Veterinary Laboratory Testing Market Global Analysis, Size, Share, Trends, And Forecast 2019 to 2023
Veterinary Laboratory Testing Market Highlight
The worldwide Veterinary Laboratory Testing Services Market has been predicted to experience significant growth by 2023, says the report by Market Research Future (MRFR). The report states the market was estimated at USD 2200 million in 2017, and its size is exhibited to grow at a healthy CAGR of 10.1% during the forecast period (2018-2023).
Growth Factors and Key Barriers
Veterinary laboratory testing is a series of tests that are conducted to detect animal diseases. Almost every advanced clinical laboratory instrument, as well as technologies, find widespread use in the veterinary laboratory testing market. However, in comparison to human laboratory testing, there are numerous complications in the veterinary laboratory testing market, especially in terms of services. In addition, animals are rarely examined routinely by the veterinarians, or there is generally no follow up once the treatment is over.
World over, the disposable income has risen at a substantial level, which has given way to the growth in the adoption rate of dogs as well as cats. On that note, the boost in the adoption rate of cats and dogs will prove to be fruitful for the growth of the global market in the coming years. Furthermore, the increase in zoonotic diseases across the globe necessitates the need for routine examination laboratory tests for pets, benefitting the market in a big way.
Having said that, the high cost associated with veterinary diagnostic products as well as services could potentially subdue the vigorous growth trajectory of the global market to some degree. But then again, the growing expenditure on pet insurance, surge in the number of veterinary practitioners, favorable funding policies and advancements in healthcare facilities will ensure that the market has a relentless run in the years ahead.
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 Outlook
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.
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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.