Veterinary Reference Laboratory Market in terms of revenue was estimated to be worth $4.6 billion in 2024 and is poised to reach $7.8 billion by 2029, growing at a CAGR of 11.2% from 2024 to 2029 according to a new report by MarketsandMarkets™.
The growth of veterinary reference laboratory market is driven increasing pet ownership, advancements in veterinary diagnostics, growing demand for specialty and advanced veterinary diagnostic services, and increasing healthcare expenditure on animals. However, the lack of awareness among pet owners & veterinarians, and limited access to advanced technologies tend to hinder the growth of veterinary reference laboratory market to a certain extent.
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Clinical chemistry services segment is expected to account for the largest share, by service type in the veterinary reference laboratory market during the forecast period.
Based on the service type, the market is segmented into immunodiagnostics, clinical chemistry services, molecular diagnostics, hematology, urinalysis, and other services. In 2023, clinical chemistry services segment accounted for the highest share of 33.5% of the market. These services play a significant role in diagnosing and monitoring various animal health conditions by analyzing blood, urine, and other body fluids to identify potential diseases. Moreover, with the increasing focus on preventive healthcare and the rising demand for accurate and timely diagnostic services for companion and livestock animals to fuel the market growth during the forecast period.
Clinical Pathology segment is expected to account for the largest share, by application in the veterinary reference laboratory market.
Based on type, the veterinary reference laboratory market is segmented into clinical pathology, bacteriology, virology, parasitology, productivity testing, pregnancy testing, and toxicology testing. In 2023, the clinical pathology segment accounted for the largest share of 28.1% of the market. The large share and high growth of this segment is attributed to the advanced technologies and methodologies employed in clinical pathology, such as hematology, biochemistry, and molecular diagnostics. These services enable precise and timely diagnoses, facilitating optimal treatment strategies and improving animal health outcomes. The growing demand for accurate and efficient diagnostic services in veterinary medicine drives the expansion of the clinical pathology segment within the veterinary reference laboratory market.
Companion animals segment accounted for the largest share of veterinary reference laboratory market in 2023
Based on animal type, the market is segmented into companion animals and livestock animals. In 2023, the companion animals segment accounted for the largest share of 67.3% of the market due to the increasing pet ownership trend. The owners are increasingly investing in comprehensive diagnostics to ensure the well-being of their pets, leading to a surge in the number of tests conducted in veterinary reference laboratories. This trend underscores the growing importance of accurate and timely diagnostic services in maintaining the health of companion animals, thereby fueling the growth of the veterinary reference laboratory market.
In 2023, North America accounted for the largest share of the veterinary reference laboratory market
The veterinary reference laboratory market is segmented into five major regions, namely, North America, Europe, Asia Pacific (APAC), Latin America, Middle East and Africa, and the GCC Countries.
North America dominates the veterinary reference laboratory market, holding the largest share due to its advanced healthcare infrastructure, and increasing pet ownership. The region’s robust research and development capabilities, coupled with a high level of awareness about animal health, drive demand for diagnostic services offered by veterinary reference laboratories.
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Veterinary Reference Laboratory Market Dynamics:
Drivers:
- Increasing Awareness of Animal Health
- Rising Pet Ownership
- Rising Prevalence of Zoonotic Diseases
- Advancements In Veterinary Medicines
- Rising Pet Care Expenditure and Increasing Demand for Pet Insurance
Restraints:
- High Costs of Veterinary Care
- Increasing Demand for PoC Testing, and Portable Instruments
Opportunities:
- Increasing demand for specialized diagnostic tests in veterinary medicine
- Rise of Veterinary health information systems in developed countries
- Investment in advanced technologies
Challenge:
- Limited Awareness and accessibility in Emerging Markets
- Lack of Expertise in the developing areas
- Cost constraints affecting investment in advanced laboratory equipment and technologies
Key Market Players of Veterinary Reference Laboratory Industry:
The key players in the global veterinary reference laboratory market are IDEXX Laboratories, Inc. (US), Mars, Incorprated (US), GD Animal Health (Netherlands), Zoetis (US), NEOGEN Corporation (US), LABOKLIN GMBH & CO. KG (Germany), VETLAB (Veterinary Diagnostic Laboratory) (India), Mira Vista Labs (US), Virbac (US), Vaxxinova (Netherlands), Thermo Fisher Scientific (US), Texas A&M Veterinary Medical Diagnostic Laboratory (US), University of Minnesota (Veterinary Diagnostic Laboratory) (US), Iowa State University (Veterinary Diagnostic Laboratory) (US), Greencoss Vets (Australia), QML Vetnostics (Australia), ProtaTek International, Inc. (US), Animal and Plant Health Agency (UK), Animal Health Diagnostic Center (Cornell University) (US), National Veterinary Services Laboratory USDA-APHIS (US), Washington Animal Disease Diagnostic Laboratory (US), Colorado State University (Veterinary Diagnostic Laboratories) (US), The Pirbright Institute (UK), (Australia), Friedrich-Loeffler-Institute (FLI) (Germany), and Kansas State Veterinary Diagnostic Laboratory (US).
A breakdown of the primary participants (supply-side) for the veterinary reference laboratory market referred to for this report is provided below:
- By Company Type: Tier 1–45%, Tier 2–33%, and Tier 3–22%
- By Designation: C-level–40%, Director Level–35%, and Others–25%
- By Region: North America–63%, Europe–18%, Asia Pacific–8%, Latin America- 6%, Middle East & Africa-5%
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Recent Developments of Veterinary Reference Laboratory Industry:
- In November 2023, IDEXX Laboratories, Inc. (US) launched a comprehensive screening test for vector-borne diseases, including canine leishmaniosis. SNAP Leish 4Dx Test uses trusted SNAP 4Dx Plus texting platform to detect Lyme disease, and anaplasmosis.
- In November 2023, Antech Diagnostics, Inc. (US), started with veterinary diagnostics services through its laboratory in UK with complete portfolio including, in-house diagnostics, imaging and technology solutions, and rapid diagnostics.
- In January 2024, GD Animal Health (Netherlands) acquired PathoSense diagnostics with the aim of identifying all viruses and bacteria with the use of nanopore sequencing technology.
- In November 2023, Zoetis Inc. (US) partnered with Adopt a Pet to improve access to care for pets and to deploy educational resources for veterinary healthcare teams and pet owners across the country.
Veterinary Reference Laboratory Market – Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall veterinary reference laboratory market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
This report provides insights into the following pointers:
- Analysis of key drivers (rising pet ownership, increasing advancements in veterinary diagnostics, rising prevalence of animal diseases, and rising pet care expenditure), restraints (escalating costs of veterinary care, and limited access to veterinary healthcare services in some regions), opportunities (development of specialized diagnostic tests and services, and advancements in technologies such as point-of-care testing) and challenges (shortage of qualified veterinary personnel, and limited accessibility in emerging markets)
- Market Penetration: It includes extensive information on services offered by the major players in the global the veterinary reference laboratory market. The report includes various segments in service type, application, animal type, and region.
- Product Enhancement/Innovation: Comprehensive details about new service launches and anticipated trends in the global veterinary reference laboratory market.
- Market Development: Thorough knowledge and analysis of the profitable rising markets by service type, application, animal type, and region.
- Market Diversification: Comprehensive information about newly launched services, expanding markets, current advancements, and investments in the global the veterinary reference laboratory market.
- Competitive Assessment: Thorough evaluation of the market shares, growth plans, offerings of services, and capacities of the major competitors in the global veterinary reference laboratory market.
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