Analyzing the Future of Veterinary Reference Laboratory Market Dynamics 2025-2034: Growth Rate, Trends, and Major Opportunities
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What key factors are powering the surge in the veterinary reference laboratory market right now?
In recent years, the market for veterinary reference laboratories has seen substantial growth. Its size is set to increase from $4.33 billion in 2024 to $4.83 billion in 2025, marking a compound annual growth rate (CAGR) of 11.5%. This remarkable growth during the past years is due to a rise in pet ownership, developments in veterinary medicine, heightened animal health awareness, and government initiatives.
How fast Is the veterinary reference laboratory market expected to grow, and what’s its future value?
In the upcoming years, the market size of the veterinary reference laboratory is predicted to experience a substantial expansion. Its value is projected to increase to $7.58 billion by 2029, with a compound annual growth rate (CAGR) of 11.9%. Factors contributing to this forecasted growth include the expanded trade in pets on a global scale, the rising demand for specialized testing services, and the growing emphasis on preventive healthcare. Key trends anticipated during this period are technological advancements, IT integration, the increase in telemedicine in veterinary care, the globalization of veterinary services, the broadening of the test menu and specialization, and the emphasis on point-of-care testing.
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What are the leading drivers of growth in the veterinary reference laboratory market?
The escalation in incidents of zoonotic diseases is likely to bolster the expansion of the veterinary reference laboratories market in the future. These diseases, instigated by harmful bacteria, viruses, parasites, and fungi, can result in an array of health issues in humans and animals, from mild to extremely serious conditions and even mortality. Veterinary reference laboratories play a critical and significant role in combating zoonotic diseases, advocating for animal health and welfare, assuring safe food production, and safeguarding public health. For example, as per the Centers for Disease Control and Prevention, a government agency based in the US, in July 2022, zoonotic diseases are quite prevalent, not only in the US but globally as well. Researchers reckon that more than 6 from every 10 recognized infectious diseases in humans can be transmitted from animals, and 3 from every 4 newly discovered or surfacing infectious diseases in humans originate from animals. Thus, the rising occurrence of zoonotic diseases is fueling the expansion of the veterinary reference laboratories market.
What are the key segments defining the veterinary reference laboratory market?
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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Who are the key players steering the development of 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 emerging trends are influencing the growth of the veterinary reference laboratory market?
Major firms in the veterinary reference laboratories sector are channelling their efforts towards the creation of advanced analytical tools like Vello to upgrade veterinary diagnostics and simplify lab processes. Vello, an innovative diagnostic tool, is designed to provide quick and precise test results for monitoring veterinary health and managing diseases. For example, IDEXX Laboratories Inc., a U.S. based company that distributes products and services for companion animal veterinary, water testing, livestock, poultry and dairy, introduced Vello, a novel pet-owner interaction software solution, in February 2024, that revolutionizes client-practice communication. Specifically crafted for IDEXX practice management software, Vello enables effective conversation for veterinary practices using ezyVet®, Neo®, and Cornerstone®. It comes with automated reminders, health service alerts and a mobile web platform that is easy to navigate, offering easy access to pet’s records and appointment scheduling. This consolidated strategy boosts practice efficiency, cultivates healthier client relationships and enhances overall pet care.
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Which regions are most influential in expanding 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
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