Veterinary Reference Laboratory Market
Veterinary Reference Laboratory Market Forecasts to 2030 - Global Analysis By Service Type (Clinical Chemistry, Immunodiagnostics, Molecular Diagnostics, Hematology, Urinalysis and Other Service Types), Animal Type (Companion Animals, Livestock Animals and Other Animal Types), Application, End User and by Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $4.56 BN |
|
Projected Year Value (2030) |
US $9.65 BN |
|
CAGR (2023 - 2030) |
11.3% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Veterinary Reference Laboratory Market is accounted for $4.56 billion in 2023 and is expected to reach $9.65 billion by 2030 growing at a CAGR of 11.3% during the forecast period. A Veterinary Reference Laboratory (VRL) is a specialized facility with cutting-edge equipment and highly qualified veterinary professionals working there to diagnose and track the health of animals. These labs are vital resources for veterinarians and other animal health professionals because they offer prompt and accurate diagnostic services, blood chemistry analysis, microbiology, pathology, and genetic testing are just a few of the many tests that VRLs provide to help with the diagnosis and treatment of various animal diseases. They are vital resources that protect the health of animals, aid in research, and guarantee the welfare of domestic and wild animals.
According to the British Veterinary Association (BVA), Veterinary professionals are committed to promoting the health and welfare of animals, advancing veterinary science, and upholding high standards of professional conduct.
Market Dynamics:
Driver:
Increasing awareness of animal health
A growing number of stakeholders, including veterinary associations, animal welfare organizations, and governmental bodies, are working together to raise awareness about animal health. The purpose of these programs is to raise awareness among pet owners and livestock producers of the value of regular veterinary checkups and preventive healthcare measures. Additionally, the need for strong diagnostic services has been further highlighted by high-profile disease outbreaks in recent years, including avian influenza and bovine spongiform encephalopathy (BSE), which have highlighted the risks associated with compromised animal health and food safety.
Restraint:
High expense of cutting-edge diagnostic technologies
Veterinary Reference Laboratories faces a substantial financial hurdle in implementing new diagnostic technologies. The upfront costs associated with purchasing cutting-edge machinery, like automated analyzers and next-generation sequencing platforms, can be high. The operational costs are also increased by continuing expenditures for equipment upgrades, calibration, and maintenance. Furthermore, the financial burden is further increased by the need to hire and retain qualified staff that is adept at using and interpreting the data from these advanced technologies.
Opportunity:
Growing requirement for diagnostic specialty services
Veterinary Reference Laboratories has the opportunity to broaden the scope of their services due to the growing complexity of veterinary care and the rise in the incidence of infectious and chronic diseases in animals. Specialized diagnostic tests, like molecular diagnostics, serology, and advanced imaging, are in greater demand as a means of enabling early disease detection, individualized treatment planning, and therapeutic efficacy monitoring. Moreover, labs can take advantage of this trend and set themselves apart in the market by investing in state-of-the-art technologies and building competence in specialized fields like genetic testing, infectious diseases, and oncology.
Threat:
Pressure from in-house testing for competition
To increase turnaround times and client satisfaction, veterinary clinics and hospitals are investing more and more in internal diagnostic testing equipment. As a result of this trend, veterinary reference laboratories are at risk because fewer diagnostic tests are being contracted out to outside laboratories. Veterinary clinics may find that in-house testing is more practical and economical, especially when it comes to fast diagnostic assays and routine screenings. However, to lessen the impact of competition from in-house testing, Veterinary Reference Laboratories must set themselves apart from the competition by providing specialized tests, knowledge of intricate cases, and exceptional customer service.
Covid-19 Impact:
The Veterinary Reference Laboratory market has been impacted by the COVID-19 pandemic. In the following phases of the pandemic, there has been a gradual recovery with changing trends, whereas the initial phase of the pandemic caused disruptions in laboratory operations, challenges in the supply chain, and decreased demand for non-essential veterinary services due to lockdown measures and economic uncertainties. The pandemic has increased demand for diagnostic testing services by highlighting the value of veterinary diagnostics in zoonotic disease surveillance, animal health monitoring, and ensuring food safety. Additionally, the demand for preventive healthcare procedures like wellness exams, vaccinations, and diagnostic screenings has increased due to the rise in pet ownership and the increased awareness of animal health and well-being during the pandemic.
The Clinical Pathology segment is expected to be the largest during the forecast period
It is projected that the clinical pathology segment will command the largest market share in the veterinary reference laboratory industry. Clinical pathology is a wide field of medicine that includes a variety of diagnostic procedures used to evaluate the health of animals by examining their tissues, cells, and bodily fluids. Hematology, biochemistry, urinalysis, cytology, and histopathology are a few of these tests. Furthermore, the diagnosis, surveillance, and treatment of a wide range of animal medical disorders, such as metabolic disorders, infectious diseases, immune-mediated disorders, and neoplastic diseases, depend heavily on clinical pathology.
The Pharmaceutical Companies segment is expected to have the highest CAGR during the forecast period
In the Veterinary Reference Laboratory market, the pharmaceutical company segment is projected to have the highest CAGR. Through the development and marketing of veterinary medications, vaccines, and biological products, pharmaceutical companies play a crucial role in veterinary medicine. For preclinical and clinical testing services to evaluate the safety, effectiveness, and caliber of their products, they depend on Veterinary Reference Laboratories. Moreover, reference laboratories and pharmaceutical companies work together on research and development projects that progress veterinary diagnostics and therapies.
Region with largest share:
North America usually holds the largest share, with strong regulatory frameworks and cutting-edge diagnostic technologies, the region has a well-established veterinary healthcare infrastructure that includes a high concentration of veterinary clinics, hospitals, and research institutions. The need for diagnostic testing services is driven in part by growing pet ownership, increased demand for companion animal healthcare services, and increased public awareness of zoonotic diseases in North America. Furthermore, deliberate efforts by governmental organizations, veterinary associations, and industry participants to advance preventive healthcare practices and improve animal welfare also contribute to the region's Veterinary Reference Laboratory market's steady expansion.
Region with highest CAGR:
The Veterinary Reference Laboratory market is expected to grow at the highest CAGR in the Asia-Pacific region. Particularly in emerging economies like China, India, and Southeast Asian nations, the region is seeing rapid urbanization, economic development, and a shift toward companion animal ownership. The demand in the area for veterinary services, including diagnostic testing, is being driven by rising disposable incomes, evolving lifestyles, and an increasing consciousness of pet health. The adoption of advanced diagnostic technologies in veterinary healthcare is being driven by the expansion of livestock production and growing concerns about food safety and disease outbreaks. Moreover, the Veterinary Reference Laboratory market in Asia Pacific is expanding as a result of government initiatives to improve animal welfare, bolster regulatory frameworks, and modernize the infrastructure for animal healthcare.
Key players in the market
Some of the key players in Veterinary Reference Laboratory market include ProtaTek International Inc, GreenCross Limited, VCA Inc, ANTECH Diagnostics, Neogen Corporation, Thermo Fisher Scientific, Inc., IDEXX Laboratories, Inc., GD Animal Health, Marshfield Labs, Zoetis Inc, SYNLAB International GmbH, Heska Corporation, Texas A&M Veterinary Medical Diagnostic Laboratory and LABOKLIN GmbH.
Key Developments:
In June 2023, Antech Diagnostics, Inc. made a proposal to acquire Heska Corporation from BlackRock, Inc., The Vanguard Group, Inc. and others for $1.4 billion on February 20, 2023. As part of consideration Antech Diagnostics will pay in all cash, at a price of $112.50 per share. On March 6, 2023, Mars submitted to Heska a revised written proposal to acquire Heska in an all-cash transaction at a price of $120 per share.
In April 2023, Neogen Chemicals Ltd., a manufacturer of Bromine-based and Lithium-based specialty chemicals, said it has signed an agreement with MU Ionic Solutions Corporation (MUIS), Japan, to acquire manufacturing technology licence for production of electrolytes in India. MUIS is a joint-venture between Mitsubishi Chemical Corporation (MCC) and UBE Corporation, a group company of The Mitsubishi Chemicals Group.
In February 2023, Thermo Fisher Scientific Inc. entered into a definitive agreement to acquire CorEvitas, a provider of regulatory-grade, real-world evidence for approved medical treatments and therapies, from Audax Private Equity, for $912.5 million in cash. CorEvitas will become part of Thermo Fisher's Laboratory Products and Biopharma Services segment. The transaction is expected to be completed by the end of 2023.
Service Types Covered:
• Clinical Chemistry
• Immunodiagnostics
• Molecular Diagnostics
• Hematology
• Urinalysis
• Other Service Types
Animal Types Covered:
• Companion Animals
• Livestock Animals
• Other Animal Types
Applications Covered:
• Clinical Pathology
• Bacteriology
• Parasitology
• Virology
• Productivity Testing
• Pregnancy Testing
• Toxicology Testing
• Other Applications
End Users Covered:
• Veterinary Clinics and Hospitals
• Research Institutions and Universities
• Pharmaceutical Companies
• Government Agencies and Regulatory Bodies
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Veterinary Reference Laboratory Market, By Service Type
5.1 Introduction
5.2 Clinical Chemistry
5.3 Immunodiagnostics
5.3.1 ELISA
5.3.2 Lateral Flow Assays
5.4 Molecular Diagnostics
5.4.1 PCR Tests
5.4.2 Microarrays
5.5 Hematology
5.6 Urinalysis
5.7 Other Service Types
6 Global Veterinary Reference Laboratory Market, By Animal Type
6.1 Introduction
6.2 Companion Animals
6.2.1 Dogs
6.2.2 Cats
6.2.3 Horses
6.3 Livestock Animals
6.3.1 Cattle
6.3.2 Swine
6.3.3 Poultry
6.4 Other Animal Types
7 Global Veterinary Reference Laboratory Market, By Application
7.1 Introduction
7.2 Clinical Pathology
7.3 Bacteriology
7.4 Parasitology
7.5 Virology
7.6 Productivity Testing
7.7 Pregnancy Testing
7.8 Toxicology Testing
7.9 Other Applications
8 Global Veterinary Reference Laboratory Market, By End User
8.1 Introduction
8.2 Veterinary Clinics and Hospitals
8.3 Research Institutions and Universities
8.4 Pharmaceutical Companies
8.5 Government Agencies and Regulatory Bodies
8.6 Other End Users
9 Global Veterinary Reference Laboratory Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 ProtaTek International Inc
11.2 GreenCross Limited
11.3 VCA Inc
11.4 ANTECH Diagnostics
11.5 Neogen Corporation
11.6 Thermo Fisher Scientific, Inc.
11.7 IDEXX Laboratories, Inc.
11.8 GD Animal Health
11.9 Marshfield Labs
11.10 Zoetis Inc
11.11 SYNLAB International GmbH
11.12 Heska Corporation
11.13 Texas A&M Veterinary Medical Diagnostic Laboratory
11.14 LABOKLIN GmbH
List of Tables
1 Global Veterinary Reference Laboratory Market Outlook, By Region (2021-2030) ($MN)
2 Global Veterinary Reference Laboratory Market Outlook, By Service Type (2021-2030) ($MN)
3 Global Veterinary Reference Laboratory Market Outlook, By Clinical Chemistry (2021-2030) ($MN)
4 Global Veterinary Reference Laboratory Market Outlook, By Immunodiagnostics (2021-2030) ($MN)
5 Global Veterinary Reference Laboratory Market Outlook, By ELISA (2021-2030) ($MN)
6 Global Veterinary Reference Laboratory Market Outlook, By Lateral Flow Assays (2021-2030) ($MN)
7 Global Veterinary Reference Laboratory Market Outlook, By Molecular Diagnostics (2021-2030) ($MN)
8 Global Veterinary Reference Laboratory Market Outlook, By PCR Tests (2021-2030) ($MN)
9 Global Veterinary Reference Laboratory Market Outlook, By Microarrays (2021-2030) ($MN)
10 Global Veterinary Reference Laboratory Market Outlook, By Hematology (2021-2030) ($MN)
11 Global Veterinary Reference Laboratory Market Outlook, By Urinalysis (2021-2030) ($MN)
12 Global Veterinary Reference Laboratory Market Outlook, By Other Service Types (2021-2030) ($MN)
13 Global Veterinary Reference Laboratory Market Outlook, By Animal Type (2021-2030) ($MN)
14 Global Veterinary Reference Laboratory Market Outlook, By Companion Animals (2021-2030) ($MN)
15 Global Veterinary Reference Laboratory Market Outlook, By Dogs (2021-2030) ($MN)
16 Global Veterinary Reference Laboratory Market Outlook, By Cats (2021-2030) ($MN)
17 Global Veterinary Reference Laboratory Market Outlook, By Horses (2021-2030) ($MN)
18 Global Veterinary Reference Laboratory Market Outlook, By Livestock Animals (2021-2030) ($MN)
19 Global Veterinary Reference Laboratory Market Outlook, By Cattle (2021-2030) ($MN)
20 Global Veterinary Reference Laboratory Market Outlook, By Swine (2021-2030) ($MN)
21 Global Veterinary Reference Laboratory Market Outlook, By Poultry (2021-2030) ($MN)
22 Global Veterinary Reference Laboratory Market Outlook, By Other Animal Types (2021-2030) ($MN)
23 Global Veterinary Reference Laboratory Market Outlook, By Application (2021-2030) ($MN)
24 Global Veterinary Reference Laboratory Market Outlook, By Clinical Pathology (2021-2030) ($MN)
25 Global Veterinary Reference Laboratory Market Outlook, By Bacteriology (2021-2030) ($MN)
26 Global Veterinary Reference Laboratory Market Outlook, By Parasitology (2021-2030) ($MN)
27 Global Veterinary Reference Laboratory Market Outlook, By Virology (2021-2030) ($MN)
28 Global Veterinary Reference Laboratory Market Outlook, By Productivity Testing (2021-2030) ($MN)
29 Global Veterinary Reference Laboratory Market Outlook, By Pregnancy Testing (2021-2030) ($MN)
30 Global Veterinary Reference Laboratory Market Outlook, By Toxicology Testing (2021-2030) ($MN)
31 Global Veterinary Reference Laboratory Market Outlook, By Other Applications (2021-2030) ($MN)
32 Global Veterinary Reference Laboratory Market Outlook, By End User (2021-2030) ($MN)
33 Global Veterinary Reference Laboratory Market Outlook, By Veterinary Clinics and Hospitals (2021-2030) ($MN)
34 Global Veterinary Reference Laboratory Market Outlook, By Research Institutions and Universities (2021-2030) ($MN)
35 Global Veterinary Reference Laboratory Market Outlook, By Pharmaceutical Companies (2021-2030) ($MN)
36 Global Veterinary Reference Laboratory Market Outlook, By Government Agencies and Regulatory Bodies (2021-2030) ($MN)
37 Global Veterinary Reference Laboratory Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
Frequently Asked Questions
In case of any queries regarding this report, you can contact the customer service by filing the “Inquiry Before Buy” form available on the right hand side. You may also contact us through email: info@strategymrc.com or phone: +1-301-202-5929
Yes, the samples are available for all the published reports. You can request them by filling the “Request Sample” option available in this page.
Yes, you can request a sample with your specific requirements. All the customized samples will be provided as per the requirement with the real data masked.
All our reports are available in Digital PDF format. In case if you require them in any other formats, such as PPT, Excel etc you can submit a request through “Inquiry Before Buy” form available on the right hand side. You may also contact us through email: info@strategymrc.com or phone: +1-301-202-5929
We offer a free 15% customization with every purchase. This requirement can be fulfilled for both pre and post sale. You may send your customization requirements through email at info@strategymrc.com or call us on +1-301-202-5929.
We have 3 different licensing options available in electronic format.
- Single User Licence: Allows one person, typically the buyer, to have access to the ordered product. The ordered product cannot be distributed to anyone else.
- 2-5 User Licence: Allows the ordered product to be shared among a maximum of 5 people within your organisation.
- Corporate License: Allows the product to be shared among all employees of your organisation regardless of their geographical location.
All our reports are typically be emailed to you as an attachment.
To order any available report you need to register on our website. The payment can be made either through CCAvenue or PayPal payments gateways which accept all international cards.
We extend our support to 6 months post sale. A post sale customization is also provided to cover your unmet needs in the report.
Request Customization
We provide a free 15% customization on every purchase. This requirement can be fulfilled for both pre and post sale. You may send your customization requirements through email at info@strategymrc.com or call us on +1-301-202-5929.
Note: This customization is absolutely free until it falls under the 15% bracket. If your requirement exceeds this a feasibility check will be performed. Post that, a quote will be provided along with the timelines.
WHY CHOOSE US ?
Assured Quality
Best in class reports with high standard of research integrity
24X7 Research Support
Continuous support to ensure the best customer experience.
Free Customization
Adding more values to your product of interest.
Safe & Secure Access
Providing a secured environment for all online transactions.
Trusted by 600+ Brands
Serving the most reputed brands across the world.
