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The veterinary laboratory testing services market is expected to grow from $20.54 billion in 2021 to $31.29 billion in 2026 at a rate of 8.8%. The market is then expected to grow at a CAGR of 7.8% from 2026 and reach $45.29 billion in 2031.

The veterinary laboratory testing services market consists of sales of laboratory testing services for the detection of disease in animals.

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Veterinary Laboratory Testing Services Market Driver

The increasing penetration of pet insurance is expected to drive the veterinary laboratory testing services market in the forecast period. Globally, the pet insurance market is largely untapped with extremely low penetration rates providing a large market opportunity.

Veterinary Laboratory Testing Services Market Trends

The companies in the veterinary laboratory testing services are increasingly adopting multiple testing panels. A test panel is a pre-decided group of medical tests to be used in the diagnosis as well as the treatment of the animal disease. The test panels are normally composed of individual laboratory tests which are grouped by specimen type; the methodology used, or by the most frequently requested tests. Multiple test panels offer various advantages such as labor efficiency, automation, and reduced costs achieved by conducting a large number of tests daily.

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Opportunities And Recommendations For The Veterinary Laboratory Testing Services Market

Opportunities – The top opportunities in the veterinary laboratory testing services market segmented by technology will arise in the immunodiagnostics market segment. The top opportunities in the veterinary laboratory testing services market segmented by animal type will arise in the companion animals market segment. The top opportunities in the market segmented by end-user will arise in the diagnostic laboratories market segment. The veterinary laboratory testing services market size will gain the most in the USA.

Recommendations – The Business Research Company recommends the veterinary laboratory testing services market companies to increase adoption of multiple testing panels, use artificial intelligence, launch new pathogen PCR (polymerase chain reaction) tests, expand in emerging markets, focus on regions with high pet spending, focus on strategic partnerships and collaborations, provide competitively priced offerings, continue to participate in events and conferences and target fast-growing end-users.

Major Players And Regions Of The Veterinary Laboratory Testing Services Market

Major players in the veterinary laboratory testing services market are IDEXX Laboratories, Mars Incorporated, Zoetis Inc, CVS Group PLC, Heska Corporation.

North America was the largest region in the veterinary laboratory testing services market and Asia Pacific, and, Africa are expected to be the fastest-growing region in the forecast period.

The Veterinary Laboratory Testing Services Market Report 2022 – Opportunities And Strategies – Global Forecast To 2031 covers regional data on key drivers, opportunities, and strategies for the seven major regions of the world that are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The report includes market size and forecast market shares for all the regions and countries with respect to the major players of the veterinary laboratory testing services market.

Veterinary Laboratory Testing Services Market Segmentation By The Business Research Company

1). By Type: Clinical Biochemistry, Immunodiagnostics, Hematology, Molecular Diagnostics, Other Technologies

2). By Animal Type: Companion Animals, Livestock

3). By End-User: veterinary hospitals and clinics, diagnostic laboratories, research institutes, in-house testing, other end users

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