The global Veterinary Reference Laboratory market size is expected to be worth around US$ 15.13 billion by 2030, according to a new report by Vision Research Reports.
The global Veterinary Reference Laboratory market size was valued at US$ 12.350 billion in 2020 and is anticipated to grow at a CAGR of 19.1 % during forecast period 2021 to 2030.
Growth Factors
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.
Report Highlights
VRLs are using various technologies for the detection and monitoring of various veterinary related diseases. The clinical chemistry technology segment dominated the industry owing to its wide applications in disease diagnosis and monitoring. In addition, demand for clinical chemistry analyzers to assess general veterinary health profiles has increased over the past few years, which is contributing to the dominance of this segment.
In clinical chemistry tests, bodily fluids, such as blood & urine, are analyzed to evaluate the function & capabilities of the entire metabolism and organs. These parameters offer important information related to disease diagnosing and monitoring. This technology involves sample collection, analysis, and consultation. Instruments such as automatic analyzer, immulite automated chemiluminescent immunoassay system, osmometer, and pH meter are used in this procedure.
This segment is anticipated to witness significant growth over the coming years owing to increase in initiatives for veterinary health care and availability of cost-efficient measures for diseases diagnosis & monitoring. Product categories included in clinical chemistry analyzers are instruments and consumables. The consumables segment is expected to witness lucrative growth over the forecast period.
Increase in adoption of immunodiagnostic kits for veterinary use such as advanced diagnostic platforms and immunoassay formats are expected to drive segment growth. Growing demand for animal-derived food and companion & livestock animals is anticipated to fuel the demand for immunodiagnostics tests for veterinary health over the forecast period.
The clinical pathology segment accounted for the largest revenue share as of 2020 owing to wide adoption of pathology tests for routine pet health monitoring. Clinical pathology laboratories offer routine blood analysis tests of animals for referring veterinarian clientele and the veterinarians. These laboratories offer a variety of tests, such as coagulation profiles, chemistry analysis, complete blood cell count, blood gas analysis, cross-match, endocrine testing, urinalysis, and cytology studies. They also offer consultancy services by veterinary clinical pathologists.
The toxicology segment is anticipated to witness substantial growth over the coming years owing to growing demand for toxicology testing services. Stringent food safety regulations are expected to boost the adoption of these tests to maintain veterinary and human healthcare. Veterinary toxicology involves identification of poison source & circumstances of exposure, diagnosis of the type of poisoning, treatment, and application of management or educational strategies to prevent poisoning.
There is an increased requirement to study veterinary toxicology to avoid livestock loss due to contamination. Instances such as melamine contamination in swine feed and pet jerky treats across the world that caused severe illness & deaths of animals demonstrate the importance of veterinary toxicology in animal health and food safety. In addition, increase in instances of lead, mercury, arsenic, and cadmium being detected in popular pet foods is anticipated to boost the adoption of toxicology testing over the coming years.
The productivity testing segment is expected to witness lucrative growth in the following years owing to the rising demand for highly productive animals. In addition, rise in R&D investments coupled with the introduction of advanced products is expected to boost the development of novel products and contribute toward segment growth. For instance, in June 2016, IDEXX Laboratories introduced Rapid Visual Pregnancy Test, a point-of-care test for cattle, which helps identify an open cow after 28 days of breeding, and assists in improving reproductive efficiency.
Production animals dominate the industry in terms of share in the animal type segment in 2020, which can be attributed to high consumption of milk, meat, and other animal products. The companion animals segment is expected to grow at a lucrative rate during the forecast period owing to the increase in animal ownership, as various studies indicate that bonding with animals result in health benefits. Increased initiatives by the government for animal welfare is one of the key contributing factors.
Increase in government initiatives for maintenance of food safety and sustainability across the globe is expected to fuel the adoption of VRL for animal health. Regulatory authorities across the globe aim to achieve total food security. This is expected to boost massive food production, which results in greater demand for production animals. The regulations focus on sustainability of food products. This can be accomplished through maintenance of animal health through veterinary lab services.
The companion animal segment is expected to grow at a lucrative rate during the forecast period owing to increase in ownership of companion animals and awareness & demand for efficient animal care. An increase in animal ownership has been observed due to associated health benefits, such as reduction in blood pressure, greater psychological stability, and reduced frequency of cardiac arrhythmias & anxiety attacks, which helps improve the overall well-being of humans.
In order to maintain the well-being of companion animals, adoption of hematology and immunodiagnostic is increasing, thereby, serving as a key contributing factor to the segment growth. Moreover, prominent industry players are consistently striving to develop differentiated and highly efficacious animal products to create growth prospects for this segment.
The market was dominated by North America and is expected to retain its position throughout the forecast period. Presence of prominent players, advanced healthcare infrastructure, and high healthcare expenditure are some of the factors responsible for the greater share of the segment.
The global market is experiencing accelerated growth owing to factors, such as increase in the number of reported veterinary diseases & veterinary health organizations like World Small Animal Veterinary Association and rise in animal care expenditure.
Key Players
IDEXX Laboratories, Inc.; VCA, Inc.; GD Animal Health; Greencross Ltd.; Zoetis; Gribbles Veterinary; Phoenix Lab; Neogen Corporation; and ProtaTek International, Inc. The industry is witnessing fierce competition owing to increasing demand for VRLs.
Market Segmentation
Technology Outlook
Clinical Chemistry
Hematology
Immunodiagnostics
ELISA
Lateral Flow Rapid Tests
Others
Molecular Diagnostics
PCR
Microarrays
Others
Others
Application Outlook
Clinical Pathology
Toxicology
Productivity Testing
Others
Animal Type Outlook
Production Animals
Companion Animals
Regional Outlook
North America
U.S.
Canada
Europe
UK
Germany
Asia Pacific
Japan
China
Latin America
Brazil
Mexico
The Middle East and Africa
South Africa
The Veterinary Reference Laboratory market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Veterinary Reference Laboratory market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Veterinary Reference Laboratory market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Veterinary Reference Laboratory market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Veterinary Reference Laboratory market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Veterinary Reference Laboratory capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Veterinary Reference Laboratory by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Veterinary Reference Laboratory market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Veterinary Reference Laboratory market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Veterinary Reference Laboratory market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Veterinary Reference Laboratory industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Veterinary Reference Laboratory market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Veterinary Reference Laboratory market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Veterinary Reference Laboratory market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Veterinary Reference Laboratory market. These factors have benefited the growth of the global market for Veterinary Reference Laboratory. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Veterinary Reference Laboratory. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Veterinary Reference Laboratory are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
Research Methodology:
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
Primary Sources
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers