Veterinary Reference Laboratory Market Worth $7.8 billion | MarketsandMarkets™

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Veterinary Reference Laboratory Market Scope:

Clinical chemistry services segment is expected to account for the largest share, by service type in the veterinary reference laboratory market during the forecast period.

Based on the service type, the market is segmented into immunodiagnostics, clinical chemistry services, molecular diagnostics, hematology, urinalysis, and other services. In 2023, clinical chemistry services segment accounted for the highest share of 33.5% of the market. These services play a significant role in diagnosing and monitoring various animal health conditions by analyzing blood, urine, and other body fluids to identify potential diseases. Moreover, with the increasing focus on preventive healthcare and the rising demand for accurate and timely diagnostic services for companion and livestock animals to fuel the market growth during the forecast period.

Clinical Pathology segment is expected to account for the largest share, by application in the veterinary reference laboratory market.

Based on type, the veterinary reference laboratory market is segmented into clinical pathology, bacteriology, virology, parasitology, productivity testing, pregnancy testing, and toxicology testing. In 2023, the clinical pathology segment accounted for the largest share of 28.1% of the market. The large share and high growth of this segment is attributed to the advanced technologies and methodologies employed in clinical pathology, such as hematology, biochemistry, and molecular diagnostics. These services enable precise and timely diagnoses, facilitating optimal treatment strategies and improving animal health outcomes. The growing demand for accurate and efficient diagnostic services in veterinary medicine drives the expansion of the clinical pathology segment within the veterinary reference laboratory market.

Companion animals segment accounted for the largest share of veterinary reference laboratory market in 2023

Based on animal type, the market is segmented into companion animals and livestock animals. In 2023, the companion animals segment accounted for the largest share of 67.3% of the market due to the increasing pet ownership trend. The owners are increasingly investing in comprehensive diagnostics to ensure the well-being of their pets, leading to a surge in the number of tests conducted in veterinary reference laboratories. This trend underscores the growing importance of accurate and timely diagnostic services in maintaining the health of companion animals, thereby fueling the growth of the veterinary reference laboratory market.

In 2023, North America accounted for the largest share of the veterinary reference laboratory market

The veterinary reference laboratory market is segmented into five major regions, namely, North America, Europe, Asia Pacific (APAC), Latin America, Middle East and Africa, and the GCC Countries.

North America dominates the veterinary reference laboratory market, holding the largest share due to its advanced healthcare infrastructure, and increasing pet ownership. The region's robust research and development capabilities, coupled with a high level of awareness about animal health, drive demand for diagnostic services offered by veterinary reference laboratories.

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Veterinary Reference Laboratory Market Dynamics:

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Key Market Players of Veterinary Reference Laboratory Industry:

The key players in the global veterinary reference laboratory market are IDEXX Laboratories, Inc. (US), Mars, Incorprated (US), GD Animal Health (Netherlands), Zoetis (US), NEOGEN Corporation (US), LABOKLIN GMBH & CO. KG (Germany), VETLAB (Veterinary Diagnostic Laboratory) (India), Mira Vista Labs (US), Virbac (US), Vaxxinova (Netherlands), Thermo Fisher Scientific (US), Texas A&M Veterinary Medical Diagnostic Laboratory (US), University of Minnesota (Veterinary Diagnostic Laboratory) (US), Iowa State University (Veterinary Diagnostic Laboratory) (US), Greencoss Vets (Australia), QML Vetnostics (Australia), ProtaTek International, Inc. (US), Animal and Plant Health Agency (UK), Animal Health Diagnostic Center (Cornell University) (US), National Veterinary Services Laboratory USDA-APHIS (US), Washington Animal Disease Diagnostic Laboratory (US), Colorado State University (Veterinary Diagnostic Laboratories) (US), The Pirbright Institute (UK),  (Australia), Friedrich-Loeffler-Institute (FLI) (Germany), and Kansas State Veterinary Diagnostic Laboratory (US).

A breakdown of the primary participants (supply-side) for the veterinary reference laboratory market referred to for this report is provided below:

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Recent Developments of Veterinary Reference Laboratory Industry:

Veterinary Reference Laboratory Market - Key Benefits of Buying the Report:

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall veterinary reference laboratory market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

This report provides insights into the following pointers:

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