Dublin, Dec. 09, 2019 (GLOBE NEWSWIRE) -- The "Veterinary Reference Laboratory Market by Service Type (Clinical Chemistry, Hematology, Immunodiagnostics, Molecular Diagnostics), Application (Pathology, Bacteriology, Virology, Parasitology), Animal (Dog, Cat, Cattle, Poultry, Pig) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The global veterinary reference laboratories market is projected to reach USD 4,819.0 million by 2024 from USD 2,903.7 million in 2019, at a CAGR of 10.7% during the forecast period.

Veterinary reference laboratories offer specialty diagnostic testing services to veterinarians, pet owners, livestock producers, and research institutes for the early diagnosis, evaluation, and monitoring of diseases in animals.

Factors such as growth in the companion animal population, rising demand for pet insurance, increasing number of veterinary practitioners in developed economies, increasing demand for animal-derived food products, and increasing incidence of trans-boundary and zoonotic diseases are driving the growth of this market during the forecast period.

However, growing pet care costs and the increasing demand for POC testing and portable instruments are restraining the growth of this market to some extent. Lack of animal health awareness and a shortage of veterinarians in emerging markets are also expected to challenge market growth. In this report, the veterinary reference laboratories market has been segmented on the basis of type of service, application, animal, and region.

The prominent players in the veterinary reference laboratories market are

• IDEXX Laboratories
• Inc. (US)
• VCA Inc. (US)
• GD Animal Health (Netherlands)
• Zoetis Inc. (US)
• Neogen Corporation (US)
• Boehringer Ingelheim (Germany)
• Marshfield Labs (US)
• ProtaTek International
• Inc. (US)
• Texas A&M Veterinary Medical Diagnostic Laboratory (US)
• University of Minnesota (Veterinary Diagnostic Laboratory) (US)
• Iowa State University (Veterinary Diagnostic Laboratory) (US).

Market Dynamics

Key Market Drivers

• Growth in the Companion Animal Population
• Growing Demand for Pet Insurance and Increasing Pet Care Expenditure
• Increasing Number of Veterinary Practitioners in Developed Economies
• Demand for Animal-Derived Food Products
• Increasing Incidence of Trans-Boundary and Zoonotic Diseases

Key Market Restraints

• Increasing Pet Care Costs
• Growing Demand for Rapid Tests, Poc Testing, and Portable Instruments

Key Market Opportunities

• Untapped Emerging Markets
• Public-Private Partnerships in Veterinary Health

Key Challenges

• Low Awareness in Emerging Markets
• Shortage of Veterinarians in Emerging Markets
• Weak Functional and Infrastructural Capacities

Industry Insights

Industry Trends

• Adoption of Multiple Testing Panels
• Outsourcing of Veterinary Diagnostic Testing Services
• Innovation in Diagnostic Products for Quality Service Implementation

Disease Trends

• Livestock Animals
• Avian Influenza (AI)
• African Swine Fever (ASF)
• Bovine Babesiosis (BB)
• Peste Des Petits Ruminants (PPR)
• West Nile Virus (WNV)
• Companion Animals
• Zoonotic Diseases
• Obesity & Diabetes

For more information about this report visit https://www.researchandmarkets.com/r/7fcvps

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