Veterinary Laboratory Testing Services Market size in 2019 is estimated to be $11.5 billion, growing at a CAGR of 3.8% during the forecast period 2020-2025. Veterinary laboratory test are test that veterinarians conduct for diagnosis of infectious diseases, toxins in the animals. Diagnostic tests are carried out by taking samples of blood, urine and tissues of animals. The test includes molecular, pathology, bacteriology, radiography and endocrinology assessments. All the modern, advance techniques and clinical laboratory instrument are used for diagnosis of animal disease in real-time. Increasing prevalence of zoonotic and foodborne diseases coupled with rising pet adoption across the globe are the major factors driving the growth of the market.
Veterinary Laboratory Testing Services Market Segment Analysis - By Technology
Based on the technology, Veterinary Laboratory Testing Services Market is segmented into Immunodiagnostics, Hematology, Clinical Biochemistry, Molecular Diagnostics, Others. In 2019, Molecular Diagnostics held the largest share in the Veterinary Laboratory Testing Services market. This is mainly owing to it being a powerful diagnostic tool for various animal diseases.
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Veterinary Laboratory Testing Services Market Segment Analysis - By Animal
Based on the Animal, Veterinary Laboratory Testing Services Market is segmented into Companion Animals, Livestock animals. In 2019, companion animals held the largest share in the Veterinary Laboratory Testing Services market and is projected to grow with a CAGR of 2.6% during the forecast period 2020-2025. This is mainly owing to rising adoption of pets. Moreover, rising expenditure of animal owner for the animal healthcare is also contributing to the growth of this segment.
Veterinary Laboratory Testing Services Market Segment Analysis - By Geography
North America dominated the Veterinary Laboratory Testing Services market share accounting for 43% of the market in 2019. This is mainly owing to increasing prevalence of veterinary diseases in this region. According to, National Center for Biotechnology Information (NCBI), in 2018, in U.S. around 80% pet dogs suffered from periodontal diseases.
However, the Asia-Pacific region is projected to be the fastest-growing during the forecast period 2020-2025. This is owing to increasing adoption of pet animals coupled with rising expenditure on animal healthcare.
Veterinary Laboratory Testing Services Market Drivers
Increasing Prevalence of Veterinary Diseases
Increasing prevalence of foodborne and infectious diseases are some factors driving the growth of Veterinary Laboratory Testing Services market. Moreover, rising adoption of pet coupled with increasing healthcare spending on animals is also set to contribute to the market growth as these animals are prone to various diseases and their owners ensure tests are regularly conducted to prevent diseases.
Growing Technological Advancement
Growing technological advancement in veterinary diagnostic tools are some factors driving the growth of the market. Moreover, introduction of point of care (POC) and analyzers that provides quick results contribute to the growth of Veterinary Laboratory Testing Services market.
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Veterinary Laboratory Testing Services Market Challenges
High cost of diagnostics test is restraining the market growth. Also, lack of awareness about advance diagnostics tools available for animals are further restraining its market growth during the forecast period 2020-2025.
Veterinary Laboratory Testing Services Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Veterinary Laboratory Testing Services Market. Veterinary Laboratory Testing Services top 10 companies are Biomerieux SA, Virbac, Thermo Fisher Scientific, Zoetis, Inc, Idexx Laboratories, GD Animal Health, Randox Laboratories Ltd., Heska Corporation, Pfizer Animal Health, Neogen Corporation.
Acquisitions/Product Launches:
In July 2018, Zoetis Inc. has acquired Abaxis Inc. This acquisition helps to expand Zoetis’s veterinary laboratory testing services segment.
In April 2020, IDEXX, a global leader in veterinary diagnostics and software has launched SARS-CoV-2 (COVID-19) RealPCR Test for pets.
Key Takeaways
In 2019, North America dominates the Veterinary Laboratory Testing Services Market owing to increasing prevalence of veterinary diseases in this region.
Increasing technological advancement for diagnosis of animals is driving the market growth of Veterinary Laboratory Testing Services.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Veterinary Laboratory Testing Services Market report.
High cost of veterinary test is and lack of awareness about veterinary diagnostics is challenging the growth of the market.
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