Worldwide Veterinary Laboratory Testing Services Market has been predicted to experience significant growth by 2023, says the report by Market Research Future (MRFR). The report states the market was estimated at USD 2200 million in 2017, and its size is exhibited to grow at a healthy CAGR of 10.1% during the forecast period (2018-2023).
Veterinary laboratory testing is a series of tests that are conducted to detect animal diseases. Almost every advanced clinical laboratory instrument, as well as technologies, find widespread use in the veterinary laboratory testing market. However, in comparison to human laboratory testing, there are numerous complications in the veterinary laboratory testing market, especially in terms of services. In addition, animals are rarely examined routinely by the veterinarians, or there is generally no follow up once the treatment is over.
Increasing prevalence of zoonotic diseases is one of the primary factors driving the global veterinary laboratory testing market over the forecast period. As per the Maine Center for Disease Control and Prevention, approximately 75% of emerging infectious diseases affecting humans have an origin in animals. This is another factor driving the veterinary laboratory testing market exponentially.
Having said that, the high cost associated with veterinary diagnostic products as well as services could potentially subdue the vigorous growth trajectory of the global market to some degree. But then again, the growing expenditure on pet insurance, surge in the number of veterinary practitioners, favorable funding policies and advancements in healthcare facilities will ensure that the market has a relentless run in the years ahead.
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Key Players – Veterinary Laboratory Testing Services Market
Some of the prominent players in the global veterinary laboratory testing market are
- Abaxis, Inc.,
- BIOCHECK Inc.,
- Biomérieux SA,
- Henry Schein, Inc.,
- Heska Corporation,
- Idexx Laboratories,
- Idvet,
- Neogen Corporation,
- Pfizer,
- Qiagen N.V.,
- Randox Laboratories, Ltd.,
- Thermo Fisher Scientific,
- VCA Inc.,
- Virbac,
- Zoetis, Inc.
and others.
Industry Update
July 2019: LexaGene Holdings, Inc. recently announced results from its first beta prototype placed at the Massachusetts Veterinary Referral Hospital. These results were found to be more than 98% concordant, as per the laboratory-generated report.
May 2019: Ethos Veterinary Health along with Ethos Discovery as well as the Translational Genomics Research Institute (TGen) has launched a test to diagnose canine lymphoma. Called ePARR, the test has been over 90 percent accurate while testing a range of lymphoma samples.
Segments – Veterinary Laboratory Testing Services Market
The veterinary laboratory testing market has been studied for different segments on the basis of animal type, technology, products, end-user, and region. Based on products, the global veterinary laboratory testing market is segmented into instruments and consumables.
Based on animal type, the global veterinary laboratory testing market is segmented into companion animal and livestock animal. The companion animal segment is sub-segmented into dogs, cats, and horses. On the other hand, the livestock animal segment is further segmented into pigs, poultry, and cattle.
On the basis of technology, the veterinary laboratory testing market is segmented into immunodiagnostics, biochemistry, molecular diagnostics, hematology, and urinalysis. The hematology segment is further segmented into hematology analyzers and hematology cartridges. The molecular diagnosis segment is further segmented into microarrays and polymerase chain reaction tests. The urinalysis segment is studied for the sub-segments of urine analyzers, urine test strips, and urinalysis clips & cartridges/panels.
Based on end-users, the veterinary laboratory testing market is segmented into in-house testing, veterinary hospitals and clinics, research institutes, and diagnostic laboratories. The veterinary hospitals & clinics segment captured the largest share in the global veterinary laboratory testing market at the beginning of the forecast period. The segment is also assessed to witness substantial CAGR over the review period. This can be credited to the increasing prevalence of zoonotic diseases. Alternatively, the academic institutes segment is expected to showcase the fastest growth in the global veterinary laboratory testing market.
Regional Analysis – Veterinary Laboratory Testing Services Market
The market for veterinary laboratory testing is spread across the primary regions of the Americas, Asia Pacific, Europe, as well as the Middle East & Africa.
Securing the top spot in the worldwide veterinary laboratory testing market, the Americas is generating maximum revenue on account of the growing cases of animal disease along with technological innovations in veterinary diagnostics. Case in point being IDEXX Laboratories Inc., which in 2016, had developed the Rapid Visual Pregnancy Test for cattle. Besides, the surge in the awareness level among people with regard to laboratory-based diagnostic for animals is exhibited to substantiate the market growth in the region.
Europe has bagged the second spot in the global veterinary laboratory testing market, with the increasing expenditure on pet insurance backing the market to a large extent. Moreover, the market in the region has demonstrated remarkable growth in recent years on account of the growing consumer expenses on pet animals, innovation as well as advancements in veterinary diagnostics, increasing seafood consumption and the expansion of the livestock population.
The Asia Pacific region has been identified as the fastest developing market as a result of the increasing awareness with regard to the use of sterile consumables in laboratories as well as the growth in the healthcare spending within the region. The regional market has experienced a tectonic shift, backed by the introduction of the latest technologically advanced products, casting an optimistic shadow on the market growth within the region.
Expanding at the slowest rate, the Middle East & Africa makes for the least share of the veterinary laboratory testing market owing to poor healthcare infrastructure and lack of awareness regarding veterinary diagnostics and treatment.
Some Brief Table of Contents of Report
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.1 Definition
2.2 Scope Of The Study
2.2.1 Research Objective
2.2.2 Assumptions
2.2.3 Limitations
Chapter 3. Research Methodology
3.1 Introduction
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
4.1 Drivers
4.2 Restrains
4.3 Opportunities
4.4 Challenges
4.5 Macroeconomic Indicators
4.6 Technology Trends & Assessment
Chapter 5. Market Factor Analysis
5.1 Porters Five Forces Analysis
5.1.1 Bargaining Power Of Suppliers
TOC Continued…
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