Veterinary Reference Laboratory Market Size (2024 - 2029)

The veterinary reference laboratory market is projected to experience significant growth, driven by factors such as the increasing adoption of companion animals and the rising demand for veterinary services, including routine checkups and diagnostic tests. This growth is further supported by the expanding pet healthcare expenditure and the developments by key market players, which enhance service offerings. Despite these positive trends, challenges such as the demand for portable point-of-care devices and high pet care costs may impede the market's expansion.

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Market Size of Veterinary Reference Laboratory Industry

Veterinary Reference Laboratory Market Summary
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

Veterinary Reference Laboratory Market Major Players

*Disclaimer: Major Players sorted in no particular order

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 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
Europe
United Kingdom
France
Germany
Italy
Spain
Rest of Europe
Asia-Pacific
India
China
Japan
Australia
South Korea
Rest of Asia-Pacific
Middle East and Africa
GCC
South Africa
Rest of Middle East and Africa
South America
Brazil
Argentina
Rest of South America
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Veterinary Reference Laboratory Market Size Summary

The veterinary reference laboratory market is poised for significant growth, driven by the increasing adoption of companion animals and the rising demand for comprehensive animal healthcare services. As pet ownership continues to rise, there is a corresponding surge in the need for veterinary reference laboratory services, which include routine checkups, preventive care, and advanced diagnostic testing such as clinical chemistry and molecular diagnostics. This trend is further supported by the growing expenditure on pet healthcare, as pet owners increasingly prioritize the health and well-being of their animals. The market is also witnessing advancements from key players who are introducing innovative testing solutions and expanding their service offerings, thereby enhancing the capabilities of veterinary reference laboratories.

North America is expected to maintain a dominant position in the veterinary reference laboratory market, fueled by a large pet population, increased veterinary healthcare spending, and a high prevalence of animal diseases. The region's market growth is further bolstered by strategic developments from major industry players, including mergers and acquisitions aimed at strengthening their market presence and expanding their service portfolios. The market's moderately consolidated nature sees key players like IDEXX Laboratories Inc., Greencross Limited, and Zoetis Inc. engaging in collaborative initiatives and regional expansions to gain a competitive edge. As the demand for veterinary reference laboratory services continues to rise, driven by factors such as pet adoption and healthcare expenditure, the market is set to experience robust growth in the coming years.

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Veterinary Reference Laboratory Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Increase in Companion animal/Pet Adoption

      2. 1.2.2 Increasing Demand for Pet Insurance

      3. 1.2.3 Growing Animal Healthcare Expenditure

      4. 1.2.4 Growing Demand for PCR testing, Rapid Testing, and Other Testing Procedures

    3. 1.3 Market Restraints

      1. 1.3.1 Rising Demand for Portable Devices for Point-of-care (POC) Services

      2. 1.3.2 High Pet Care Cost

  2. 2. MARKET SEGMENTATION (Market Size by Value - USD million)

    1. 2.1 By Service Type

      1. 2.1.1 Clinical Chemistry

      2. 2.1.2 Haematology

      3. 2.1.3 Immunodiagnostics

      4. 2.1.4 Molecular Diagnostics

      5. 2.1.5 Other Service Types

    2. 2.2 By Application

      1. 2.2.1 Pathology

      2. 2.2.2 Bacteriology

      3. 2.2.3 Virology

      4. 2.2.4 Parasitology

      5. 2.2.5 Other Applications

    3. 2.3 By Animal Type

      1. 2.3.1 Companion Animal

      2. 2.3.2 Livestock Animal

    4. 2.4 By Geography

      1. 2.4.1 North America

        1. 2.4.1.1 United States

        2. 2.4.1.2 Canada

        3. 2.4.1.3 Mexico

      2. 2.4.2 Europe

        1. 2.4.2.1 United Kingdom

        2. 2.4.2.2 France

        3. 2.4.2.3 Germany

        4. 2.4.2.4 Italy

        5. 2.4.2.5 Spain

        6. 2.4.2.6 Rest of Europe

      3. 2.4.3 Asia-Pacific

        1. 2.4.3.1 India

        2. 2.4.3.2 China

        3. 2.4.3.3 Japan

        4. 2.4.3.4 Australia

        5. 2.4.3.5 South Korea

        6. 2.4.3.6 Rest of Asia-Pacific

      4. 2.4.4 Middle East and Africa

        1. 2.4.4.1 GCC

        2. 2.4.4.2 South Africa

        3. 2.4.4.3 Rest of Middle East and Africa

      5. 2.4.5 South America

        1. 2.4.5.1 Brazil

        2. 2.4.5.2 Argentina

        3. 2.4.5.3 Rest of South America

Veterinary Reference Laboratory Market Size FAQs

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.

In 2024, the Veterinary Reference Laboratory Market size is expected to reach USD 4.97 billion.

Veterinary Reference Laboratory Market Report Snapshots

Veterinary Reference Laboratory Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)