Global Veterinary Reference Laboratory Market- Industry Trends & Forecast Report 2027 - PDF document

Global Veterinary Reference Laboratory Market Poised for a Healthy Growth: Projected to Reach USD 7.1 Billion by 2027 Global Veterinary Reference Laboratory Market - Industry Trends & Forecast Report 2027 Summary Global Veterinary Reference Laboratory Market, By Type (Immunodiagnostics, Clinical Chemistry Services, Molecular Diagnostics, Hematology, Urinalysis and Others), By Application (Clinical Pathology, Bacteriology, Virology, Parasitology, Productivity Testing, Pregnancy Testing, and Toxicology Testing), By Animal Type (Companion Animals and Livestock Animals), By Region (North America, Europe, Asia - Pacific (APAC), Latin America (LATAM), Middle - East & Africa (MEA) Trend Analysi s, Competitive Market Share & Forecast, 2017 - 2027 A recent study conducted by the strategic consulting and market research firm, BlueWeave Consultin g , revealed that the global veterinary reference laboratory market was worth USD 3.8 billion in the year 2020. The data gathered by the study further reveals that the market is estimated to grow at a CAGR of 9.6%, earning revenue of around USD 7.1 billion by the end of 2027. The rising cases of zoonotic diseases all around the world have pulled the demand for animal health diagnostic and treatment services, thereby driving the overall veterinary reference laboratory market. Additionally, the high focus on inno vation in veterinary health is expected to boost the demand for veterinary reference laboratories during the forecast period . Global Veterinary Reference Laboratory Market - Industry Trends & Forecast Report 2027 The global veteri nary reference laboratory market was worth USD 3.8 billion in 2020 and is further projected to reach USD 7.1 billion by the year 2027, growing View report Press release Sample report Global Veterinary Reference Laboratory Market Poised for a Healthy Growth: Projected to Reach USD 7.1 Billion by 2027 at the CAGR of 9.6% in the forecast period (2021 - 2027). The veterinary reference laboratory (VRL) market is thriv ing as a result of reasons such as rising demand for animal - derived food items and rising rates of transboundary and zoonotic illnesses. Furthermore, the rising trend of animal humanization, which is causing an increase in pet adoption, as well as the grow ing demand for pet insurance is likely to drive the global veterinary reference laboratory market during the forecast period. Global Veterinary Reference Laboratory Market - Overview A veterinary reference laboratory (VRL) is a facility that provides services related to veterinary, such as diagnosis, treatment, prevention as well as monitoring of animals’ health and diseases. There are various types of branches or fields covered under VRL such as clinical pathology, bacteriolo gy, parasitology, pregnancy test, etc. They play a significant role in sustaining animal and public health by preventing and treating critical ailments such as zoonotic diseases, as humans are equally vulnerable to disease transmission from animals. Global Veterinary Reference Laboratory Market Forecast and Trends Growth Drivers Rising Adoption of Animal Population for the Sake of Companionship Pet ownership has risen dramatically in recent years. This is attributable to increasing urbanization and the younger generation's desire for living alone. The adoption of animals, essentially dogs and cats, has contributed significantly to the growth of t he veterinary reference laboratories in many countries, especially in Brazil, China, India, Mexico, and so on. Additionally, the demand for pet care products and services is projected to swell in the forecast period, which will further drive the growth of the veterinary reference laboratories market in the foreseeable future. Increasing Use of PCR testing In Animals in Covid - 19 Situation With the emergence of Coronavirus, which originated from an animal, the perception of pets being a mode of transmission s pread throughout the world. As a result, the need for animal testing witnessed an upward trend during the outbreak of the pandemic. When animal health officials began conducting studies to understand the effects of viruses on animals, animal testing picked up speed. This situation has yielded the need for the introduction of the innovative PCR ( Polymerase Chain Reaction) panel for the testing of Covid - 19 in animals. As the number of Covid - 19 positive cases increased, so did the demand for the PCR testing to ol among pet owners. Restraints Restrictive Awareness in the Emerging Economies The veterinary reference laboratory market is flourishing in the developed regions like the US, Canada, European counties, etc. However, the market is still in its budding stag e in the emerging economies, essentially in Asian countries like India, Japan, Thailand, and so on. Although these countries are growing at a very favorable rate, the lack of awareness or even ignorance towards animals’ health is acting as a major hindranc e towards the growth of the veterinary reference laboratory market. Additionally, rising demand for instant tests and portable Global Veterinary Reference Laboratory Market Poised for a Healthy Growth: Projected to Reach USD 7.1 Billion by 2027 devices for point - of - care services, as well as escalating pet care expenses, are projected to limit the market growth. Impact of Covid - 19 on Global Veterinary Reference Laboratory Market The Covid - 19 situation led to a decline in the visits of patients to the veterinary reference laboratories. As a result, the market of VRL was completely halted. The number of animal tests had decre ased as the number of samples received had decreased. As a result, the emphasis of these laboratories moved to aid human testing laboratories by supplying them with medical equipment and specialists. As a result, all the segments under the veterinary refer ence laboratory have witnessed a halt in their operations, thereby, negatively affecting the overall VRL market. Global Veterinary Reference Laboratory Market - By Type Based on type, the global veterinary reference laboratory market is categorized into im munodiagnostics, clinical chemistry services, molecular diagnostics, hematology, urinalysis, and others. Among these, the immunodiagnostics segment held the largest share in the year 2020. The growth of this segment can be attributed to factors such as its rising popularity for the diagnosis of several diseases. Furthermore, they aid in the monitoring and progression of treatment, which is critical in the treatment process. All of the benefits provided by this segment are propelling the immunodiagnostics ma rket forward. Global Veterinary Reference Laboratory Market - By Application Based on applications, the global veterinary reference laboratory market is segmented into clinical pathology, bacteriology, virology, parasitology, productivity testing, pregnanc y testing, and toxicology testing. Among these, the clinical pathology segment accounted for the largest share in the veterinary reference laboratory market. Clinical pathology provides routine screenings for animals and pets in order to safeguard their he alth and well - being. There are a variety of tests accessible, such as chemistry analysis, blood - cell count, cross - match, endocrine testing, and so on, which is driving the growth of this segment. Additionally, consultancy services offered by veterinary cli nical pathologists are also fueling the market growth. Global Veterinary Reference Laboratory Market - By Animal - Type Based on animal types, the global veterinary reference laboratory market is divided into companion animals and livestock animals. The live stock animal segment held the largest market share in the year 2020 due to the high consumption of meat, milk, and other animal products all around the world. However, the companion animal segment is estimated to grow favorably in the forecast period. Pet adoption among people who need a companion has increased in recent years, particularly the adoption of dogs and cats, which is contributing considerably to the growth of this segment. Global Veterinary Reference Laboratory Market - Regional Insights Geogra phically, the global veterinary reference laboratory market is grouped into North America, Europe, Asia - Pacific, Latin America, Middle - East & Africa. Among these regions, North America dominated the market in 2020 and is projected to lead the market in the forecast period too. The dominance can be attributed to various factors such as developed healthcare infrastructure equipped with Global Veterinary Reference Laboratory Market Poised for a Healthy Growth: Projected to Reach USD 7.1 Billion by 2027 advanced technology, along with high healthcare expenditure in the region. Furthermore, the presence of key market participan ts in this region ensures the availability of services and products in real - time. Competitive Landscape The leading market players in the global veterinary reference laboratory are VCA, Inc., Boehringer Ingelheim, The Pirbright Institute, Animal and Plant Health Agency, Protatek International Inc., Colorado State University, Vetnostics, Texas A&M Veterinary Medical Diagnostic Laboratory, University of Minnesota, Laboklin GMBH, Zoetis , Inc., Virbac, Sanofi S.A., Nutreco N.V., a nd o ther prominent players. To grow their product portfolio and stay ahead of the competition, the companies primarily focus on creating novel products with broader applications. In this industry, competitive tec hniques such as collaborations, mergers, and product differentiation are highly common. Recent Developments l In April 2021, LexaGene, a US - based molecular diagnostic company announced to have designed an innovative real - time veterinary diagnostic testing called ‘MiQLab’. This tool is equipped with advanced technology which is capable of screening a large number of pathogens or genetic targets. l In April 2020, IDEXX, a leading US - based veterinary diagnostics, software, and water microbiology testing co mpany, launched the SARS - CoV - 2 testing tool for veterinarians for testing Covid - 19. This tool is known as IDEXX SARS - Cov - 2 RealPCR and will be made available in North America first and expand to the rest of the world. Scope of the Report Attributes Details Years Considered Historical data – 2017 - 2020 Base Year – 2020 Forecast – 2021 – 2027 Facts Covered Revenue in USD Million Market Coverage North America, Europe, the Asia - Pacific, Latin America, and the Middle East and Africa Product Service/Segmentat ion By Type, By Application, By Animal - type, By Region Global Veterinary Reference Laboratory Market Poised for a Healthy Growth: Projected to Reach USD 7.1 Billion by 2027 Key Players Synlab International GMBH, GD Animal Health, IDEXX Laboratories, Inc., Iowa State University, Neogen Corporation, VCA, Inc., Boehringer Ingelheim, The Pirbright Institute, Animal and Plant Health Agency, Protatek International Inc., Colorado State University, Vetnostics, Texas A&M Veterinary Medical Diagnostic Laboratory, University Of Minnesota, Laboklin GMBH, Zoetis, Inc., Virbac, Sanofi S.A., Nutreco N.V., a nd other promi nent players By Type Ø Immunodiagnostics Ø Clinical Chemistry Services Ø Molecular Diagnostics Ø Hematology Ø Urinalysis Ø Others By Application Ø Clinical Pathology Ø Bacteriology Ø Virology Ø Parasitology Ø Productivity Testing Ø Pregnancy Testing Ø Toxicology Testing By Animal Type Ø Companion Animals Ø Livestock Animals By Region Ø North America Ø Europe Ø Asia - Pacific (APAC) Ø Latin America (LATAM) Ø Middle - East & Africa (MEA) Global Veterinary Reference Laboratory Market Poised for a Healthy Growth: Projected to Reach USD 7.1 Billion by 2027 FAQs: 1. What is the current size of the global veterinary reference laboratory market? Answer: The global veterinary reference laboratory market reached USD 3.8 billion in 2020. 2. What are the major factors driving the growth of the global veterinary reference laboratory market? Answer: The major factors driving the growth of the global veterinary reference laboratory market are the rising adoption of the animal population for the sake of companionship and the increasing use of PCR testing in animals in the Cov id - 19 situation. 3. Who are the key players in the global veterinary reference laboratory market? Answer: The key players in the global veterinary reference laboratory market are Synlab International GMBH, GD Animal Health, IDEXX Laboratories, Inc., Iowa S tate University, Neogen Corporation, VCA, Inc., Boehringer Ingelheim, The Pirbright Institute, Animal And Plant Health Agency, Protatek International Inc., Colorado State University, Vetnostics, Texas A&M Veterinary Medical Diagnostic Laboratory, Universit y Of Minnesota, Laboklin GMBH, Zoetis, Inc., Virbac, Sanofi S.A., Nutreco N.V., a nd other prominent players. 4. Which application segment accounted for the largest share in the global veterinary reference laboratory market? Answer: The clinical pathology segment accounted for the largest share in the global veterinary reference laboratory market. 5. Which region is at the highest growth rate in the global veterinary reference laboratory market? Answer: North America has the largest s hare in the global veterinary reference laboratory market. Global Veterinary Reference Laboratory Market Poised for a Healthy Growth: Projected to Reach USD 7.1 Billion by 2027 About us Blueweave Consulting offers a one - stop solution for your market intelligence needs for any service or product. You get well - researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well informe d and timely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk - return trade - off. Delivering quality insights into several product or service markets within the timeline as per the needs of the clients has earned BWC an excellent reputation among clients. BWC strives to provide timely and accurate digital market intelligence services for making your business endeavours successful. 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