Dublin, March 08, 2024 (GLOBE NEWSWIRE) -- The "Veterinary Laboratory Testing Services Global Market Report 2024" has been added to ResearchAndMarkets.com's offering.
The veterinary laboratory testing services market size has grown strongly in recent years, growing from $24.98 billion in 2023 to $26.99 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The expansion observed in the historical period can be linked to factors such as an increase in disposable income, a rise in the adoption of pets, an uptick in merger and acquisition activity, an increase in animal healthcare expenditure, heightened pet spending, and growth in the population of companion animals.
The market size is expected to see continued strong growth, reaching $36.4 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The anticipated growth in the forecast period can be ascribed to the increasing penetration of pet insurance, a rapidly growing urban population, growing awareness about animal health, and the development of innovative rapid tests and portable instruments for point-of-care testing, which will drive market growth.
Key trends in the forecast period involve the adoption of multiple testing panels, the use of artificial intelligence (AI), the launch of new pathogen PCR (Polymerase Chain Reaction) tests, a focus on partnerships and collaborations, and the introduction of new, innovative products.
The veterinary laboratory testing services market is witnessing growth due to the increasing prevalence of disease epidemics in animals. Notably, cattle are facing infections from a diverse group of pathogens, leading to a surge in laboratory testing for this livestock. Globally, livestock is becoming susceptible to infectious diseases caused by various pathogens and viruses. Common zoonotic pathogens such as Salmonella and Campylobacter, found in the intestines of animals such as chickens, swine, and cattle, pose a significant threat to both animals and humans through the food chain. Efforts to control these infections in animals are consequently fueling the demand for veterinary laboratory testing. The FoodNet system of the Centers for Disease Control and Prevention in the USA identified 24,484 foodborne illnesses, resulting in 5,677 hospitalizations and 122 deaths. Campylobacter, Salmonella, and Shigella were reported to have the highest incidences per 100,000 people in the USA.
The growth of the veterinary laboratory testing services market is further propelled by the increasing trend of pet ownership. Pet ownership involves the responsible care of domesticated animals, including cats, dogs, birds, fish, and other small creatures. With a rising percentage of pet owners worldwide, there is an increased need for veterinary diagnostics. Pet owners are becoming more conscious of the importance of regular check-ups and preventive care for their pets, driving the demand for veterinary laboratory testing services. For example, according to Animal Medicines Australia, 69% of homes in metropolitan, regional, and remote Australia have one or more pets, with approximately 28.7 million pets residing in around 6.9 million Australian homes.
Companies in the veterinary laboratory testing services market are increasingly adopting multiple testing panels to enhance efficiency. These panels consist of pre-determined groups of medical tests used in the diagnosis and treatment of animal diseases. Multiple test panels offer advantages such as labor efficiency, automation, and cost reduction by conducting numerous tests daily. Abaxis Inc., for instance, utilizes multiple single-use test panels requiring only 3 to 4 drops of blood to deliver up to 14 precise results.
Major players in the veterinary laboratory testing services market are focusing on innovative products such as Dx antigen testing to meet the needs of their consumers. Dx antigen testing, commonly known as diagnostic antigen testing, identifies the presence of specific antigens associated with viruses, bacteria, or other microorganisms. IDEXX Laboratories Inc. launched Fecal Dx antigen testing in North America, designed to identify flea tapeworms along with other common parasites. This advancement enables earlier and more comprehensive detection, providing veterinarians with valuable insights for improved patient outcomes during yearly wellness screenings.
The primary technologies employed in veterinary laboratory testing services include clinical biochemistry, immunodiagnostics, hematology, molecular diagnostics, urinalysis, and various other technologies. Clinical Biochemistry, a branch of laboratory medicine, focuses on detecting chemicals - both natural and synthetic - in blood, urine, and other bodily fluids. These veterinary laboratory testing services offer benefits for both pet animals and livestock, catering to a diverse range of end users such as veterinary hospitals and clinics, diagnostic laboratories, research institutes, in-house testing facilities, and other entities involved in animal health.
This report focuses on veterinary laboratory testing services 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.
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.
Report Scope
Markets Covered:
- By Technology: Clinical Biochemistry; Immunodiagnostics; Hematology; Molecular Diagnostics; Other Technologies
- By Animal Type: Companion Animals; Livestock
- By End-user: Veterinary Hospitals and Clinics; Diagnostic Laboratories; Research Institutes; In-House Testing; Other End-Users
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Companies Profiled
- IDEXX Laboratories
- Mars Incorporated
- Zoetis Inc
- CVS Group PLC
- Heska Corporation
- Gribbles Veterinary
- Neogen Corporation
- GD Animal Health
- Greencross Limited
- ProtaTek International, Inc
- Vetserv India
- Pathvets
- VETLAB
- MSD Animal Health (Merck)
- Boehringer Ingelheim
- Bayer Healthcare
- Vetoquinol SA
- Ceva Sante Animale
- Frantz Cappe
- Clinique Veterinaire Metivet
- Alizee Vet Clinic
- Cristina Cardone
- Abbey House Veterinary Hospital
- Aberdeen Veterinary Referrals
- Abington Park Vets
- Acorn House Veterinary Hospital
- Alma Veterinary Hospital
- Anderson Moores Veterinary Specialists
- Animal Trust Vets CIC Bolton
- Animed Veterinary Hospital & Equine Unit
- Draminski
- Agnieszka Jakubowska Equi Serwis Gabinet Weterynaryjny
- BHH MIKROMED SP. Z O.O
- BWF Technologies Sp. Z O.O
- Bioticapharma
- Veterinary Purchasing Company Limited
- Associated Vet Purchasing
- Acell
- Addison Biological Laboratory Inc
- Colorado Serum Company
- Elanco Animal Health
- Icare Tonovet
- Kindred Biosciences
- Merck Animal Health
- Norbrook Inc
- J.A Saude Animal
- Eurofins Sao Paulo Brasil
- Vaxxinova
- Gulf Veterinary Services Company
- Mansour Al Mosaid Group
- Karaman Veterinary Medicines Co LLC
- IFT ANIMAL HEALTH LLC
- Bupo Animal Health
- Virbac SA
- Animal Care Services Konsult Nigeria Ltd
- Egavet
- Al Walaa Co
- Alliance Pharma EG
- Cowtribe
For more information about this report visit https://www.researchandmarkets.com/r/cz5m65
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