The global veterinary reference laboratory market is forecast to grow at a compound annual growth rate (CAGR) of more than 9% during the forecast period from 2022-2030.
Veterinarian reference laboratories (VRLs) perform various services associated with veterinary medicine, including diagnosis, treatment, prevention, and monitoring of animals' health & disease. Veterinary reference laboratory covers many fields including, pathologies, bacteriology, parasitology, and pregnancy testing, among others.
Factors Affecting
Impact Analysis of COVID-19
There was a decline in inpatient visits to the veterinary reference laboratories due to Covid-19. As a result, the market for VRL entirely ceased to exist. In correlation with the decrease in samples received, the number of animal tests decreased. It led to a shift in emphasis from providing medical equipment to assisting human testing laboratories. Therefore, all the segments that fall under veterinary reference laboratories have stopped operating, thereby negatively impacting the market for VRLs.
Regional Analysis
The market held dominance by North America, which anticipates continuing in this trend in the forecast period. Numerous factors contribute to the region's success, including a developed healthcare infrastructure equipped with advanced technology and high healthcare expenditures. In addition, the region's key market players help make real-time services and products available.
Due to the large population of tame animals in Asia-Pacific, the market will grow for veterinary reference laboratories. The increasing pet approval, raising awareness about animal health, and increasing per capita animal health expenditures, especially in emerging countries, are additional factors fueling the veterinary reference laboratories market in the region. In addition, livestock farming is a valuable source of income in several advancing nations.
Leading Competitors
The leading prominent players in the global veterinary reference laboratory market are:
Scope of the Report
The global Veterinary Reference Laboratory Market segmentation focuses on Type of Service, Application, Animal, and Region.
Segmentation based on Type of Service
Segmentation based on Application
Segmentation based on Animal
Segmentation based on Region