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Veterinary Reference Laboratory Market Analysis

  • Report ID: GMI5540
  • Published Date: May 2023
  • Report Format: PDF

Veterinary Reference Laboratory Market Analysis

Veterinary Reference Laboratory Market, By Technology, 2021 - 2032 (USD Billion)

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Based on technology, the veterinary reference laboratory market is divided into categories including clinical chemistry, immunodiagnostics, molecular diagnostics, hematology, urinalysis, and other types of technologies. The clinical chemistry technology segment dominated the market in 2022 with a market revenue of USD 1.4 billion. The demand for clinical chemistry analyzers to assess general veterinary health profiles has increased over the past few years, which is contributing to the dominance of this segment. Also, in clinical chemistry tests, the technology involves sample collection, analysis, and consultation. The bodily fluids such as urine & blood are analyzed to evaluate the function & capabilities of the entire metabolism and organs. These parameters offer important information related to disease diagnosing and monitoring. Such benefits associated with clinical chemistry is expected to spur the segment landscape.
 

Global Veterinary Reference Laboratory Market Share, By Application 2022

Based on application, the veterinary reference laboratory market is segmented as bacteriology, virology, clinical pathology, parasitology, pregnancy testing, productivity testing, and toxicology testing. The clinical pathology segment is expected to reach over USD 4.7 billion by 2032. Clinical pathology facilities perform veterinary services including routine blood analysis testing of animals as well as professional consultation for laboratory results. These labs offer coagulation profiles, chemical analysis, complete blood cell counts, blood gas analyses, cross pairing, endocrine testing, urinalysis, and cytology investigations. They also offer veterinary clinical pathologist consulting services.
 

Based on animal type, the veterinary reference laboratory market is segmented as companion animals and livestock animals. The companion animals are further segmented into dogs, cats, horse and other companion animals. The companion animals held a dominant market share in 2022 and is anticipated to grow at 13.4% CAGR between 2023 and 2032. Increase in animal ownership, as various studies indicate that bonding with animals result in health benefits coupled with rising initiatives by the government for animal welfare are few of the major contributing factor for the market development. Also, key industry players are consistently striving to develop differentiated and highly efficacious animal products to create growth prospects for this segment.
 

North America Veterinary Reference Laboratory Market, 2020 - 2032 (USD Billion)

The North American region held a significant share of the veterinary reference laboratory market accounting for more than 39% in 2022 and is projected to similar trend over the forecast period. Large animal population (especially pets), increasing disease burden, presence of better veterinary care and services and increasing veterinary healthcare are few factors contributing to the regional market expansion.
 

For instance, in September 2022, more than half of Canadian homes (60%) owned at least one dog or cat, according to data from the Canadian Animal Health Institute (CAHI). Similarly, the dog population reached to 7.9 million, while the cat population increased to 8.5 million in 2022. Therefore, owing to larger pet population, the burden of several disease among animals is likely to be higher, thereby driving market size in the region.

Authors: Mariam Faizullabhoy , Gauri Wani

Frequently Asked Questions (FAQ) :

The global market for veterinary reference laboratory reached USD 4 billion in 2022 and is anticipated to expand at a CAGR of 8-10% from 2023 to 2032.

Clinical chemistry technology segment held a notable share in the veterinary reference laboratory segment in 2022 due to the growing need for early disease diagnosis.

Companion animals segment is poised to record high revenue gains by 2032 due to the surging pet adoption and animal welfare initiatives.

The veterinary reference laboratory market is expected to expand substantially in North America through 2032 due to the presence of a well-developed animal healthcare system, and favorable pet insurance schemes.

Veterinary Reference Laboratory Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 13
  • Countries covered: 20
  • Pages: 220
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