary reference laboratories market is projected to reach $5.6 billion by 2025, at a CAGR of 10.5%.
In 2019, the immunodiagnostics segment accounted for the largest share of the veterinary reference laboratories market. Based on the type of service, the market is segmented into clinical chemistry, immunodiagnostics, hematology, urinalysis, molecular diagnostics, and others. The low cost, low procedural complexity, and greater adoption due to ease of training are some of the key advantages supporting the adoption of this service.
In 2019, the clinical pathology segment accounted for the largest market share. Based on application, the veterinary reference laboratories market is segmented into clinical pathology, bacteriology, virology, parasitology, productivity testing, pregnancy testing, and toxicology. The rising volume of pathology tests performed is the major factor driving the demand for diagnostic products and consumables for clinical pathology applications.
IDEXX Laboratories, Inc. (US), VCA Inc. (US), GD Animal Health (Netherlands), Zoetis Inc. (US), Marshfield Labs (US), Neogen Corporation (US), Boehringer Ingelheim (Germany), ProtaTek International (US), Texas A&M Veterinary Medical Diagnostic Laboratory (US), Veterinary Diagnostic Laboratory - University of Minnesota (US), and Veterinary Diagnostic Laboratory, Iowa State University (US).
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The veterinary reference laboratories market, by region, is segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa. The increasing adoption of companion animals, rising veterinary healthcare expenditure, the growing pet insurance industry and the ever-increasing number of veterinary practices are driving the growth of the North American veterinary reference lab market.