Pune, India -- (SBWIRE) -- 06/22/2016 -- The report "Veterinary Reference Laboratory Market by Technology (Clinical Chemistry, Hematology, Immunodiagnostics, Molecular Diagnostics) Application (Pathology, Bacteriology, Virology, Parasitology) Animal (Dog, Cat, Cattle, Pig) - Global Forecast to 2021" , The veterinary reference laboratories market witnessed healthy growth during the last decade and is expected to grow at a CAGR of 9.8% between 2016 and 2021 to reach 2.76 Billion by 2021.

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The growth in this market is majorly attributed to factors such as rising animal healthcare expenditure, rising pet adoption, increasing demand for pet insurance, growing demand for animal-derived food products, increasing number of veterinary practitioners and their growing income levels in developed regions, and rising awareness about zoonotic diseases.

The global veterinary reference laboratories market is segmented based on technology, application, animal, and geography. In recent years, the reference laboratories are gaining more importance due to increased demand of having specialized centers to deal with the animal diseases and to maintain a reference database for quick identification of any disease in animals.

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In 2015, Clinical chemistry accounted for the largest share of the global veterinary reference laboratories market. However, immunodiagnostics segment is expected to witness the highest growth over the next five years. The high growth in this segment can be attributed to the advantages such as easy handling, high sensitivity, accuracy, and rapid diagnosis offered by the ELISA tests and lateral flow tests to perform diagnosis of companion and food-producing animals.

Clinical pathology segmented accounted for the largest share of veterinary reference laboratories market, by application. In animal segment, companion animals accounted for the largest share of this market. This is mainly attributed to increasing adoption of pet animals and growing veterinary pet care expenditure.

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North America is the largest regional segment for veterinary reference laboratories market owing to the well-established animal healthcare market. The largest share of this regional segment is driven by Increasing demand for animal-derived food products, rising companion animal healthcare expenditure, growing number of veterinary practitioners and their income levels, and rising awareness about zoonotic diseases. However, the market in the Asia-Pacific region is expected to grow at the highest CAGR, owing to large pool of livestock population, rising pet adoption and increasing demand for animal-derived food products in countries such as India and China.

The market players, namely, IDEXX Laboratories, (U.S.), VCA, Inc. (U.S.), and GD Animal Health (Netherlands) held the major share of the veterinary reference laboratories market and will continue to dominate the market between 2016 and 2021.

Some of the other players operating in this market are National Veterinary Services Laboratory (U.S.), Animal and Plant Health Agency (DEFRA APHA Scientific) (U.K.), Animal Health Diagnostic Center (Cornell University) (U.S.), Greencross Limited (Australia), Gribbles Veterinary Pathology (Australia), Phoenix Central Laboratory for Veterinarians, Inc. (U.S.), Zoetis, Inc. (U.S.), Neogen Corporation (U.S.), ProtaTek Internationals Inc. (U.S.), Wisconsin Veterinary Diagnostic Laboratory (U.S.), and Washington State University Veterinary Clinical Pathology Laboratory (U.S.).

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