How Has The Veterinary Reference Laboratory Market Size Evolved Historically?
The veterinary reference laboratory market has seen considerable growth due to a variety of factors.
• Recent years have witnessed a swift expansion in the size of the veterinary reference laboratory market. It is predicted to amplify from $4.33 billion in 2024 to $4.83 billion in 2025, achieving a compound annual growth rate (CAGR) of 11.5%.
The historic growth in this market can be traced back to factors such as an increase in pet ownership, medical advancements in the field of veterinary science, growing consciousness about animal health, as well as certain government initiatives.
What Will Be The Veterinary Reference Laboratory Market Size In The Future?
The veterinary reference laboratory market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of the veterinary reference laboratory is predicted to experience a quick expansion in the coming years, escalating to $7.58 billion in 2029 with a compound annual growth rate (CAGR) of 11.9%.
The growth projected within this period can be linked to the increasing global scale of pet trade, heightened demand for specialized testing services, and a growing emphasis on preventive healthcare. Key trends within this period encompass technological advancements, the incorporation of information technology, the rise of telemedicine in veterinary care, the global expansion of veterinary services, broadening test menu and specialization, and a concentrated interest in point-of-care testing.
What Are The Key Drivers Fueling Growth In The Veterinary Reference Laboratory Market?
The surge in zoonotic diseases, those spread from animals to humans through bacteria, viruses, parasites, and fungi, are projected to drive the expansion of the veterinary reference laboratories market. These diseases can cause various levels of ailments in people and animals, ranged from mild to extreme, including life-threatening cases. Veterinary reference laboratories serve a significant duty in preventing zoonotic diseases, fostering animal health and wellbeing, ensuring the production of safe food, and safeguarding public health. For example, as reported by the Centers for Disease Control and Prevention, a US-based Government Agency, in July 2022, zoonotic diseases are quite widespread, both in the United States and globally. They estimated that over 6 in every 10 recognised infectious diseases in humans are originally spread from animals, and 3 out of every 4 newly identified or emerging infectious diseases in humans also come from animals. As such, the escalating prevalence of zoonotic diseases is hastening the development of the veterinary reference laboratories market.
What Are The Principal Market Segments In The Global Veterinary Reference Laboratory Industry?
The veterinary reference laboratory market covered in this report is segmented –
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
Subsegments:
1) By Clinical Chemistry: Blood Biochemistry Panels, Electrolyte Analysis, Liver And Kidney Function Tests
2) By Hematology: Complete Blood Count (CBC), Coagulation Testing, Blood Smear Analysis
3) By Immunodiagnostics: Serology Testing, Antibody And Antigen Testing, Allergy Testing
4) By Urinalysis: Urine Chemistry Analysis, Microscopic Examination, Urine Culture And Sensitivity
5) By Molecular Diagnostics: PCR Testing, Genetic Testing, Infectious Disease Detection
6) By Other Services: Cytology, Histopathology, Parasitology
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Which Emerging Market Trends Are Altering The Veterinary Reference Laboratory Sector?
Corporations leading the veterinary reference laboratories market are focused on innovating advanced analytical solutions such as Vello. This is aimed at enhancing diagnostic procedures for veterinary practices and optimizing laboratory procedures. Vello is a novel diagnostic platform devised to deliver rapid and accurate test results for the assessment of veterinary health and management of diseases. Notably, in February 2024, IDEXX Laboratories Inc., a US enterprise involved in distributing products and services for companion animal veterinary, livestock and poultry, water testing, and dairy rolled out Vello. This innovative software solution is aimed at improving the engagement of pet owners, facilitating the seamless connection between clients and practices. Vello is the only engagement solution for pet owners specifically designed for IDEXX practice management software. This enables efficient communication for veterinary practices that use ezyVet®, Neo®, and Cornerstone®. Its features include automated reminders, alerts for health services, and a mobile-friendly web platform ensuring easy access to pet records and appointment scheduling. This consolidated process increases the productivity of the practice, nurtures superior client relationships and augments the overall care provided for pets.
Who Are the Key Players in the Veterinary Reference Laboratory Market?
Major companies operating 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 Regional Insights into the Veterinary Reference Laboratory Market?
North America was the largest region in the veterinary reference laboratory market in 2024.The regions covered in the veterinary reference laboratory market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
