Veterinary Reference Laboratory Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 4.97 Billion |
| Market Size (2029) | USD 7.86 Billion |
| CAGR (2024 - 2029) | 9.58 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Veterinary Reference Laboratory Market Analysis
The Veterinary Reference Laboratory Market size is estimated at USD 4.97 billion in 2024, and is expected to reach USD 7.86 billion by 2029, growing at a CAGR of 9.58% during the forecast period (2024-2029).
The major factors driving the market's growth are the increase in companion animal/pet adoption, the increasing demand for pet insurance, the growing animal healthcare expenditure, and the growing demand for PCR testing, rapid testing, and other testing procedures.
The rising adoption of companion animals is a significant factor driving the market's growth. For instance, according to the data published by the European Pet Food Industry: Facts and Figures 2023 report, Germany had 10.6 million dogs and 15.2 million cats in 2022. As per the same source, the percentage of German households owning at least one cat was 24%, and one dog was 21% in 2022. This shows that the adoption of cats was higher among the population than dogs.
Similarly, according to the above-mentioned source, 13 million dogs and 12 million cats were reported in the United Kingdom in 2022. As per the same source, the estimated percentage of United Kingdom households owning at least one dog was 34%, and one cat was 28% in 2022. Thus, the increasing adoption of pets is expected to increase the demand for veterinary reference laboratories.
As pet adoption surges, the demand for veterinary reference laboratory services grows accordingly, encompassing routine checkups, preventive care, and illness diagnosis. This heightened demand includes tests such as clinical chemistry, immunodiagnostics, and molecular diagnostics, which are essential for accurate diagnoses. For instance, in March 2023, according to the data published by the American Pet Products Association Inc. (APPA), there was a significant rise in pet spending in 2022; pet expenditures surpassed USD 136.8 billion and were anticipated to reach USD 143.6 billion in 2023, marking a 5% annual increase in the United States. This surge in pet healthcare spending is poised to drive the growth of the veterinary reference laboratory market during the forecast period.
The developments by key market players are expected to increase the market's growth. For instance, in November 2022, VolitionRx Limited agreed on a supply agreement with Fujifilm Vet Systems Co. Ltd to provide Nu. Q Vet cancer tests to veterinarians in Japan. In June 2022, IDEXX Laboratories Inc. introduced new reference laboratory tests and services designed to empower veterinarians with crucial insights for wellness screenings, personalized treatment plans for cats with chronic kidney disease, and swift, conclusive diagnoses in critical cases. Thus, such market player initiatives are anticipated to contribute to market growth during the forecast period.
Thus, factors such as the rising pet adoption and the increasing developments by key market players are expected to boost the market's growth. However, rising demand for portable devices for point-of-care (POC) services and high pet care costs are expected to hinder this growth.
Veterinary Reference Laboratory Market Trends
The Companion Animal Segment is Expected to Hold a Significant Market Share During the Forecast Period
The companion animal segment is expected to hold a significant share of the veterinary reference laboratory market due to the high prevalence of chronic and infectious diseases in companion animals, growing pet adoption, and increasing life expectancy, further increasing the risk of diseases. For instance, according to an article published by Cancer Letter Inc. in May 2024, around 6 million pet dogs are expected to be diagnosed with cancer in the United States in 2024. Thus, the huge prevalence of cancer in companion animals is expected to increase the usage of veterinary reference laboratories.
According to the data published by Animal Medicines Australia (AMA) in November 2022, Australia spends over USD 33 billion annually to keep pets healthy, nourished, and well-accessorized. Of the USD 33 billion spending, 14% is spent on veterinarians and 9% on healthcare products. According to the same source, the annual household spending for veterinarian services and healthcare products for dogs was USD 631 and USD 323, respectively, in Australia in 2022. Similarly, the annual household spending for veterinarian services and healthcare products for cats was USD 388 and USD 280, respectively, in Australia in 2022. Thus, the rising pet care expenditure is also expected to enhance the segment's growth.
According to Der Deutsche Heimtiermarkt data published in April 2024, 45% of the households in Germany had pets in 2023, including 34.3 million dogs, cats, small animals, and ornamental birds. Also, as per the same source, the number of cats adopted was higher in Germany compared to the adoption of dogs. About 15.7 million cats live in 25% of German households, compared to 10.5 million dogs in 21% of households in 2023. Thus, the rising pet adoption is also expected to boost segment growth.
Hence, factors such as the rising prevalence of various chronic and infectious diseases in companion animals and the growing pet adoption are expected to boost the segment's growth.
North America is Expected to Have a Significant Market Share During the Forecast Period
North America has held a significant share in the veterinary reference market. It is expected to show the same trend during the forecast period due to the large animal population (especially pets), increasing disease burden, better veterinary care and services, and increasing veterinary healthcare expenditure in the region.
According to the Canadian Animal Health Institute (CAHI) data in September 2022, more than half of Canadian households (60%) owned at least one dog or cat in 2022. The data also detailed that the dog population increased to 7.9 million while the cat population increased to 8.5 million in 2022. Thus, with a large population base of animals, the burden of cancer among animals is expected to be higher, which is anticipated to drive growth in the region.
In North America, the United States is expected to hold a significant share of the veterinary oncology market as the country has one of the highest numbers of animals in the region, coupled with high animal health expenditure and a high burden of animal cancer cases. For instance, according to the 2023-2024 American Pet Product Association (APPA) National Pet Owners Survey, in 2023, about 66% of the United States households owned a pet, i.e., about 86.9 million homes, and cats and dogs were the major pets with a total population of 46.5 million and 65.1 million, respectively. As per the same source, pet owners spent about USD 242 for dogs and USD 178 for cats for routine vet visits. Pet healthcare spending was expected to rise 3-4% annually in the United States. This data shows the presence of a large pet population in the country and spending on them, which is usually high compared to other regions.
The developments by key market players are also expected to boost the market's growth. For instance, in April 2023, Mars Inc. agreed to purchase the veterinary diagnostics business Heska for USD 1.3 billion to strengthen its position in pet care. This acquisition enabled the provision of point-of-care equipment from Heska to March Inc., which includes the largest veterinary reference laboratories. Thus, such initiatives are anticipated to drive market growth.
Hence, factors such as the rising prevalence of various animal diseases, the growing pet adoption, and the increasing developments by key market players are expected to boost the market's growth in the region.
Veterinary Reference Laboratory Industry Overview
The market is moderately consolidated in nature. The key market players have undertaken crucial business strategies like regional expansion, mergers and acquisitions, and collaborative research initiatives to gain a higher competitive edge. Some key players are IDEXX Laboratories Inc., GD Animal Health, Greencross Limited, Heska Corporation, and Zoetis Inc.
Veterinary Reference Laboratory Market Leaders
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IDEXX Laboratories, Inc.
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Greencross Vets
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Heska Corporation
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Zoetis Inc.
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Mars Inc.
*Disclaimer: Major Players sorted in no particular order
Veterinary Reference Laboratory Market News
- June 2024: IDEXX Laboratories Inc. launched the Catalyst Pancreatic Lipase Test, which diagnoses pancreatitis in canine and feline patients and supports veterinarians in obtaining quantitative results at the point of care in less than 10 minutes.
- April 2024: VolitionRx Limited introduced its Nu.Q Vet Cancer Screening Test to veterinarians through Antech, a network of over 90 veterinary reference laboratories worldwide, in clinics across the United States and Europe.
Veterinary Reference Laboratory Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Increase in Companion animal/Pet Adoption
- 4.2.2 Increasing Demand for Pet Insurance
- 4.2.3 Growing Animal Healthcare Expenditure
- 4.2.4 Growing Demand for PCR testing, Rapid Testing, and Other Testing Procedures
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4.3 Market Restraints
- 4.3.1 Rising Demand for Portable Devices for Point-of-care (POC) Services
- 4.3.2 High Pet Care Cost
5. MARKET SEGMENTATION (Market Size by Value - USD million)
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5.1 By Service Type
- 5.1.1 Clinical Chemistry
- 5.1.2 Haematology
- 5.1.3 Immunodiagnostics
- 5.1.4 Molecular Diagnostics
- 5.1.5 Other Service Types
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5.2 By Application
- 5.2.1 Pathology
- 5.2.2 Bacteriology
- 5.2.3 Virology
- 5.2.4 Parasitology
- 5.2.5 Other Applications
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5.3 By Animal Type
- 5.3.1 Companion Animal
- 5.3.2 Livestock Animal
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5.4 By Geography
- 5.4.1 North America
- 5.4.1.1 United States
- 5.4.1.2 Canada
- 5.4.1.3 Mexico
- 5.4.2 Europe
- 5.4.2.1 United Kingdom
- 5.4.2.2 France
- 5.4.2.3 Germany
- 5.4.2.4 Italy
- 5.4.2.5 Spain
- 5.4.2.6 Rest of Europe
- 5.4.3 Asia-Pacific
- 5.4.3.1 India
- 5.4.3.2 China
- 5.4.3.3 Japan
- 5.4.3.4 Australia
- 5.4.3.5 South Korea
- 5.4.3.6 Rest of Asia-Pacific
- 5.4.4 Middle East and Africa
- 5.4.4.1 GCC
- 5.4.4.2 South Africa
- 5.4.4.3 Rest of Middle East and Africa
- 5.4.5 South America
- 5.4.5.1 Brazil
- 5.4.5.2 Argentina
- 5.4.5.3 Rest of South America
6. COMPANY PROFILES AND COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 IDEXX Laboratories Inc.
- 6.1.2 GD Animal Health
- 6.1.3 Greencross Limited
- 6.1.4 Heska Corporation
- 6.1.5 Zoetis Inc.
- 6.1.6 Mars Inc.
- 6.1.7 Neogen Corporation
- 6.1.8 Boehringer Ingelheim International GmbH
- 6.1.9 Veterinary Diagnostic Laboratory-University of Minnesota
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityVeterinary Reference Laboratory Industry Segmentation
As per the scope of the report, veterinary reference laboratories are institutions where various critical functions related to veterinary sciences, such as the diagnosis, determination of treatment options, prevention, and monitoring of animal health and diseases, are undertaken.
The veterinary reference laboratory market is segmented by service type, application, animal type, and geography. By service type, the market is segmented into clinical chemistry, immunodiagnostics, molecular diagnostics, and hematology. By application, the market is segmented into pathology, bacteriology, virology, parasitology, and other applications. By animal type, the market is segmented into livestock animals and companion animals. By geography, the market is segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. For each segment, the market size is provided in terms of USD value.
| By Service Type | Clinical Chemistry | |
| Haematology | ||
| Immunodiagnostics | ||
| Molecular Diagnostics | ||
| Other Service Types | ||
| By Application | Pathology | |
| Bacteriology | ||
| Virology | ||
| Parasitology | ||
| Other Applications | ||
| By Animal Type | Companion Animal | |
| Livestock Animal | ||
| By Geography | North America | United States |
| Canada | ||
| Mexico | ||
| By Geography | Europe | United Kingdom |
| France | ||
| Germany | ||
| Italy | ||
| Spain | ||
| Rest of Europe | ||
| By Geography | Asia-Pacific | India |
| China | ||
| Japan | ||
| Australia | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| By Geography | Middle East and Africa | GCC |
| South Africa | ||
| Rest of Middle East and Africa | ||
| By Geography | South America | Brazil |
| Argentina | ||
| Rest of South America |
Veterinary Reference Laboratory Market Research FAQs
How big is the Veterinary Reference Laboratory Market?
The Veterinary Reference Laboratory Market size is expected to reach USD 4.97 billion in 2024 and grow at a CAGR of 9.58% to reach USD 7.86 billion by 2029.
What is the current Veterinary Reference Laboratory Market size?
In 2024, the Veterinary Reference Laboratory Market size is expected to reach USD 4.97 billion.
Who are the key players in Veterinary Reference Laboratory Market?
IDEXX Laboratories, Inc., Greencross Vets, Heska Corporation, Zoetis Inc. and Mars Inc. are the major companies operating in the Veterinary Reference Laboratory Market.
Which is the fastest growing region in Veterinary Reference Laboratory Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Veterinary Reference Laboratory Market?
In 2024, the North America accounts for the largest market share in Veterinary Reference Laboratory Market.
What years does this Veterinary Reference Laboratory Market cover, and what was the market size in 2023?
In 2023, the Veterinary Reference Laboratory Market size was estimated at USD 4.49 billion. The report covers the Veterinary Reference Laboratory Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Veterinary Reference Laboratory Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Veterinary Reference Laboratory Industry Report
Statistics for the 2024 Veterinary Reference Laboratory market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Veterinary Reference Laboratory analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
