Veterinary Reference Laboratory Market : North America region to Grow at highest CAGR through Forecast Period
Factors such as the growth in the companion animal population, rising demand for pet insurance, an increasing number of veterinary practitioners in developed economies, increasing demand for animal-derived food products, and increasing incidence of transboundary and zoonotic diseases are driving the growth of the veterinary reference laboratory market. However, growing pet care costs and the increasing demand for POC testing and portable instruments are restraining the growth of this market to some extent.
According to research report the global veterinary reference laboratory market is projected to reach USD 6.6 billion by 2026 from USD 3.8 billion in 2021, at a CAGR of 11.0% during the forecast period.
In this report, the global veterinary reference laboratory market is segmented by service type, application, animal type, and region. By service type, the global veterinary reference laboratory market is segmented into clinical chemistry, hematology, immunodiagnostics, urinalysis, molecular diagnostics, and other services. In 2020, the immunodiagnostic services segment accounted for the largest share of the veterinary reference laboratory market. The large share of this segment can primarily be attributed to the widespread popularity of immunodiagnostics for disease diagnosis, screening of disease progression, and observing patient response to therapy.
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Based on application, the veterinary reference laboratory market is segmented into clinical pathology, bacteriology, parasitology, virology, productivity testing, pregnancy testing, and toxicology testing. The clinical pathology segment accounted for the largest share of the veterinary reference laboratory market in 2020. The rising volume of pathology tests performed is the major factor driving the demand for diagnostic products and consumables for clinical pathology applications.
Based on animal type, the veterinary reference laboratory market is segmented into companion animals and livestock animals. In 2020, companion animals accounted for the largest share of the veterinary reference laboratory market. This segment is also projected to register the highest CAGR during the forecast period. The large share and high growth rate of this segment are largely attributed to the growing adoption of companion animals, increasing disposable incomes, growing willingness of companion animal owners to spend more on animal health, and increasing incidence of zoonotic diseases.
Geographically, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of the veterinary reference laboratory market in 2020. The growth of the North American market can be attributed to the increasing adoption of companion animals, the growing pet insurance industry, rising veterinary healthcare expenditure, and the growing number of veterinary practices. In addition, a majority of players in the veterinary reference laboratory market are based in the US.
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The Asia Pacific veterinary reference laboratory market, on the other hand, is projected to register the highest CAGR during the forecast period. Factors such as the growing demand for pet insurance, rise in pet healthcare expenditure, growing population of food-producing animals, growing awareness about zoonotic diseases, and the growing number of veterinary hospitals and clinics are driving the growth of this regional market.
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