Market Growth: The veterinary reference laboratory market is expected to grow from USD 4.1 billion in 2022 to USD 6.4 billion by 2027, representing a compound annual growth rate (CAGR) of 9.3% during this forecast period. Key factors driving this growth include an increasing number of veterinarians in developed countries and the rising incidence of zoonotic diseases. However, the growing cost of treating companion and livestock animals may pose challenges. Opportunities for market growth include untapped emerging markets and public-private partnerships in veterinary health. Nevertheless, low awareness in emerging markets and a shortage of veterinarians are hurdles that industry leaders need to address.
Market Insights:
- Market Data: The report provides comprehensive market data with 268 tables and 55 figures spread across 314 pages. For more detailed information, you can access the Table of Contents at this link: [veterinary reference laboratory market]
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Service Type: Clinical chemistry services are anticipated to hold the largest share in the veterinary reference laboratory market. This is due to their widespread use in analyzing metabolic profiles, electrolyte profiles, and protein analysis in both companion and livestock animals.
Application Type: Clinical pathology is projected to dominate the market, with a significant share attributed to the growing volume of clinical pathology tests conducted in veterinary reference laboratories worldwide.
Animal Type: Among livestock animals, the cattle segment is expected to have the largest market share in 2021. This is primarily due to the increased demand for milk and related dairy products.
Regional Domination: In 2021, Germany led the European veterinary reference laboratory market. Factors driving this leadership position include a growing pet population, increased awareness of pet healthcare, higher pet healthcare spending, and greater awareness of zoonotic diseases in Germany.
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Key Players: 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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