The Veterinary Laboratory Testing Services by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Veterinary Laboratory Testing Services, The veterinary laboratory testing services market size has grown strongly in recent years. It will grow from $24.98 billion in 2023 to $26.99 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to a rise in disposable income, a rise in adoption of pets, a rise in merger and acquisition activity, a rise in animal healthcare expenditure, increased pet spending and growth in the companion animal population.
The veterinary laboratory testing services market size is expected to see strong growth in the next few years. It will grow to $36.4 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to increasing penetration of pet insurance, rapidly growing urban population, growing awareness about animal health and the development of innovative rapid tests and portable instruments for point-of-care testing will drive market growth.. Major trends in the forecast period include adoption of multiple testing panels, use of artificial intelligence (ai), launch of new pathogen pcr (polymerase chain reaction) tests, focus on partnerships and collaborations and launch of new, innovative products.
The veterinary laboratory testing services market is being driven by the rising prevalence of disease epidemics in animals. For instance, cattle are getting infected by a wide group of pathogens, which is leading to a rise in the number of laboratory tests done for cattle. Moreover, livestock globally is becoming vulnerable to infectious diseases caused by pathogens and viruses. For instance, Salmonella and Campylobacter are the two most common zoonotic pathogens that are present in the intestine tracts of animals, such as chickens, swine, and cattle, and are leading causes of foodborne disease worldwide. These diseases get passed through the food chain to humans, which is a potential threat. Therefore, efforts to curb these infections in animals are driving the market for veterinary laboratory testing. The FoodNet system (Center for Disease Control and Prevention, USA) identified 24,484 foodborne illnesses, 5,677 hospitalizations, and 122 deaths. The highest incidences per 100,000 people were for Campylobacter, Salmonella, and Shigella(these are organisms causing bacterial gastroenteritis, which is a digestive problem) in the USA.
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The veterinary laboratory testing services market covered in this report is segmented –
1) By Technology: 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
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 an 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 labour efficiency, automation, and reduced costs, achieved by conducting a large number of tests daily. For instance, Abaxis Inc. is using multiple single-use test panels designed to address several conditions, wherein just 3 to 4 drops of blood are required to deliver up to 14 precise results.
The veterinary laboratory testing services market report table of contents includes:
- Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
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- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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