- Major factors influencing the growth of the market.
- Leading players & Top Segments.
- Geographic Overview.
Market growth influenced due to following factors-
- Growth in the companion animal population & rising demand for pet insurance.
- Increasing number of veterinary practitioners in developed economies.
- Increasing demand for animal-derived food products.
Global market size-
According to the new market research report the Veterinary Reference Laboratories Market is projected to reach $5.6 billion by 2025, at a CAGR of 10.5%.
Prominent players in the global Veterinary Reference Laboratories Market are IDEXX Laboratories, Inc. (US), VCA, Inc. (US), GD Animal Health (Netherlands), Zoetis Inc. (US), Neogen Corporation (US), Boehringer Ingelheim (Germany), ProtaTek International (US), Texas A&M Veterinary Medical Diagnostic Laboratory (US), Veterinary Diagnostic Laboratory - University of Minnesota (US), and Veterinary Diagnostic Laboratory, Iowa State University (US).
Top Market Segments-
Based on the type of service, the market is segmented into clinical chemistry, immunodiagnostics, hematology, urinalysis, molecular diagnostics, and others. In 2019, the immunodiagnostics segment accounted for the largest share of the Veterinary Reference Laboratories Market. The low cost, low procedural complexity, and greater adoption due to ease of training are some of the key advantages supporting the adoption of this service.
Based on application, the market is segmented into clinical pathology, bacteriology, virology, parasitology, productivity testing, pregnancy testing, and toxicology. In 2019, the clinical pathology segment accounted for the largest market share. The rising volume of pathology tests performed is the major factor driving the demand for diagnostic products and consumables for clinical pathology applications.
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Geographic Overview -
In 2019, North America accounted for the largest share of the market, followed by Europe. The increasing adoption of companion animals, the growing pet insurance industry, rising veterinary healthcare expenditure, and the ever-increasing number of veterinary practices are driving the growth of the North American market.
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