The global veterinary reference laboratory market is anticipated to reach USD 9.37 billion by 2030, at a CAGR of 11.3% from 2022 to 2030. The rise in the adoption of pet animals can be considered the primary factor fueling market growth and development. Additionally, factors such as the growing number of veterinary doctors and medical practitioners coupled with the increasing demand for pet animal insurance are driving the market's growth.

Market Overview:

Clinical examination is an essential component of veterinary prognosis. It offers the veterinarian the data to determine the disease/diseases generating the abnormalities. Furthermore, the information derived from the medical exam aids the veterinarian in figuring out the severity of the pathophysiological procedures. Veterinary reference laboratories are facilities where numerous crucial activities related to the veterinary field of medicine and science are conducted. Those activities comprise the analysis, prevention treatment alternatives, and monitoring of the illnesses that occur to the animals. The segments include bacteriology, virology, medical pathology, toxicology, parasitology, and pregnancy trying out. Veterinary reference laboratories are considered very effective and efficient as these institutes aid in preventing the zoonotic illnesses of the animals. These institutes also advertise and promote animal safety, welfare, and well-being awareness. Veterinary reference laboratories play a crucial role in animals' health, safety, and care by controlling and preventing acute zoonotic diseases. These facilities have the most critical implications on human health because conditions such as plaque, rabies, listeriosis, and others get transmitted from animals to humans. So, these facilities focus on averting the transmission of the diseases mentioned earlier. Some of the disorders, such as rift valley fever, hemorrhagic septicemia, bluetongue, and others, can be managed and prevented with the help of vaccines and drugs administered at a proper time.

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Market Dynamics:

Drivers:

• A rise in the adoption of pets

The rise in pet adoption can be considered the primary factor driving market growth and development. In the course of time, pets or pet animals have become an integral and crucial part of households worldwide. The pet population has grown side by side with the human population. A rise in the number and size of the residential household population in developed and developing countries having one or more pets has significantly contributed to the growth of the pet population over the last few years. As per the data published in the National Pet Owners Survey 2021 conducted by the American Pet Products Association (APPA), around 70% of the household families in the U.S. owns a pet. This surge mainly occurred because of the covid-19 pandemic situation that is prevailing all across the globe. Also, the increasing inclination of the millennials towards pets may positively impact the market growth and development. It is because millennials believe that having a pet is an excellent way to start a family.

Restraints:

• Lack of Skilled Workforce

In the global veterinary reference laboratory market, the lack of skilled medical experts and professionals in the field of veterinary science and medicine may hamper the market growth and development. In many remote areas/locations and developing countries, there exists a scarcity of skilled veterinary workforce. The unfavorable working conditions, lack of proper medical and veterinary infrastructure, and medical services are the factors causing the shortages. In most countries, the government contracts several tasks to private veterinarians, such as mandatory vaccinations and disease prevention activities. In some countries, these public procurements make up an essential part of the workload of private practitioners in rural areas. However, several countries are declining, making it more difficult for practitioners to be profitable. Thus, these factors are currently restraining the market growth and development.

Opportunities:

• Development of advanced veterinary diagnostics

The rising development of excellent veterinary diagnostics due to increasing research studies is undoubtedly impacting the industry's growth. Incorporating novel diagnostic strategies, including western blot and polymerase chain reaction (PCR), permits higher diagnosis of various sicknesses, therefore, assisting the market growth. In addition, adopting the present-day technological improvements in veterinary reference laboratories is considerably contributing to market development. The growing occurrence of diverse infectious diseases amongst animals is also propelling the growth of the veterinary reference laboratory market.

Challenges:

• Low awareness in emerging regions and markets
• Emerging economies, together with India, China, Brazil, and a few Southeast Asian countries, are domestic to a large accomplice animal populace. However, animal health expenditure in those countries is relatively low compared to the advanced international locations across North America and Europe. It is mainly due to a lack of understanding amongst pet owners and veterinarians about the healthcare offerings available for animals. The companion animal fitness expenditure in those countries targets the best healing remedies; diagnostic technology is not broadly utilized in those international locations due to its excessive price. The effect of this challenging factor is exacerbated by the better attention of companion animal diagnostic product manufacturers in the developed markets in North America and Europe compared to developing markets. It is because markets in advanced nations are characterized by the increased popularity of accomplice animal diagnostics and better animal fitness expenditure.

Segmentation Analysis:

The global veterinary reference laboratory market has been segmented based on animal type, service type, application, and regions.

• The animal type segment is divided into companion animals and production animals. The companion animal segment held the largest market share of around 53% in 2021. This segment is projected to grow at the highest CAGR during the forecast period. The segment growth is mainly attributed to the rising adoption of companion animals within residential and households in developed and developing regions all across the globe. Also, a rise in pet care expenditure due to the increase in people's disposable income is anticipated to impact segment growth positively.
• The service type segment includes clinical chemistry, hematology, immunodiagnostics, molecular diagnostics, and others. The clinical chemistry segment held the largest market share of around 35% in 2021. Clinical chemistry involves examining, diagnosing, and monitoring the body fluids such as urine and blood with the help of the instruments such as chemical analyzers, osmometers, pH meters, and others. Clinical chemistry helps in disease diagnosis in animals. Due to this factor, the demand for chemical analyzers and the above-mentioned medical instruments has risen among veterinary health experts over the years. Thus this factor contributes to the segment growth.
• The application segment includes clinical pathology, toxicology, productivity testing and others. The clinical pathology segment held the largest market share of around 35% in 2021 because of the increased adoption of pathology related test services. The pathology related tests are conducted within the veterinary reference labs for routine check-ups of the pets/pet animals.

Regional Segmentation Analysis:

The regions evaluated for the veterinary reference laboratory market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa. North America region emerged as the largest market for the veterinary reference laboratory, with a 38.5% share of market revenue in 2021. Moreover, over the forecast period, North America is expected to continue its dominance in the market.

• Increasing emphasis on pet health, coupled with the rising heath expenditure of pets, is the primary factor stimulating market growth and development. Moreover, the growing adoption of companion animals within the household and the presence of prominent market leaders in the veterinary reference laboratory market are also driving the industry growth within that region.
• With influential research organizations focused on technological and scientific advancement in the field of veterinary diagnostics and science, the Europe sector is anticipated to be the second-largest region in terms of revenues over the forecast period. These research institutions collaborate with key market players to develop unparalleled pet diagnostic solutions for pet animals. Also, this factor is significantly contributing to the expansion of the veterinary reference laboratory industry.

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Competitive Analysis:

The key players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances, and partnerships to improve their market position in the global veterinary reference laboratory industry. Owing to the technological advancements in the field of medical science, the companies are focusing on product innovation and differentiation in order to satisfy the needs and demands of the customers.

In August 2020, IDEXX Laboratories, Inc. introduced a new product named ProCyte One Hematology Analyzer into the market. This product focuses on delivering quick, accurate, and optimized results at the point-of-care diagnostics of pet animals.

• IDEXX Laboratories, Inc.
• ProtaTek International, Inc.
• Sanofi
• Neogen Corporation
• Marshfield Clinic
• Zoetis
• Phoenix Lab
• GD
• VCA, Inc. (Antech Diagnostics, Inc.)
• Virbac

Key Target Audience

• Veterinary Hospitals
• Research and Consulting Firms
• Industry Experts
• Pet Owners
• Research Laboratories and Institutes

Report Description

• Global Veterinary Reference laboratory Market, Industry Analysis, Trends, Analysis and Forecast, 2022 to 2030 is a forthcoming/imminent research report which is to be published by The Brainy Insights.
• 2021 is considered as the base year of the report. 2019 and 2020 are considered as the historic years and 2022 to 2030 are the forecast years. The global veterinary reference laboratory market is based on revenue (USD billion). The report incorporates the market study on the basis of revenue. The study covers the market share revenue/market share for each of the segments, regions and countries catering to global veterinary reference laboratory market. The regions evaluated for the veterinary reference laboratory market are Europe, Asia Pacific, North America, South America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
• The report encompasses with the relative data & information, which have been validated by the leading industry professionals and experts all across the globe. The research report also delivers an outline of the attractiveness of veterinary reference laboratory and regions which are deduced and formulated on the basis of their growth rate (CAGR), market size, and attractiveness by analyzing the present and future prospects to fathom market growth and development in future.
• The report illustrates the detailed (both quantitative and qualitative) analysis of historical data, revenues, key developments, along with the crucial strategies adopted by key organizations catering to global veterinary reference laboratory market.  This offers vital and in depth insights in order to depict the overall market scenario.
• The report offers the detailed study for the company profiles of key organizations operating in the global veterinary reference laboratory market and a comparative assessment based on their product offering, business overviews, geographic presence, business strategies, segment market share, product development & innovations, recent developments, joint venture, partnerships, mergers & acquisitions, strategic alliances, SWOT analysis, and key financial information. This helps in evaluating the overall competition present in the market scenario. 
• The report provides an elaborative assessment of the porter’s five forces analysis coupled with SWOT analysis so as to provide business related data and information’s. Porter’s five forces model is analyzed to understand the overall competitive scenario that is prevailing in the market. Additionally, the SWOT analysis identifies both the positive and negative attributes of the market development which influences the company growth and development in order to sustain and survive in the long run.
• Along with that, the report also focuses on the market related driving factors, growth limitations (restraints), potential industry opportunities, significant trends and development which acts as a key potential for the investors. 
• Potential growth prospects along with the penetration rate analysis of the products (market related i.e., global veterinary reference laboratory market) is covered in order to comprehend the adoption rate and evaluate the market size.