Veterinary Reference Laboratory Market Size Worth $4.68 Billion By 2025 | CAGR: 10.3%
Published Date : 08 / 03 / 18 | Report Format: PDF
The global veterinary reference laboratory market is expected to grow at growth rate of 10.3% to reach USD 4.68 billion by 2025.
Zoonotic diseases emerged as one of the major public health risks all over the world. Human infectious disorders developing from animal reservoirs such as avian influenza caused by H5N1-virus, and the acute respiratory syndrome is increasingly affecting to the world population. This emerging zoonotic disease is considered to be an important factor increasing demand for various veterinary services. As per the World Organization for Animal Health, the number of cases of zoonotic infections is increasing at a rapid pace across the globe. This fact would in turn boost in demand for veterinary reference laboratories, driving the market growth.
Additionally, veterinary practices such as reference laboratories capture a significant revenue share from the sale of pet medications. The demand for animal medication (prescription as well as OTC) has grown significantly over the past few years which has provided a healthy platform for this industry growth. Rising number of companies operating in this market also stimulate the industry growth to great extent. The U.S. based company named “Veterinary Diagnostic Laboratory” offer full-time quality diagnostic and analytical services for animal species. The company stated that it performs around 75,000 to 85,000 cases and approx. 1.25 million laboratory tests every year. However, strict regulatory norms hamper the market growth to some extent.
- In 2016, clinical chemistry segment recorded USD 639.8 million and is projected to dominate the overall market in foreseeable future. This segment covers the various tests of blood and urine samples to check the function and capability of animal metabolisms and organs.
- In terms of application, clinical pathology and productivity testing collectively captured significant revenue share in 2016. The growth of these segment is fueled by a growing number of pet owners, rising disposable income, and increasing consumption of milk and meat.
- In terms of geography, North America accounted for the largest share, driven by the high prevalence of zoonotic diseases and increasing number of pet owners
- IDEXX and VCA, Inc., collectively, captured highest (more than 60%) share of the global industry. Comprehensive veterinary diagnostic tests coupled with flexible & convenient service offered by these companies has helped them to capture significant revenue share.
KEY BENEFITS OF THE REPORT:
- In-depth analysis of the key market dynamics
- Granular analysis of the current market scenario and expected factors to affect the market
- Detailed analysis of the geographic region, regional and county wise analysis
- Highlight on the strategies that are being adopted by the key players in this market to stay competitive
- Extensive analysis of the key players dominating the market
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY TECHNOLOGY
- Clinical Chemistry
- Molecular Diagnostics
MARKET, BY APPLICATION
- Clinical Pathology
- Productivity Testing
MARKET, BY ANIMAL TYPE
- Companion Animals
- Production Animals
MARKET, BY REGION
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Rest of the World
- Middle East and Africa
- Latin America
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