PUBLISHER: The Business Research Company | PRODUCT CODE: 1392958
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392958
“Veterinary Reference Laboratory Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on veterinary reference laboratory market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for veterinary reference laboratory? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The veterinary reference laboratory market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Veterinary reference laboratories are facilities that carry out crucial veterinary science tasks, including disease diagnosis, determination of treatment options, prevention, and monitoring.
The main services provided by veterinary reference laboratories include clinical chemistry, hematology, immunodiagnostics, urinalysis, molecular diagnostics, and others. Clinical chemistry involves the biochemical examination of bodily fluids to aid in the diagnosis and treatment of illnesses. Specialized testing in clinical chemistry utilizes chemical reactions to identify or measure the amounts of chemical substances in bodily fluids. The various types of animals involved in these services are companion animals and livestock animals. The applications of veterinary reference laboratories span clinical pathologies, bacteriology, parasitology, virology, product testing, pregnancy testing, and toxicology testing.
The veterinary reference laboratory market research report is one of a series of new reports from The Business Research Company that provides veterinary reference laboratory market statistics, including veterinary reference laboratory industry, global veterinary reference laboratory market size, regional shares, competitors with veterinary reference laboratory market share, detailed veterinary reference laboratory market segments, market trends, and opportunities, and any further data you may need to thrive in the veterinary reference laboratory industry. This veterinary reference laboratory market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The veterinary reference laboratory market size has grown rapidly in recent years. It will grow from $3. 9 billion in 2023 to $4. 37 billion in 2024 at a compound annual growth rate (CAGR) of 12. 2%. The expansion observed in the historical period can be attributed to several factors, including the increasing trend of pet ownership, advancements in veterinary medicine, a rising awareness of animal health among pet owners, and supportive government initiatives.
The veterinary reference laboratory market size is expected to see rapid growth in the next few years. It will grow to $6. 85 billion in 2028 at a compound annual growth rate (CAGR) of 11. 9%. The anticipated growth in the forecast period can be attributed to several factors, including the increasing globalization of the pet trade, a rising demand for specialized testing services in veterinary care, and a growing focus on preventive healthcare for animals. Key trends expected in the forecast period encompass technological innovations in veterinary diagnostics, the integration of information technology to enhance laboratory processes, the growing role of telemedicine in veterinary care, the globalization of veterinary services, an expanding test menu with increased specialization, and a focus on point-of-care testing for more immediate and efficient results.
The growth of the veterinary reference laboratories market is anticipated to be driven by the increasing prevalence of zoonotic diseases. Zoonotic diseases, caused by pathogenic bacteria, viruses, parasites, and fungi, can affect both humans and animals, leading to various degrees of illness, and in severe cases, death. Veterinary reference laboratories play a crucial role in preventing zoonotic diseases, contributing to animal health, ensuring safe food production, and safeguarding public health. According to the Centers for Disease Control and Prevention (CDC), more than 60% of known infectious diseases in humans can be transmitted from animals, and about 75% of new or emerging infectious diseases in humans originate from animals. Therefore, the rising prevalence of zoonotic diseases is a key factor propelling the growth of the veterinary reference laboratories market.
The veterinary reference laboratories market is also expected to witness growth due to the increasing trend of pet ownership. As more individuals embrace pet ownership, the global pet population, including dogs, cats, and other companion animals, is on the rise. Factors such as changing lifestyles, urbanization, and the emotional benefits associated with having pets contribute to this trend. Forbes reported that during the pandemic, 78% of pet owners acquired pets, with young people (ages 18 to 25) being more likely to own a variety of pets beyond cats and dogs. The growing pet population drives the demand for healthcare services, including diagnostics and laboratory testing, thereby boosting the veterinary reference laboratories market.
Technological advancements represent a noteworthy trend in the veterinary reference laboratories market, with major companies focusing on innovative technologies to maintain their market position. For example, IDEXX Laboratories Inc., a U. S. -based company in the distribution of veterinary, water testing, livestock, and poultry products and services, introduced VetConnect PLUS in January 2020. VetConnect PLUS is a rapid digital cytology service connecting veterinarians to a network of over 100 veterinary clinical pathologists worldwide. This service facilitates the receipt of cytology interpretations within as little as 2 hours, available around the clock. IDEXX has integrated digital cytology capacity into its reference laboratories, resulting in shorter turnaround times and expanded access to a network of pathologists. Additionally, IDEXX launched IDEXX Cystatin B in June 2023, the first veterinary diagnostic test for detecting kidney injury in cats and dogs. This test provides a comprehensive assessment of kidney health, detecting both structural damage and reduced kidney function.
Major companies operating in the veterinary reference laboratories market are emphasizing product innovations, as demonstrated by IDEXX Laboratories' introduction of IDEXX Cystatin B for detecting kidney injury in cats and dogs. Kidney injury in cats refers to the failure of the kidneys to fulfill normal filtration duties, and IDEXX Cystatin B aids in early detection of such injuries, allowing for better patient outcomes.
In September 2021, Heska Corporation, a U. S. -based company specializing in advanced veterinary diagnostic and specialty products, acquired Biotech Laboratories U. S. A. LLC to expand its product portfolio and deliver vital tests to point-of-care diagnostics subscribers worldwide. Biotech Laboratories U. S. A. LLC is engaged in providing rapid point-of-care tests for detecting antigens and antibodies associated with infectious and parasitic diseases in animals.
Major companies operating in the in the veterinary reference laboratory market report are 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
North America was the largest region in the veterinary reference laboratory market in 2023. The regions covered in the veterinary reference laboratory market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the veterinary reference laboratory market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The veterinary reference laboratory market includes revenues earned by entities by productivity testing, toxicology, pregnancy testing, parasitology and bacteriology that are used for a specimen to another laboratory for testing. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.