How Robust Is The Growth Anticipated In The Veterinary Reference Laboratory Market Size?
The veterinary reference laboratory market size has made robust strides in recent years, advancing from an impressive $4.33 billion in 2024 and expected to reach a promising $4.83 billion by 2025, all at a CAGR of 11.5%. The growth during the historic period can be credited to augmenting pet ownership, veterinary medicine advancements, the rise in animal health awareness, and government initiatives.
The market is predicted to maintain this upward trajectory, with an anticipated expansion to a staggering $7.58 billion come 2029, all at an impressive compound annual growth rate of 11.9%. This growth rate can be attributed to increasing globalization of pet trade, surging demand for specialized testing services, and focus on preventive healthcare. Key trends in the forecast period are expected to include technological innovations, IT integration, telemedicine in veterinary care, globalization of veterinary services, test menu expansion and specialization, along with a focus on point-of-care testing.
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What Are The Key Drivers Propelling The Veterinary Reference Laboratory Market?
One of the significant drivers propelling the growth of the veterinary reference laboratories is the rising prevalence of zoonotic diseases. Zoonotic diseases, caused by pathogenic bacteria, viruses, parasites, and fungi, can cause a wide array of ailments in both humans and animals, ranging from moderate illness to severe sickness and even death. Veterinary reference laboratories play a critical role in preventing zoonotic diseases, promoting animal health and welfare, and ensuring safe food production. The Centers for Disease Control and Prevention, a US-based Government Agency, reported in July 2022 that more than 6 out of every 10 known infectious diseases in people could be spread from animals, and 3 out of every 4 new or emerging infectious diseases in people come from animals. Hence, the rise in zoonotic diseases is expected to contribute significantly to the market growth.
How Is The Veterinary Reference Laboratory Market Segmented?
The veterinary reference laboratory market in this report is segmented into:
1) By Services: Clinical Chemistry, Hematology, Immunodiagnostics, Urinalysis, Molecular Diagnostics, Other Services
2) By Animal Type: Companion Animals, Livestock Animals
3) By Application: Clinical Pathology, Bacteriology, Parasitology, Virology, Productivity Testing, Pregnancy Testing, Toxicology Testing
4) By End User: Veterinary Hospitals, Veterinary Clinics
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Who Are The Major Players In The Veterinary Reference Laboratory Market?
Key players in the veterinary reference laboratory market include IDEXX Laboratories Inc., VCA Animal Hospitals incorporated, Royal GD, C. H. Boehringer Sohn AG & Co. KG, Zoetis Inc., Neogen Corporation, Laboklin GmbH & Co. KG, SYNLAB International GmbH, Heska Corporation, Virbac Corporation, Thermo Fisher Scientific Inc., Texas A&M Veterinary Medical Diagnostic Laboratory, University of Minnesota, Iowa State University, Vetnostics, ProtaTek International Inc., Animal and Plant Health Agency, Animal Health Diagnostic Center, National Veterinary Services Laboratory, Washington Animal Disease Diagnostic Laboratory, Kansas State Veterinary Diagnostic Laboratory, Randox Laboratories Ltd., Greencross Ltd., Gribbles Veterinary Pathology Pty. Ltd., Mars Inc., Vaxxinova Gmbh, Pirbright Institute, Biobest Laboratories Ltd., Biovet Private Limited, Fujifilm Holdings Corporation.
What Are The Emerging Trends In The Veterinary Reference Laboratory Market?
Major companies in the veterinary reference laboratory market are focused on developing advanced analytical solutions such as Vello to enhance veterinary diagnostics and streamline laboratory workflows. Vello is an innovative diagnostic platform designed to provide rapid and accurate test results for veterinary health assessments and disease management. IDEXX Laboratories Inc., launched Vello, an Innovative Pet Owner Engagement Software Solution that streamlines practices and clients connect. Vello features automated reminders, health service alerts, and a user-friendly mobile web platform for easy access to pet records and appointment scheduling, leading to enhanced practice productivity, better client relationships, and improved pet care.
Which Region Is Expected To Dominate And Grow The Fastest In The Veterinary Reference Laboratory Market?
In 2024, North America was the largest region in the veterinary reference laboratory market. The regions discussed in the veterinary reference laboratory market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Veterinary Reference Laboratory Market Report 2025 Offer?
The veterinary reference laboratory refers to facilities that conduct key veterinary duties such as disease diagnosis, treatment options determination, prevention, and monitoring. It is utilized for accurate disease diagnosis, monitoring outbreaks, and supporting veterinary practices with expert analysis and guidance. The Veterinary Reference Laboratory Market research report from The Business Research Company provides globally market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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