Market Research Future (MRFR) collected data on several factors including implications of COVID 19 Impact on Veterinary Laboratory Testing Market and demographic challenges, showed how it could move forward in the coming years.
Veterinary Laboratory Testing Market Overview
Conferring to the report recently published by Market Research Future (MRFR), the Global veterinary laboratory testing market Size is expected to expand at a 10.1% CAGR over the forecast period. Veterinary laboratory testing is generally performed to diagnose the cause of the animal’s disease or disorder. The global veterinary laboratory testing market is witnessing fast-paced ascension owing to many significant factors.
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.
Furthermore, rising awareness of animal diseases and technological advancements in veterinary testing has pushed sizeable growth in the global veterinary laboratory testing market. Increasing expenditure towards pet insurance and favorable policies and funds introduced by governments across the globe are some of the factors causative of the ascension of the global veterinary laboratory testing market. Alternatively, a high cost of veterinary testing and different complications associated with these tests has hampered the augmentation of the global veterinary laboratory testing market.
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Veterinary Laboratory Testing Market Segmentation
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.
Veterinary Laboratory Testing Market Regional Analysis
The global veterinary laboratory testing market is regionally segmented into the Americas, Europe, Asia Pacific, and the Middle East & Africa. Among these segments, the veterinary laboratory testing market residing in the Americas is expected to spearhead the global market over the forecast period. Such market dominion can be owed to the increasing incidence of animal diseases and various technological advancements in veterinary diagnostics.
Europe is estimated to follow the Americas and garner the second-largest share in the global veterinary laboratory testing market over the assessment period. The augmentation of Europe’s veterinary laboratory testing market is attributed to the rising expenditure on pet insurance in the region.
Asia Pacific is estimated to upscale at the fastest CAGR in the global veterinary laboratory testing market over the assessment period. This can be owed to the rising awareness towards the use of sterile consumables for lab-testing and mounting healthcare expenditure in the region.
Veterinary Laboratory Testing Market Key Players
The report by MRFR has profiled some distinguished market players in the global veterinary laboratory testing market. Some of these key players include Abaxis, Inc., Biomérieux SA, BIOCHECK Inc., Henry Schein, Inc., Idexx Laboratories, Heska Corporation, Idvet, Pfizer, Neogen Corporation, Qiagen N.V., Thermo Fisher Scientific, Randox Laboratories, Ltd., Virbac, VCA Inc., and Zoetis, Inc.
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Veterinary Laboratory Testing 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.