The global veterinary reference laboratory market is projected to reach USD 6.4 billion by 2027 from USD 4.1 billion in 2022, at a CAGR of 9.3% during the forecast period. The main factors driving this market are rising pet population in developed country, people are more interested in insuring their pets, and rising demand for milk and related products. However, increasing cost for animal treatment including diagnosis of animal and increasing adoption of Point of Care instruments are expected to hinder the growth of this market.

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Driver: Growth in the companion animal population

The global demand for animal-derived food products, including beef, veal, buffalo meat, mutton, lamb and goat meat, pork, poultry meat, milk and dairy products, and eggs, is increasing. Livestock products account for 17% of kilocalorie consumption and 33% of protein consumption globally; however, this figure varies across developed and developing countries. The overall livestock sector is expected to witness significant growth due to the high consumption of animal-derived food products. An FAO (Food and Agriculture Organization of the United Nations) survey on mapping the supply and demand for animal-sourced food estimates that Asian countries will register the highest growth in the demand for livestock products such as beef, milk, mutton, pork, and poultry products (chicken and eggs).

According to the FAO, South Asia is one of the major regions for dairy production and accounted for 20–25% of global milk production in 2019. In this region, India was the largest producer and consumer of milk, followed by China and Pakistan. In 2020, the consumption of meat in India was over 3.9 million metric tons; by 2030, this is expected to increase to 14.7 million metric tons.

Restraints: Growing demand for rapid tests, POC testing and portable instruments

Portable diagnostic instruments meant for POC testing are witnessing growing adoption in the veterinary diagnostics space, mainly due to the challenges encountered in conventional testing, such as the collection and transportation of samples to a high-quality veterinary reference laboratory. This is particularly difficult in the case of rural or remote areas. Hence, major players in this market are focusing on launching portable instruments for field veterinarians for use in remote locations and emergencies.

Rapid tests are also gaining popularity owing to their ease of use, specificity, reproducibility, and low cost. This has correspondingly driven companies to focus on introducing rapid tests that can deliver definitive results in less than 24 hours or even during the course of the initial examination. New technologies that can ensure rapid result generation and real-time convenience of diagnosis will reduce the number of samples shared with reference laboratories by hospitals, clinics, and farms, which is expected to hamper the growth of this market.

Opportunity: Public-private partnerships in veterinary health

Most research institutions and pharmaceutical companies in the private sector offer a broad portfolio of services that include developing new technologies and capabilities for providing services, genetic evaluation, micro-financing farmers & other livestock owners, and training & workshops to educate farmers. Governments also partner with private companies involved in such activities to provide support while restricting their role in monitoring, evaluation, and surveillance.

For example, in Mali, livestock animals contribute close to 80% of the revenue for the rural population, making it essential for citizens to regularly vaccinate and monitor animals for their health. A PPP between the National Veterinary Services and private veterinarians helped the country improve its livestock vaccination coverage for several diseases.

The OIE also released a handbook during its general session (2017) to educate stakeholders on public-private partnerships in the veterinary domain under three different clusters—transactional, collaborative, and transformative. Under transformative PPP, OIE decided to develop guidelines to initiate joint programs with national veterinary services on disease control, product supply, and genetic evaluation. Such PPP initiatives will continue to contribute to the growth of the market and provide fresh opportunities for companies.

Challenge: Shortage of veterinarians in emerging markets

The global animal healthcare industry is marked by a shortage of skilled veterinarians and pathologists. This is particularly evident in the emerging markets across the Asia Pacific and Latin America, which show a huge gap in the demand and supply of veterinary professionals. According to the World Animal Health Information Database (2017), there were 180,821 veterinary professionals in India. According to the 20th Livestock Census (2019), India’s total livestock population was 535.8 million; this translates into a requirement of 60,000 veterinarians catering to bovine animals alone. The demand will increase if poultry, sheep, goats, pigs, and other animals are considered. Similar shortages are observed in other developing countries such as Brazil, China, and Southeast Asian countries. The general norm is to have at least one veterinary doctor for every 5,000 animals. India requires at least 110,000–120,000 professionals. Similar shortages are observed in the developing countries of Brazil and China. The shortage of veterinarians is expected to challenge the growth of the animal health industry, including the veterinary reference laboratory market.

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Prominent players in the Veterinary Reference Laboratory Market include IDEXX Laboratories, Inc. (US), VCA, Inc. (US), GD Animal Health (Netherlands), Zoetis Inc. (US), NEOGEN Corporation (US), LABOKLIN GmbH (Germany), SYNLAB International GmbH (Germany), Heska Corporation (US), Virbac (US), and Thermo Fisher Scientific, Inc. (US). These companies play a vital role in shaping the market landscape.

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