Veterinary Reference Laboratory Global Market Overview, Driving Factors, Future Trends, Key Players and Growth Opportunities And Forecast By 2033 | Zoetis Inc., Neogen Corporation, Heska Corporation, Mars Inc., Greencross Ltd.

The veterinary reference laboratory market size has grown rapidly in recent years. It will grow from $3.9 billion in 2023 to $4.37 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. The growth in the historic period can be attributed to increasing pet ownership, advancements in veterinary medicine, rising awareness of animal health, government initiatives.

The veterinary reference laboratory market size is expected to see rapid growth in the next few years. It will grow to $6.85 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The growth in the forecast period can be attributed to increasing globalization of pet trade, rising demand for specialized testing services, growing focus on preventive healthcare. Major trends in the forecast period include technological innovations, integration of information technology, growing telemedicine in veterinary care, globalization of veterinary services, expanding test menu and specialization, focus on point-of-care testing.

Market Overview -
The veterinary reference laboratory refers to facilities that perform key veterinary science duties such as disease diagnosis, treatment options determination, prevention, and monitoring.

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The Role Of Zoonotic Diseases In Driving Growth In The Veterinary Reference Laboratories Market
The increasing prevalence of zoonotic diseases is expected to propel the growth of the veterinary reference laboratories market going forward. Zoonotic diseases are caused by pathogenic bacteria, viruses, parasites, and fungi. These viruses can cause a wide range of ailments in humans and animals, from moderate to severe illness and even death. Veterinary reference laboratories are powerful and important tools for preventing zoonotic illnesses, promoting animal health and welfare, safe food production, and public health. For instance, in July 2021, according to the Centers for Disease Control and Prevention, a US-based Government Agency, Zoonotic diseases are very common, both in the United States and around the world. Scientists estimate that more than 6 out of every 10 known infectious diseases in people can be spread from animals, and 3 out of every 4 new or emerging infectious diseases in people come from animals. Therefore, the increasing prevalence of zoonotic diseases is driving the growth of the veterinary reference laboratories market.

Competitive Landscape -
Major companies operating in the veterinary reference laboratory market report are IDEXX Laboratories Inc., VCA Animal Hospitals incorporated, Royal GD, C. H. Boehringer Sohn AG & Co. KG, Zoetis Inc., Neogen Corporation, Laboklin GmbH & Co. KG, SYNLAB International GmbH, Heska Corporation, Virbac Corporation, Thermo Fisher Scientific Inc., Texas A&M Veterinary Medical Diagnostic Laboratory, University of Minnesota, Iowa State University, Vetnostics, ProtaTek International Inc., Animal and Plant Health Agency, Animal Health Diagnostic Center, National Veterinary Services Laboratory, Washington Animal Disease Diagnostic Laboratory, Kansas State Veterinary Diagnostic Laboratory, Randox Laboratories Ltd., Greencross Ltd., Gribbles Veterinary Pathology Pty. Ltd., Mars Inc., Vaxxinova Gmbh, Pirbright Institute, Biobest Laboratories Ltd., Biovet Private Limited, Fujifilm Holdings Corporation

Innovative Technologies Driving Technological Advancements In Veterinary Reference Laboratories
Technological advancement is a key trend gaining popularity in the veterinary reference laboratories market. Major companies operating in the veterinary reference laboratorie market are concentrating their efforts on creating innovative technologies in to sustain their position. For instance, in January 2020, IDEXX Laboratories Inc., a US-based company engaged in the distribution of products and services for companion animal veterinary, water testing, livestock and poultry, and dairy, launched IDEXX's proprietary VetConnect PLUS, a new rapid digital cytology service that digitally connects veterinarians to the world's largest network of more than 100 veterinary clinical pathologists, allowing them to receive cytology interpretations in as little as 2 hours, the service will be available 24 hours a day, seven days a week, 365 days a year. IDEXX has also integrated digital cytology capacity into its reference laboratories, allowing veterinarians who submit cytology cases to IDEXX Reference Laboratories to benefit from shorter turnaround times as well as expanded access to IDEXX's world-class network of pathologists. Several reference laboratory digital cytology customers now benefit from deeper case collaboration among IDEXX's diverse expertise, as well as increased capacity to guide cases to the pathologist best suited to provide an interpretation.

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Key Segments -
The veterinary reference laboratory market covered in this report is segmented -
1) By Services: Clinical Chemistry, Hematology, Immunodiagnostics, Urinalysis, Molecular Diagnostics, Other Services
2) By Animal Type: Companion Animals, Livestock Animals
3) By Application: Clinical Pathology, Bacteriology, Parasitology, Virology, Productivity Testing, Pregnancy Testing, Toxicology Testing
4) By End User: Veterinary Hospitals, Veterinary Clinics

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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