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(IT-NEWSWIRE.COM, January 07, 2020 ) According to research report Veterinary Reference Laboratory Market is projected to reach a value of USD 4.8 billion by 2024, at a CAGR of 10.7% during the forecast period. In 2018, IDEXX Laboratories, Inc. (US), VCA, Inc. (US), and GD Animal Health (Netherlands) dominated the global veterinary reference laboratories market, accounting for more than 70% of the total market share.
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Some of the other prominent players operating in the veterinary reference laboratories market are Zoetis, Inc. (US), Neogen Corporation (US), Boehringer Ingelheim (Germany), Marshfield Labs (US), ProtaTek Internationals, Inc. (US), Texas A&M Veterinary Medical Diagnostic Laboratory (US), Veterinary Diagnostic Laboratory - University of Minnesota (US), and Veterinary Diagnostic Laboratory, Iowa State University (US).
IDEXX Laboratories, Inc. (US) dominated the global veterinary reference laboratories market 2018. The company has a diversified product portfolio, which includes a wide range of companion animal diagnostic products. IDEXX’s leading position in this market can be attributed to its active R&D activities and an extensive distribution footprint across the globe. To garner a larger share in this market, IDEXX continuously focuses on inorganic growth strategies such as acquisitions. The company was involved in the acquisition of five veterinary reference laboratories in FY 2017-18.
VCA, Inc. (US) accounted for the second-largest share of the veterinary reference laboratories market in 2018. The company offers a strong portfolio of products and services in the veterinary diagnostics industry through 65 of its veterinary diagnostic laboratories. VCA provides diagnostic testing for more than 15,000 clients, including standard hospitals for small animals, large animal practices, universities, and other government organizations. The company’s leading position in this market can be attributed to its diagnostic imaging product offerings and consulting services, and its strong relationships with its customers. In order to remain competitive in this market, the company focuses on increasing its customer base. In September 2017, VCA was acquired by one of the leading veterinary health providers, Mars Inc., and now functions as a separate business unit within Mars Petcare.
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North America will continue to dominate the veterinary reference laboratories market in 2024
In 2018, North America accounted for the largest share of the veterinary reference laboratories market, followed by Europe. The increasing adoption of companion animals, the growing pet insurance industry, rising veterinary healthcare expenditure, and the growing number of veterinary practices are driving the growth of the North American veterinary reference laboratories market.
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