Veterinary Laboratory Testing Market Overview
Conferring to the report recently published by Market Research Future (MRFR), the global veterinary laboratory testing market 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 Industry 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 market for veterinary laboratory testing has been segmented on the basis of animal type, technology, product, and end user.
The market, depending on the animal type, has been considered for companion animal and livestock animal. The hike in the adoption rate of pet animals, coupled with the growing disposable income spent significantly on pet care, will have a lucrative impact on the companion animal market globally.
In terms of technology, the market caters to clinical biochemistry, immunodiagnostics, hematology, molecular diagnostics, urinalysis, and others.
The product-wise segments in the veterinary laboratory testing market include consumables and instruments.
The various end users in the market are hospitals clinics, in-house testing, research institutes, diagnostic laboratories, and others. Between these, the veterinary hospitals clinics segment accumulated the biggest share of the global market in 2017, as a result of the rising incidence of zoonotic diseases. Meanwhile, the academic institutes segment is presumed to surge at the fastest rate over the forthcoming years.
Veterinary Laboratory Testing Market Regional Analysis
The market for veterinary laboratory testing is spread across the primary regions of the Americas, Asia Pacific, Europe, as well as the Middle East Africa.
Securing the top spot in the worldwide veterinary laboratory testing market, the Americas is generating maximum revenue on account of the growing cases of animal disease along with technological innovations in veterinary diagnostics. Case in point being IDEXX Laboratories Inc., which in 2016, had developed the Rapid Visual Pregnancy Test for cattle. Besides, the surge in the awareness level among people with regard to laboratory-based diagnostic for animals is exhibited to substantiate the market growth in the region.
Europe has bagged the second spot in the global veterinary laboratory testing market, with the increasing expenditure on pet insurance backing the market to a large extent. Moreover, the market in the region has demonstrated remarkable growth in recent years on account of the growing consumer expenses on pet animals, innovation as well as advancements in veterinary diagnostics, increasing seafood consumption and the expansion of the livestock population.
The Asia Pacific region has been identified as the fastest developing market as a result of the increasing awareness with regard to the use of sterile consumables in laboratories as well as the growth in the healthcare spending within the region. The regional market has experienced a tectonic shift, backed by the introduction of the latest technologically advanced products, casting an optimistic shadow on the market growth within the region.
Expanding at the slowest rate, the Middle East Africa makes for the least share of the veterinary laboratory testing market owing to poor healthcare infrastructure and lack of awareness regarding veterinary diagnostics and treatment.
Leading Vendors
The leading vendors in the global veterinary laboratory testing market include Biomérieux SA, Henry Schein Inc., Neogen Corporation, Heska Corporation, Randox Laboratories, Ltd., Virbac, Zoetis Inc., Idvet, BIOCHECK Inc., Qiagen N.V., Pfizer, Abaxis Inc., VCA Inc., Thermo Fisher Scientific, Idexx Laboratories, and others.
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