The global veterinary reference laboratories market is estimated to grow at a CAGR of 9.8% from 2016 to 2021, to reach USD 2.76 billion by 2021 from USD 1.73 billion in 2016. The growth of this market is mainly attributed to rising demand for animal-derived food products, growing demand for pet insurance and rising animal health expenditure, and rising concern to prevent zoonotic diseases. In addition, growth in the number of veterinary practitioners and their income levels in developed economies and increasing awareness about animal healthcare are further expected to drive the growth of this market. However, rising pet care cost may hinder the growth of this market to a certain extent during the forecast period. Untapped emerging market such as China, India offers significant growth opportunities in this market.
In this report, the veterinary reference laboratories market is segmented on the basis of technology, application, animal type, and region. On the basis of technology, the market is segmented into clinical chemistry, hematology, immunodiagnostics, and molecular diagnostics. The clinical chemistry accounted for the largest share of the veterinary reference laboratories market in 2015. On the basis of application, the market is segmented into clinical pathology, bacteriology, virology, parasitology, pregnancy testing, productivity testing, and toxicology. Based on the type of animal, the veterinary reference laboratories market is segmented into companion animals and food-producing animals. In 2015, companion animals segmented accounted for the largest share of veterinary reference laboratories market.
Geographically, the global veterinary reference laboratories market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. In 2015, North America commanded a major share of the veterinary reference laboratories market. This is mainly due to the increasing adoption of companion animals, growing pet insurance industry, increasing demand for animal-derived food products, and rising veterinary healthcare expenditure in the region. However, Asia-Pacific is expected to witness the highest growth rate during the forecast period. Growth in the Asia-Pacific market can be attributed to rising animal population and increase in the demand for animal-derived food products.
Some of the prominent players in the veterinary reference laboratories market include IDEXX Laboratories, Inc. (U.S.), VCA, Inc. (U.S.), GD Animal Health (Netherlands), National Veterinary Services Laboratory (U.S.), Animal and Plant Health Agency (DEFRA APHA Scientific) (U.K.), Animal Health Diagnostic Center (Cornell University) (U.S.), Greencross Limited (Australia), Gribbles Veterinary Pathology (Australia), Phoenix Central Laboratory for Veterinarians, Inc. (U.S.), Zoetis, Inc. (U.S.), Neogen Corporation (U.S.), ProtaTek Internationals Inc. (U.S.), Wisconsin Veterinary Diagnostic Laboratory (U.S.), and Washington State University Veterinary Clinical Pathology Laboratory (U.S.).
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The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help firms in garnering a greater market share. Firms purchasing the report could use any one or combination of the below-mentioned five strategies (market penetration, product and service development/innovation, market development, market diversification, and competitive assessment) for increasing their market shares.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the service portfolios offered by the top players in the veterinary reference laboratories market. The report analyzes the veterinary reference laboratory market by technology, animal type, application, and region
- Product and Service Development/Innovation: Detailed insights on the upcoming trends, research and development activities, and new product and service launches in the veterinary reference laboratory market
- Market Development: Comprehensive information about lucrative emerging markets by services and region
- Market Diversification: Exhaustive information about new services, growing geographies, recent developments, and investments in the veterinary reference laboratory market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, products and services, and manufacturing capabilities of leading players in the veterinary reference laboratory market.