(EMAILWIRE.COM, July 31, 2018 ) The global veterinary reference laboratory market is estimated to grow at a CAGR of 9.8% from 2016 to 2021 to reach USD 2.76 Billion by 2021. Factors such as growing demand for pet insurance and rising animal health expenditure, increasing demand for animal-derived food products, growth in the number of veterinary practitioners and their income levels in developed economies, and increasing incidence of zoonotic diseases are the major factors driving the growth of the global market. However, increasing pet care costs may hinder the growth of this market to a certain extent.

In recent years, the reference laboratories are gaining more importance due to increased demand of having specialized centers to deal with the animal diseases and to maintain a reference database for quick identification of any disease in animals. In 2015, Clinical chemistry accounted for the largest share of the global veterinary reference laboratories market. However, immunodiagnostics segment is expected to witness the highest growth over the next five years. The high growth in this segment can be attributed to the advantages such as easy handling, high sensitivity, accuracy, and rapid diagnosis offered by the ELISA tests and lateral flow tests to perform diagnosis of companion and food-producing animals.

North America is the largest regional segment for veterinary reference laboratories market owing to the well-established animal healthcare market. The largest share of this regional segment is driven by Increasing demand for animal-derived food products, rising companion animal healthcare expenditure, growing number of veterinary practitioners and their income levels, and rising awareness about zoonotic diseases. However, the market in the Asia-Pacific region is expected to grow at the highest CAGR, owing to large pool of livestock population, rising pet adoption and increasing demand for animal-derived food products in countries such as India and China.

The market players, namely, IDEXX Laboratories, (U.S.), VCA, Inc. (U.S.), and GD Animal Health (Netherlands) held the major share of the veterinary reference laboratories market and will continue to dominate the market between 2016 and 2021.

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