According to the MRFR reports, the Veterinary Laboratory Testing Market Companies will record a healthy CAGR of over 10.1% during the review timeframe. The global market was valued at USD 2200 million in 2030.
The veterinary laboratory tests are generally carried out to conclude the cause of the animal disorder. The global veterinary laboratory testing market has recorded enormous growth due to the growing incidence of zoonotic diseases. Furthermore, the factors include favorable funding policies, increasing expenditure on pet insurance, technological advancements in veterinary testing, and increasing awareness about animal diseases. However, the market growth is likely to be restricted by the complications associated with the tests and the high cost of veterinary testing.
Segment Analysis
The global market for veterinary laboratory testing is divided into several segments based on end-user, product, technology, type, and region.
Based on product, the global market for veterinary laboratory testing is split into instruments and consumables.
The global market is divided into livestock animals and companion animals by animal type.
The global market is bifurcated on technology into urinalysis, molecular diagnostics, hematology, immunodiagnostics, clinical biochemistry, and others.
Based on end-user, the veterinary laboratory testing market is split into diagnostic laboratories, research institutes, in-house testing, veterinary hospitals clinics, and others.
Regional Analysis
The global market for veterinary laboratory testing is studied across four major regions, including the Americas, Asia-Pacific, Europe, and the Middle East Africa.
The American regional veterinary laboratory testing market is projected to secure the top position globally. The growth of the regional market is being driven by the technological advancements in veterinary diagnostics, the presence of major market leaders, and increasing cases of animal disease.
The European region is likely to hold the second position in the market globally over the review timeframe. The regional market's growth is given the increasing expenditure on pet insurance.
The Asia-Pacific regional veterinary laboratory testing market is likely to record the fastest growth rate over the forecasted era. The regional market's growth is being driven by the rising healthcare spending and the awareness regarding the use of sterile consumables for lab testing.
The veterinary laboratory testing market for the Middle East African region is anticipated to record the least contribution over the forecasted era.
Competitive Analysis
The global veterinary laboratory testing market has many active players strengthening the competitive landscape. The players across the market are adopting several new strategies such as mergers, acquisitions, partnerships, etc., to grow their business and secure the market position. The list of leading players in the veterinary laboratory testing market includes Abaxis, Inc., Zoetis, Inc., VCA Inc., Randox Laboratories, Ltd., Pfizer, Idvet, Heska Corporation, Biomérieux SA, Virbac, Qiagen N.V., Idexx Laboratories, BIOCHECK Inc., Henry Schein, Inc., Neogen Corporation, Thermo Fisher Scientific, and many others.
Recent Developments
- November 2021- Ellie Diagnostics, a Dallas-based firm, announced a new capital partnership to boost its aim of putting wellness at the center of animal health. With unrevealed funding from Avego Management's private equity arm, Avego Healthcare Capital, Ellie is planning to grow its diagnostic services for veterinarians across the U.S. Ellie's founder and CEO, Mark DeCourcy, said that Veterinarians would have profited from this latest strategic partnership. He added that the company is happy to use the partnership to develop innovative new tools to improve clinical outcomes and enhance the diagnostic experience for customers across the U.S.
- May 2021- Washington State University is set to announce the launch of a new Animal Disease Diagnostic Laboratory (WADDL), making a mark for the next era in diagnostic testing and disease surveillance. The inauguration of this three-floored, 61,000-square-foot facility helps Washington's testing for early disease detection, protecting food security, public health, and Washington's USD1.5 billion animal agriculture industry. The facility was earlier located in the 15,000square-foot southwest wing of Bustad Hall, built-in 1978.
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