(EMAILWIRE.COM, August 20, 2021 ) According to research report the veterinary reference laboratories market size is projected to reach USD 5.6 billion by 2025 from USD 3.4 billion in 2020, at a CAGR of 10.5%.

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Factors such as increasing demand for animal-derived food products and increasing incidence of transboundary and zoonotic diseases are driving the growth of this market amongst the livestock animals during the forecast period.

In 2019, IDEXX Laboratories, Inc. (US), VCA, Inc. (US), and GD Animal Health (Netherlands) dominated the global veterinary reference laboratories industry.

Some of the other prominent players operating in the veterinary reference laboratories market are Zoetis, Inc. (US), Neogen Corporation (US), Boehringer Ingelheim (Germany), Marshfield Labs (US), ProtaTek Internationals, Inc. (US), Texas A&M Veterinary Medical Diagnostic Laboratory (US), Veterinary Diagnostic Laboratory - University of Minnesota (US), and Veterinary Diagnostic Laboratory, Iowa State University (US).

IDEXX Laboratories, Inc. (US) dominated the global veterinary reference laboratories market in 2019. The company has a diversified product portfolio, which includes a wide range of companion animal diagnostic products. IDEXX’s leading position in this market can be attributed to its active R&D activities and an extensive distribution footprint across the globe. To garner a larger share in this market, IDEXX continuously focuses on inorganic growth strategies such as acquisitions. The company was involved in the acquisition of six veterinary reference laboratories in FY 2017-19. Additionally, the company was the first one in the veterinary space to launch a COVID-19 test kit for companion animals in its reference laboratories across the US.

VCA, Inc. (US) accounted for the second-largest share of the veterinary reference laboratories market in 2019. The company offers a strong portfolio of products and services in the veterinary diagnostics industry through 65 of its veterinary diagnostic laboratories. VCA provides diagnostic testing for more than 15,000 clients, including standard hospitals for small animals, large animal practices, universities, and other government organizations. The company’s leading position in this market can be attributed to its diagnostic imaging product offerings and consulting services, and its strong relationships with its customers. To remain competitive in this market, the company focuses on increasing its customer base. In September 2017, VCA was acquired by one of the leading veterinary health providers, Mars Inc., and now functions as a separate business unit within Mars Petcare.

The veterinary reference lab market is segmented based on the type of service, application, animal, and region. Due to lockdown restrictions and social distancing protocols due to COVID-19 across various countries through the first half of 2020, the market saw a small dip in the number of veterinary clinic visits for routine testing.

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.

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

Based on animal type, the veterinary reference lab market is segmented into livestock animals and companion animals. In 2019, the companion animal segment accounted for the larger share of this market.

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The veterinary reference laboratories market, by region, is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. 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 veterinary reference lab market.

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