The global market for veterinary reference laboratory is projected to have considerable CAGR of around 11.5% during the forecast period. The market growth mainly backed by the increasing number of companion animals coupled with rising zoonotic diseases across the globe. The growing adoption of the companion mainly  in developed and emerging economies contribute to the market. As per the US National shelter, the adoption rate of cats and dogs has significantly grow in the recent past. The total number of companion animals in US was accounted around 184 million in 2017-2018 from 144 million in 2012. Moreover, rising zoonotic due to the growing rate of changing environment associated with the pathogens further propels the market. For Instance, Ongoing regional epidemics of Ebola in West Africa and Middle East respiratory syndrome coronavirus (MERS-CoV) in Middle East creates the demand for veterinary reference laboratory for the prevention of such diseases. 

Segmental Outlook  

The global veterinary reference laboratory market is segmented based on animal type and application. Based on the animal type, the market is further classified into livestock animals and companion animals. The livestock segment is projected to have considerable growth in the market owing to the growing demand of animal derived products across the globe. On the basis of application the market is further segregated into clinical pathology, gynecology, bacteriology, toxicology, and others. Among application the clinical pathology segment is projected to have considerable share in the market. The increasing number of pathology test further encourages the demand of consumables such as kits & reagents and imaging system reagents for better understanding of diseases in animals.   

Global Veterinary Reference Laboratory Market Share by Animal Type, 2019 (%)

Global Veterinary Reference Laboratory Market to be driven by companion animals

Among animal type, the companion animals segment held a considerable share in the market. The market is mainly driven due to increasing adoption of animals as a companion coupled with rising investment on animal health across the globe. Moreover, various organizations are taking initiatives by launching awareness programs in low-income countries to raise awareness regarding animal health and welfare. For instance, Boehringer Ingelheim in December 2018, launched ‘LastMile’ initiative, which is an integrated solutions-driven program that is aimed at addressing crucial animal health challenges by making animal medical resources available in hard-to-reach areas. Moreover, the company launched another initiative, ‘In Reach Africa’ program in August 2018, to facilitate quality and innovative animal and human healthcare access across the African continent. Therefore growing animal health and wellness program further encourages the demand of veterinary reference laboratory services. 

Regional Outlook 

Geographically, the global veterinary reference laboratory market is further classified into North America, Europe, Asia-Pacific and the Rest of the World. Asia-Pacific is estimated to have considerable market growth in the global veterinary reference laboratory market during the forecast period. The market growth is attributed to the rising number of companion animals coupled growing zoonotic diseases in economies such as China, Japan, India, South Korea, Thailand, and Australia. 

Global Veterinary Reference Laboratory Market Growth, by Region 2020-2026

North America to hold a considerable share in the global veterinary reference laboratory market

Geographically, North America is projected to hold a significant market share in the global veterinary reference laboratory market. Major economies which are projected to contribute to the North America veterinary reference laboratory market are the US and Canada. The US projected to have considerable share in the North American veterinary reference laboratory market due to significant adoption of veterinary reference laboratory solutions in the US. According to AVMA, pet ownership was higher in the US in less populous areas. It was estimated that nearly 67.1% of the population were registered for having a pet in an area having a population of 100,000. Moreover, in areas where 2 million or more population nearly 51.6% of people owned pets. Moreover, growing awareness among the population in the country increases, it is expected to increase the demand for an veterinary reference laboratory solutions across the country, thereby, promoting the growth of the market in near future.  

Market Players Outlook

The key players in the veterinary reference laboratory market contributing significantly by providing different types of products and increasing their geographical presence across the globe. The key players of the market include IDEXX Laboratories, Zoetis Inc., Boehringer Ingelheim International GmbH, Neogen Corp. and others. These market players adopt various strategies such as product launch, partnerships, collaborations, mergers, and acquisitions to sustain a strong position in the market. 

The Report Covers

• Market value data analysis of 2019 and forecast to 2026.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global veterinary reference laboratory market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.