Veterinary Reference Laboratory Market Size To Reach $8.80 Billion By 2030

Veterinary Reference Laboratory Market Growth & Trends

The global veterinary reference laboratory market size is expected to reach USD 8.80 billion in 2030 and is projected to grow at a CAGR of 10.9% from 2024 to 2030, according to a new report by Grand View Research, Inc. Increase in incidence of zoonotic diseases is a key driving factor for market growth. Increase in adoption of integrated diagnostic systems coupled with information ecosystems for veterinary diagnostics is anticipated to fuel development.

Rise in demand for advanced diagnostic tests and growing awareness amongst consumers are some of the factors expected to boostdemandover the coming years. Moreover, companies are investing in R&D for the advancement of test kits for cost-effective diagnosis & monitoring of animal health, which is expected to boost growth. Some of the advancements in this market include efficient information management systems used in animal diagnostic applications, vaccine banks, and mobile apps for continuous monitoring. High focus toward innovation in veterinary health is anticipated to fuel the demand for reference labs. For instance, Innovative Medicines Initiative (IMI) is a public-private partnership that supports pharmaceutical innovations in Europe.

In addition, MediLabSecure, a laboratory network project was established, which aims to identify emerging viruses& pathogens in 19 countries in the Mediterranean regions and 57 labs were involved. Furthermore, increase in the number of government initiatives to promote veterinary diagnostics products is presumed to drive the overall growth. 

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Veterinary Reference Laboratory Market Report Highlights

• Increase ininstances of contamination in pet foods that causesevere illnesses and deaths amongst animalsis expected to boost the demand for toxicology testing services

• The market was dominated by North America and is expected to retain its position throughout the forecast period

• Presence of prominent industry players, advanced healthcare infrastructure, and high healthcare expenditure are some of the factors responsible for growth

• Companies offering reference laboratories are focusing on the development of cost-effective diagnostic solutions for animal health

• IDEXX Laboratories, Inc. held a dominant share owing to its presence across the globe and a wide product portfolio of advanced diagnostic tests

• Strategies such as regional expansion, new product developments, merger & acquisitions, and research collaborations are anticipated to propel growth

• For instance, inJanuary 2017, Mars, Inc. announced the agreement for acquiring VCA Inc. in a probe to capture higher share

Veterinary Reference Laboratory Market Segmentation

Grand View Research has segmented the global veterinary reference laboratory market report based on animal, application, technology, and region:

Veterinary Reference Laboratory Animal Outlook (Revenue, USD Million, 2018 - 2030)

• Companion Animals

  • Dogs

  • Cats

  • Horses

  • Other Companion Animals (Rabbits, Fish, Turtle, Frog)

• Production Animals

  • Cattles

  • Pigs

  • Poultry

  • Sheep and Goats

  • Other Production Animals (Donkey, Camels)

Veterinary Reference Laboratory Application Outlook (Revenue, USD Million, 2018 - 2030)

• Clinical Pathology

• Virology

• Bacteriology

• Parasitology

• Productivity Testing

• Pregnancy Testing

• Toxicology

• Other Applications

Veterinary Reference Laboratory Technology Outlook (Revenue, USD Million, 2018 - 2030)

• Clinical Chemistry

• Hematology

• Immunodiagnostic

  • ELISA Tests

  • Lateral Flow Rapid Tests

  • Others (Includes Allergen-specific Immunodiagnostic Tests, FAT, Agglutination Tests, Immunohisto-chemistry Tests, WB)

• Molecular Diagnostics

  • PCR Tests

  • Microarrays

  • Others (Includes genetic tests and DNA sequencing reagents)

• Other Technologies

Veterinary Reference Laboratory Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Denmark

  • Sweden

  • Norway

• Asia Pacific

  • Japan

  • China

  • India

  • Australia

  • South Korea

  • Thailand

• Latin America

  • Brazil

  • Argentina

• MEA

  • South Africa

  • Saudi Arabia

  • UAE

  • Kuwait

List of Key Players in the Veterinary Reference Laboratory Market

• IDEXX

• Mars, Incorporated

• GD

• Greencross Vets

• Gribbles Veterinary Pathology

• Zoetis

• Neogen Corporation

• ProtaTek International, Inc.

• Wisconsin Veterinary Diagnostic Laboratory

• Thermo Fisher Scientific Inc.

• Merck & Co., Inc. (MSD Animal Health)