The global veterinary laboratory testing market is anticipated to grow at a 10.1% CAGR between 2018-2023, states the new Market Research Future (MRFR) report. Veterinary laboratory testing is the test that is carried out to detect a disease in any animal. The tests are done by collecting tissue samples, feces, and blood of the animal.
Numerous factors are pushing the growth of the veterinary laboratory testing market. Such factors, according to the new Market Research Future report, include the rise in adoption of pets, favorable funding policies, advancements in healthcare facilities, rising number of veterinary practitioners, rising expenditure on pet insurance, increasing disposable income, and rising prevalence of zoonotic diseases.
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On the contrary, lack of awareness regarding veterinary laboratory testing, complications related to the tests, and the high price of veterinary testing are factors that may restrict the veterinary laboratory testing market growth during the forecast period.
Market Segmentation
The Market Research Future report offers a complete segmental analysis of the global veterinary laboratory testing market based on end user, product, animal type, and technology.
By animal type, the veterinary laboratory testing market is segmented into livestock animal and companion animal. The livestock animal segment is again segmented into poultry, pigs, cattle, and others. The companion animal segment is again segmented into horses, cats, dogs, and others.
By technology, the veterinary laboratory testing market is segmented into urinalysis, molecular diagnostics, hematology, immunodiagnostics, clinical biochemistry, and others. The urinalysis segment is again segmented into urine test strips, urine analyzers, and urinalysis clips and panels/cartridges. The molecular diagnostics segment is again segmented into microarrays, polymerase chain reaction (PCR) tests, and others. The hematology segment is again segmented into hematology analyzers and hematology cartridges. The immunodiagnostics segment is again segmented into immunoassay analyzers, allergen-specific immunodiagnostic tests, lateral flow assays, ELISA tests, and others. The lateral flow assays segment is further segmented into lateral flow strip readers and lateral flow rapid tests. The clinical biochemistry segment is again segmented into blood gas & electrolyte analysis, glucose monitoring, and clinical chemistry analysis. The chemistry analysis segment is further segmented into chemical chemistry analyzers and clinical reagent clips & cartridges. The glucose monitoring segment is further segmented into urine glucose strips, glucose monitors, and blood glucose strips. The blood gas & electrolyte analysis segment is further segmented into blood gas and electrolyte analyzers and blood gas & electrolyte reagent chips and cartridges.
By product, the veterinary laboratory testing market is segmented into instruments and consumables.
By end user, the veterinary laboratory testing market is segmented into diagnostic laboratories, research institutes, in-house testing, hospitals and clinics, and others.
Regional Analysis
By region, the global veterinary laboratory testing market report covers the latest trends and growth opportunities across North America, Europe, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, North America will remain the driving force in the market during the forecast period. Numerous factors are propelling the growth of the global veterinary laboratory testing market in this region such as advancements in technology in veterinary diagnostics, rising cases of animal disease, growing awareness about laboratory-based diagnostic for pets, and burgeoning demand for animal diagnostic tests that are laboratory-based.
The global veterinary laboratory testing market in Europe will hold the second-largest share in the market. Numerous factors are propelling the growth of the global veterinary laboratory testing market in this region, such as increasing expenditure on pet insurance, increasing awareness about veterinary laboratory testing, and numerous technological advancements.
The global veterinary laboratory testing market in the Asia Pacific region will grow at the fastest pace during the forecast period for a huge number of animals, especially goat, buffalo, and cow suffering from different diseases.
The global veterinary laboratory testing market in the MEA will have favorable growth during the forecast period for the burgeoning demand for veterinary diagnostic equipment that is cost-effective.
Key Players
Notable players profiled in the global veterinary laboratory testing market report include Zoetis, Inc., Virbac, VCA Inc., Thermo Fisher Scientific, Randox Laboratories, Ltd., Qiagen N.V., Pfizer, Neogen Corporation, Idvet, Idexx Laboratories, Heska Corporation, Henry Schein, Inc., Biomérieux SA, BIOCHECK Inc., and Abaxis, Inc. Key players have incorporated specific strategies to stay head and shoulders above others in the competition, such as collaborations, mergers and acquisitions, new product launches and innovations, research and development activities, joint ventures/partnerships, and more.
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