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Veterinary Reference Laboratory Market Worth $4.8 Billion by 2024 - Exclusive Report by MarketsandMarkets™

CHICAGO, Nov. 26, 2019 /PRNewswire/ -- According to the new market research report "Veterinary Reference Laboratory Market by Service Type (Clinical Chemistry, Hematology, Immunodiagnostics, Molecular Diagnostics), Application (Pathology, Bacteriology, Virology, Parasitology), Animal (Dog, Cat, Cattle, Poultry, Pig) - Global Forecast to 2024", published by MarketsandMarkets™, the Veterinary Reference Laboratories Market is projected to reach USD 4.8 billion by 2024 from USD 2.9 billion in 2019, at a CAGR of 10.7%. 

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Growth in the companion animal population, rising demand for animal-derived food products, and increasing incidence of zoonotic and transboundary diseases are driving the growth of this market. 

The immunodiagnostics segment accounted for the largest share of the Veterinary Reference Laboratory Market, by type of service, in 2018.

On the basis of the type of service, the market is segmented into clinical chemistry, immunodiagnostics, hematology, urinalysis, molecular diagnostics, and other services. In 2018, the immunodiagnostics segment accounted for the largest share of the 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.

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Clinical pathology is the largest application segment of the Veterinary Reference Laboratories Market

Based on application, the market is segmented into clinical pathology, bacteriology, virology, parasitology, productivity testing, pregnancy testing, and toxicology. In 2018, 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.

The companion animals segment accounted for the larger market in 2018.

Based on animal type, the Veterinary Reference Laboratory Market is segmented into livestock animals and companion animals. In 2018, the companion animals segment accounted for the larger share of this market. Growth in this segment is attributed to the growing adoption of companion animals, increasing disposable incomes, growing willingness of companion animal owners to spend more on animal health, and increasing incidence of zoonotic diseases.

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North America will continue to dominate the Veterinary Reference Laboratory Market in 2024

In 2018, 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 growing number of veterinary practices are driving the growth of the North American market.

Prominent players in the 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), Marshfield Labs (US), 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).

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