Veterinary Reference Laboratory Market worth $4.8 billion by 2024

Northbrook, IL, USA, 2020-Jul-06 — /EPR Network/ — According to research report Veterinary Reference Laboratory Market is projected to reach a value of USD 4.8 billion by 2024, at a CAGR of 10.7% during the forecast period. In 2018, IDEXX Laboratories, Inc. (US), VCA, Inc. (US), and GD Animal Health (Netherlands) dominated the global veterinary reference laboratories market, accounting for more than 70% of the total market share.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownload.asp?id=256972714

Growth in the companion animal population, rising demand for animal-derived food products, and increasing incidence of zoonotic and transboundary diseases are driving the growth of this market.

The immunodiagnostics segment accounted for the largest share of the veterinary reference laboratories market, by type of service, in 2018.

On the basis of the type of service, the veterinary reference laboratories market is segmented into clinical chemistry, immunodiagnostics, hematology, urinalysis, molecular diagnostics, and other services. In 2018, the immunodiagnostics segment accounted for the largest share of the veterinary reference laboratories market. The low cost, low procedural complexity, and greater adoption due to ease of training are some of the key advantages supporting the adoption of this service.

Clinical pathology is the largest application segment 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. In 2018, the clinical pathology segment accounted for the largest market share. The rising volume of pathology tests performed is the major factor driving the demand for diagnostic products and consumables for clinical pathology applications.

The companion animals segment accounted for the larger market in 2018.

Based on animal type, the veterinary reference laboratories market is segmented into livestock animals and companion animals. In 2018, the companion animals segment accounted for the larger share of this market. Growth in this segment is attributed to the growing adoption of companion animals, increasing disposable incomes, growing willingness of companion animal owners to spend more on animal health, and increasing incidence of zoonotic diseases.

North America will continue to dominate the veterinary reference laboratories market in 2024

In 2018, North America accounted for the largest share of the veterinary reference laboratories market, followed by Europe. The increasing adoption of companion animals, the growing pet insurance industry, rising veterinary healthcare expenditure, and the growing number of veterinary practices are driving the growth of the North American veterinary reference laboratories market.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=256972714

Prominent players in the veterinary reference laboratories market are IDEXX Laboratories, Inc. (US), VCA, Inc. (US), GD Animal Health (Netherlands), Zoetis Inc. (US), Neogen Corporation (US), Boehringer Ingelheim (Germany), Marshfield Labs (US), ProtaTek International (US), Texas A&M Veterinary Medical Diagnostic Laboratory (US), Veterinary Diagnostic Laboratory – University of Minnesota (US), and Veterinary Diagnostic Laboratory, Iowa State University (US).

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
sales@marketsandmarkets.com