The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Veterinary Laboratory Testing Services Global Market Report 2024, the veterinary laboratory testing services market is expected to show significant growth in the forecast period.

The veterinary laboratory testing services market has been witnessing robust growth, fueled by increased pet adoption, higher disposable incomes, and a greater focus on animal healthcare. This blog explores the market’s current landscape, future prospects, and key trends driving this growth.

Recent Market Growth

Significant Expansion

• Market Size: The market grew from $24.98 billion in 2023 to $26.99 billion in 2024.
• Growth Rate: This represents a compound annual growth rate (CAGR) of 8.1%.

Key Drivers

• Rising Disposable Income: More spending power enables pet owners to invest in comprehensive veterinary care.
• Increased Pet Adoption: Growing numbers of companion animals lead to higher demand for veterinary services.
• Mergers and Acquisitions: Consolidation in the industry enhances service offerings and market reach.
• Higher Animal Healthcare Expenditure: Owners are spending more on the health and well-being of their pets.
• Growth in Companion Animal Population: A larger pet population naturally boosts the need for veterinary testing services.

Future Market Outlook

Projected Growth

• Market Size: Expected to grow to $36.4 billion by 2028.
• Growth Rate: Anticipated CAGR of 7.8% from 2024 to 2028.

Future Drivers

• Pet Insurance Penetration: Increasing adoption of pet insurance will support higher spending on veterinary care.
• Urban Population Growth: Urbanization correlates with higher pet ownership and veterinary care demand.
• Awareness of Animal Health: Growing knowledge about animal health and preventive care drives market growth.
• Innovative Testing Methods: Development of rapid tests and portable instruments for point-of-care testing will enhance market reach.

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Emerging Trends in Veterinary Laboratory Testing

Advanced Testing Techniques

• Multiple Testing Panels: Comprehensive testing for various conditions in a single session.
• Artificial Intelligence (AI): AI integration improves diagnostic accuracy and efficiency.
• Pathogen PCR Tests: New PCR tests for pathogen detection enhance disease management.

Strategic Collaborations

• Partnerships and Collaborations: Joint ventures and alliances foster innovation and expand service capabilities.

Innovative Product Launches

• New Products: Companies are continuously launching innovative diagnostic products to meet evolving market needs.

Epidemic Surveillance and Its Importance

Disease Epidemics

• Rising Prevalence: Increasing disease outbreaks among animals drive the demand for laboratory testing.
• Pathogen Surveillance: Surveillance of pathogens like Salmonella and Campylobacter is critical to prevent zoonotic diseases.

Impact on Human Health

• Foodborne Illnesses: Pathogens in animals can transfer to humans, emphasizing the need for rigorous veterinary testing.
• FoodNet System: In the USA, the FoodNet system reported significant incidences of foodborne illnesses caused by these pathogens.

Innovations in Veterinary Diagnostics

IDEXX’s Fecal Dx Antigen Testing

• Enhanced Capabilities: IDEXX Laboratories launched advanced fecal Dx antigen testing, improving parasite detection.
• Comprehensive Testing: Detects flea tapeworms, hookworms, roundworms, and whipworms, providing more accurate results.

Mars, Incorporated’s Acquisition of Heska Corporation

• Strategic Expansion: Mars acquired Heska Corporation to enhance its diagnostic products and point-of-care services.
• Broadened Capabilities: This acquisition strengthens Mars Petcare’s position in the global veterinary diagnostics market.

Major Market Players

Leading Companies

• IDEXX Laboratories
• Mars Incorporated
• Zoetis Inc.
• CVS Group PLC
• Heska Corporation

Other Notable Players

• Neogen Corporation
• GD Animal Health
• ProtaTek International, Inc.
• MSD Animal Health (Merck)
• Boehringer Ingelheim

Market Segmentation

By Technology

• Clinical Biochemistry
• Immunodiagnostics
• Hematology
• Molecular Diagnostics
• Other Technologies

By Animal Type

• Companion Animals
• Livestock

By End User

• Veterinary Hospitals and Clinics
• Diagnostic Laboratories
• Research Institutes
• In-House Testing
• Other End-Users

Geographic Insights

• North America: The largest region in the veterinary laboratory testing market in 2023.

Conclusion

The veterinary laboratory testing services market is poised for continued growth, driven by increased pet ownership, advancements in diagnostic technology, and strategic industry collaborations. As awareness of animal health rises and innovative products are developed, this market will play a crucial role in safeguarding both animal and human health.

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