Prominent Players in the Veterinary Reference Laboratory Market

(IT-NEWSWIRE.COM, January 08, 2022 ) According to the new market research report Veterinary Reference Laboratory Market is projected to reach USD 6.6 billion by 2026 from USD 3.8 billion in 2021, at a CAGR of 11.0% during the forecast period.

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

The global veterinary reference laboratory market are IDEXX Laboratories, Inc. (US), VCA, Inc. (US), GD Animal Health (Netherlands), Boehringer Ingelheim (Germany), Zoetis Inc. (US), NEOGEN Corporation (US), LABOKLIN GmbH (Germany), SYNLAB International GmbH (Germany), Heska Corporation (US), Virbac (US), Thermo Fisher Scientific, Inc. (US), Texas A&M Veterinary Medical Diagnostic Laboratory (US), University of Minnesota (Veterinary Diagnostic Laboratory) (US), Iowa State University (Veterinary Diagnostic Laboratory) (US), Vetnostics (Australia), ProtaTek International Inc. (US), Animal and Plant Health Agency (UK), Animal Health Diagnostic Center (Cornell University) (US), National Veterinary Services Laboratory USDA-APHIS (US), Washington Animal Disease Diagnostic Laboratory (US), Colorado State University (Veterinary Diagnostic Laboratories) (US), The Pirbright Institute (UK), IDVet (France), Friedrich-Loeffler-Institute (FLI) (Germany), and Kansas State Veterinary Diagnostic Laboratory (US). These companies adopted strategies such as acquisitions, partnerships, expansions, and product launches to enhance their presence in the veterinary reference laboratory market.

IDEXX Laboratories, Inc. was the leading player in the veterinary reference laboratories market, accounting for the largest share of 43–45% in 2020. The company has a diverse testing service portfolio catering to both livestock and companion animals. IDEXX’s position in the market is largely due to its active R&D activities and wide distribution footprint across the world. This enables the company to serve customers in more than 100 countries. In order to garner a larger share in this market, IDEXX continuously focuses on inorganic growth strategies such as acquisitions. For instance, the company was involved in the acquisition of five veterinary reference laboratories in the last three years.

VCA, Inc. is the second-largest player in the veterinary reference laboratories market. 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.

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The company’s hold in this market is largely attributed to its diagnostic imaging product offerings, reference laboratory diagnostics, and consulting services, as well as its strong relationships with its customers. In order to remain competitive in the market, the company focuses on increasing its customer base. For instance, in 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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Prominent Players in the Veterinary Reference Laboratory Market