DUBLIN, January 26, 2023 /PRNewswire/ — The report “Global Veterinary Laboratory Testing Services Market Opportunities and Strategies to 2031” has been added to from ResearchAndMarkets.com offer.
The global veterinary laboratory testing services market reached a value of almost $20,548.1 million in 2021, after growing 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 for $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 over the historical period resulted from an increase in disposable income, an increase in pet adoption, an increase in mergers and acquisitions, an increase in animal health spending , an increase in spending on pets and the growth of the pet population.
In the future, the increasing penetration of pet insurance, the rapid growth of the urban population, the growing awareness of animal health, and the development of innovative rapid tests and portable instruments for point-of-care testing. service will drive the growth of the market. Factors that may hinder the growth of the veterinary laboratory testing services market in the future include high cost of products and services and complications associated with veterinary testing.
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 segment the fastest growing veterinary laboratory testing services market. segmented by technology, at a CAGR of 9.3% over the period 2021-2026.
The veterinary laboratory testing services market is also segmented by animal type into companion animals and livestock. The companion animal market was the largest segment in the veterinary laboratory testing services market segmented by animal type, accounting for 84.7% of the total in 2021. Going forward, the livestock segment expected to be the fastest growing segment in veterinary laboratory testing. services market segmented by animal type, at a CAGR of 9.6% over the period 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 laboratory 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 institute 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 the period 2021-2026.
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, then the other regions. Going forward, the fastest growing regions in the veterinary laboratory testing services market will be Asia Pacificand, Africa where growth will be at CAGRs of 9.9% and 9.4% respectively. These will be followed by Middle Eastand, South America where the markets are expected to grow at CAGRs of 9.2% and 8.8% respectively.
Major 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. Key opportunities in the veterinary laboratory testing services market segmented by animal type will arise in the companion animal market segment, which will gain $8,928.7 million of global annual sales by 2026. The major opportunities in the veterinary laboratory testing services market segmented by end-user will arise in the diagnostic laboratory market segment, which will gain $4,253.2 in global annual sales by 2026. Veterinary Laboratory Testing Services market size will gain the most in the UNITED STATES at $3,093.6 million.
Main market trends
- Increased adoption of multiple test panels
- Use of artificial intelligence
- Growing number of collaborations and partnerships
- Launch of new pathogenic PCR tests
- Launch of new products
- Launch of mobile veterinary units
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A selection of companies mentioned in this report include
- IDEXX Laboratories
- Mars Incorporated
- Zoetis Inc
- CVS Group PLC
- Heska Company
For more information about this report visit https://www.researchandmarkets.com/r/sj09jn
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