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$45.3B Veterinary Lab Testing Market: 7.8% CAGR Growth

$45.3B Veterinary Lab Testing Market 7.8% CAGR Growth

According to a report by Altus Market Research titled, “Veterinary Laboratory Testing Services Global Market Opportunities 2022-2031 by Technology(Clinical Biochemistry; Immunodiagnostics; Hematology; Molecular Diagnostics); Animal Type(Companion Animals; Livestock); End User”, the global veterinary laboratory testing services market reached a value of nearly $20,548.1 million in 2021, having grown at a compound annual growth rate (CAGR) of 4.5% since 2016. The market is expected to grow from $20,548.1 million in 2021 to $31,298.4 million in 2026 at a rate of 8.8%. The market is then expected to grow at a CAGR of 7.8% from 2026 and reach $45,296.0 million in 2031.

Growth in the historic period resulted from a rise in disposable income, a rise in adoption of pets, a rise in merger and acquisition activity, a rise in animal healthcare expenditure, increased pet spending and growth in the companion animal population. Going forward, increasing penetration of pet insurance, rapidly growing urban population, growing awareness about animal health and the development of innovative rapid tests and portable instruments for point-of-care testing will drive market growth. Factors that could hinder the growth of the veterinary laboratory testing services market in the future include high cost of products and services and complications associated with the veterinary tests.

North America was the largest region in the veterinary laboratory testing services market, accounting for 34.6% of the total in 2021. It was followed by Asia Pacific, and then the other regions. Going forward, the fastest-growing regions in the veterinary laboratory testing services market will be Asia Pacific, and, Africa where growth will be at CAGRs of 9.9% and 9.4% respectively. These will be followed by Middle East, and, South America where the markets are expected to grow at CAGRs of 9.2% and 8.8% respectively.

Player-adopted strategies in the veterinary laboratory testing services market include focus on expanding business operations through launching of new products and focus on expanding business through strategic acquisitions.

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The veterinary laboratory testing services market is segmented by technology into clinical biochemistry, immunodiagnostics, hematology, molecular diagnostics, and other technologies. The immunodiagnostics market was the largest segment of the veterinary laboratory testing services market segmented by technology, accounting for 29.9% of the total in 2021. Going forward, the molecular diagnostics segment is expected to be the fastest growing segment in the veterinary laboratory testing services market segmented by technology, at a CAGR of 9.3% during 2021-2026.

The veterinary laboratory testing services market is also segmented by animal type into companion animals and livestock. The companion animals market was the largest segment of the veterinary laboratory testing services market segmented by animal type, accounting for 84.7% of the total in 2021. Going forward, the livestock segment is expected to be the fastest-growing segment in the veterinary laboratory testing services market segmented by animal type, at a CAGR of 9.6% during 2021-2026.

The veterinary laboratory testing services market is also segmented by end-user into veterinary hospitals and clinics, diagnostic laboratories, research institutes, in-house testing, and other end users. The diagnostic laboratories market was the largest segment of the veterinary laboratory testing services market segmented by end-user, accounting for 42.2% of the total in 2021. Going forward, the research institutes segment is expected to be the fastest growing segment in the veterinary laboratory testing services market segmented by end-user, at a CAGR of 9.4% during 2021-2026.

The global veterinary laboratory testing services market is highly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 5.26% of the total market in 2021. IDEXX Laboratories was the largest competitor with 2.94% share of the market, followed by Mars Incorporated with 1.17%, Zoetis Inc with 0.55%, CVS Group PLC with 0.20%, Heska Corporation with 0.11%, Gribbles Veterinary with 0.10%, Neogen Corporation with 0.10%, GD Animal Health with 0.06%, Greencross Limited with 0.02%, and ProtaTek International, Inc with 0.01%.

The top opportunities in the veterinary laboratory testing services market segmented by technology will arise in the immunodiagnostics market segment, which will gain $3,068.4 million of global annual sales by 2026. The top opportunities in the veterinary laboratory testing services market segmented by animal type will arise in the companion animals market segment, which will gain $8,928.7 million of global annual sales by 2026. The top opportunities in the veterinary laboratory testing services market segmented by end-user will arise in the diagnostic laboratories market segment, which will gain $4,253.2 of global annual sales by 2026. The veterinary laboratory testing services market size will gain the most in the USA at $3,093.6 million.

Market-trend-based strategies for the veterinary laboratory testing services market include adoption of multiple testing panels, use of artificial intelligence (AI), launch of new pathogen PCR (polymerase chain reaction) tests, focus on partnerships and collaborations and launch of new, innovative products.

To take advantage of the opportunities, Altus Market Research recommends the veterinary laboratory testing services companies to increase adoption of multiple testing panels, use artificial intelligence, launch new pathogen PCR (polymerase chain reaction) tests, expand in emerging markets, focus on regions with high pet spending, focus on strategic partnerships and collaborations, provide competitively priced offerings, continue to participate in events and conferences and target fast-growing end-users.

Other Players Covered in the report

Gribbles Veterinary, Neogen Corporation, GD Animal Health, Greencross Limited, ProtaTek International, Inc, Vetserv India, Pathvets, VETLAB, MSD Animal Health (Merck), Boehringer Ingelheim, Bayer Healthcare, Vetoquinol SA, Ceva Sante Animale, Frantz Cappe, Clinique Veterinaire Metivet, Alizee Vet Clinic, Cristina Cardone, Abbey House Veterinary Hospital, Aberdeen Veterinary Referrals, Abington Park Vets, Acorn House Veterinary Hospital, Alma Veterinary Hospital, Anderson Moores Veterinary Specialists, Animal Trust Vets CIC Bolton, Animed Veterinary Hospital & Equine Unit, Draminski, Agnieszka Jakubowska Equi Serwis Gabinet Weterynaryjny, BHH MIKROMED SP. Z O.O, BWF Technologies Sp. Z O.O, Bioticapharma, Veterinary Purchasing Company Limited, Associated Vet Purchasing, Acell, Addison Biological Laboratory Inc, Ceva Animal Health LLC, Colorado Serum Company, Elanco Animal Health, Icare Tonovet, Kindred Biosciences, Merck Animal Health, Neogen, Mars Pet Care, Norbrook Inc, J.A Saude Animal, Eurofins Sao Paulo Brasil, Vaxxinova, Gulf Veterinary Services Company, Mansour Al Mosaid Group, Karaman Veterinary Medicines Co LLC, IFT ANIMAL HEALTH LLC, Ceva Africa, Bupo Animal Health, Virbac SA, Animal Care Services Konsult Nigeria Ltd, Egavet, Al Walaa Co, Alliance Pharma EG, Cowtribe

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