Veterinary Reference Laboratory Industry Valued at $7.58 Billion by 2029 With CAGR of 11.9% | Size and Share Insights
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What Is the Forecast for the Veterinary Reference Laboratory Market from 2024 to 2025?
The market size for veterinary reference laboratories has experienced swift expansion in the last few years. The market, which was valued at $4.33 billion in 2024, is projected to increase to $4.83 billion in 2025, boasting a compound annual growth rate (CAGR) of 11.5%. The historic period’s growth can be traced back to factors such as the rise in pet ownership, advances in veterinary medicine, increased knowledge about animal health, and government initiatives.
What Is the Projected Market Size of the Veterinary Reference Laboratory Market?
The forecast for the veterinary reference laboratory market size displays a swift expansion in the coming years. The market is projected to reach a size of $7.58 billion by 2029, growing at a compound annual growth rate (CAGR) of 11.9%. The predicted growth in the forecast period can be ascribed to factors like the global expansion of pet commerce, an increased need for specialized testing services, and an intensified emphasis on preventive healthcare. Emerging trends for this period cover technological advancements, incorporation of information technology, the rise of telemedicine in veterinary care, globalization of veterinary services, a broadening test menu and specialization, alongside a focus on point-of-care testing.
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Who are the Major Competitors in the Veterinary Reference Laboratory Market Outlook?
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 Is Fueling Growth in the Veterinary Reference Laboratory Market?
The expansion of the veterinary reference laboratories market is anticipated to be driven by the escalating occurrence of zoonotic diseases. These diseases, which can be triggered by pathogenic bacteria, parasites, viruses, and fungi, have the potential to cause a variety of health issues in humans and animals, from mild to severe illness and even fatality. Vet reference laboratories serve as essential and effective mechanisms in countering zoonotic health threats, ensuring animal health and welfare, facilitating safe food production, and maintaining public health. For example, data from the Centers for Disease Control and Prevention (a government agency in the U.S.) in July 2022 suggests that zoonotic diseases are rampant, not just within the U.S., but globally. According to scientific research, over six in every ten recognized infectious diseases in humans are believed to originate from animals, and three in every four newly identified or emerging infectious diseases in humans are speculated to have animal origins. Consequently, the surging incidence of zoonotic diseases contributes significantly to the growth trajectory of the veterinary reference laboratories market.
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Which Veterinary Reference Laboratory Market Segments Are Growing the Fastest?
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
Which Industry Trends Are Shaping the Future of the Veterinary Reference Laboratory Market?
Major players in the veterinary reference laboratories market are concentrating on the development of innovative analytical solutions like Vello, to improve veterinary diagnosis and make laboratory processes more efficient. Vello is a groundbreaking diagnostic platform meant to deliver quick and precise testing results for veterinary health evaluations and disease control. For example, in February 2024, IDEXX Laboratories Inc., a US firm involved in distributing products and services for companion animal veterinary, water testing, and livestock, poultry and dairy, introduced Vello, a Cutting-edge Pet Owner Engagement Software Solution that simplifies the way Practices and Clients interact. Vello stands out as the only pet owner engagement solution tailored for IDEXX practice management software, helping effective communication for veterinary clinics employing ezyVet®, Neo®, and Cornerstone®. It offers automated reminders, health service updates, as well as a user-friendly mobile web platform to conveniently access pet records and schedule appointments. This efficient procedure boosts the productivity of the practice, encourages better client relationships, and enhances the overall pet care.
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Which Countries Are Leading 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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This Report Delivers Insight On:
1. How big is the veterinary reference laboratory market, and how is it changing globally?
2. Who are the major companies in the veterinary reference laboratory market, and how are they performing?
3. What are the key opportunities and risks in the veterinary reference laboratory market right now?
4. Which products or customer segments are growing the most in the veterinary reference laboratory market?
5. What factors are helping or slowing down the growth of the veterinary reference laboratory market?
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