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Veterinary Reference Laboratory, Global Market Report, Growth, Trends 2024
Global Veterinary Reference Laboratory, Market Insights
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
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
Veterinary Reference Laboratory Market 2024 Key Insights:
• 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 Role Of Zoonotic Diseases In Driving Growth In The Veterinary Reference Laboratories Market
• Innovative Technologies Driving Technological Advancements In Veterinary Reference Laboratories
• North America was the largest region in the veterinary reference laboratory market in 2023
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