Veterinary Reference Laboratory Market: Exploring Growth Opportunities and Challenges
According to research report the global Veterinary Reference Laboratory Market size is anticipated to surge to USD 6.4 billion by 2027 from its 2022 value of USD 4.1 billion, with a projected Compound Annual Growth Rate (CAGR) of 9.3% over the forecast period.
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The growth drivers include the increasing number of veterinarians in developed nations and the rising incidence and prevalence of zoonotic diseases. However, the escalating treatment costs for both companion and livestock animals might impede market growth. Nevertheless, untapped emerging markets and public-private partnerships in veterinary health present significant opportunities, although challenges such as low awareness in emerging markets and a shortage of veterinarians in the veterinary reference laboratory market persist among key players.
By Service type, the clinical chemistry services segment is anticipated to hold the largest market share. This segment's dominance can be primarily attributed to the widespread use of chemistry analyzers for analyzing various reference laboratory tests, such as metabolic profiles, electrolyte profiles, and protein analyses in both companion and livestock animals.
By Application type, the clinical pathology segment is expected to claim the largest share of the veterinary reference laboratory market. This segment's predominance is primarily due to the increasing volume of clinical pathology tests conducted in veterinary reference laboratories worldwide.
By Animal type, the cattle segment is expected to dominate the veterinary reference laboratory market for livestock animals. In 2021, the cattle market held the largest share, driven by the increasing demand for milk and related dairy products.
Germany is poised to lead the European veterinary reference laboratory market during the forecast period. In 2021, Germany accounted for the largest share, fueled by factors such as a growing pet population, increased awareness about pet healthcare, rising pet healthcare expenditures, and heightened awareness about zoonotic diseases.
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Prominent players in the Veterinary Reference Laboratory Market are 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).
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