Veterinary Laboratory Testing Services Market Report: Revenue Analysis, Growth, Trends, Forecast 2033
The Veterinary Laboratory Testing Services by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
Learn More On The Veterinary Laboratory Testing Services Market:
According to The
Business Research Company’s Veterinary Laboratory Testing Services, The
veterinary laboratory testing services market size has grown strongly in recent
years. It will grow from $24.98 billion in 2023 to $26.99 billion in 2024 at a
compound annual growth rate (CAGR) of 8.1%. The growth in the historic period
can be attributed to a rise in
disposable income, a rise in adoption of pets, a rise in merger and acquisition
activity, a rise in animal healthcare expenditure, increased pet spending and
growth in the companion animal population.
The veterinary laboratory testing services market size is expected to see
strong growth in the next few years. It will grow to $36.4 billion in 2028 at a
compound annual growth rate (CAGR) of 7.8%.
The growth in the forecast period can be attributed to increasing
penetration of pet insurance, rapidly growing urban population, growing
awareness about animal health and the development of innovative rapid tests and
portable instruments for point-of-care testing will drive market growth.. Major
trends in the forecast period include adoption of multiple testing panels, use
of artificial intelligence (ai), launch of new pathogen pcr (polymerase chain
reaction) tests, focus on partnerships and collaborations and launch of new,
innovative products.
The veterinary laboratory testing services market is being driven by the rising
prevalence of disease epidemics in animals. For instance, cattle are getting
infected by a wide group of pathogens, which is leading to a rise in the number
of laboratory tests done for cattle. Moreover, livestock globally is becoming
vulnerable to infectious diseases caused by pathogens and viruses. For
instance, Salmonella and Campylobacter are the two most common zoonotic
pathogens that are present in the intestine tracts of animals, such as
chickens, swine, and cattle, and are leading causes of foodborne disease
worldwide. These diseases get passed through the food chain to humans, which is
a potential threat. Therefore, efforts to curb these infections in animals are
driving the market for veterinary laboratory testing. The FoodNet system
(Center for Disease Control and Prevention, USA) identified 24,484 foodborne
illnesses, 5,677 hospitalizations, and 122 deaths. The highest incidences per
100,000 people were for Campylobacter, Salmonella, and Shigella(these are
organisms causing bacterial gastroenteritis, which is a digestive problem) in
the USA.
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The veterinary laboratory testing services market covered in this report is
segmented –
1) By Technology:
Clinical Biochemistry, Immunodiagnostics, Hematology, Molecular Diagnostics,
Other Technologies
2) By Animal
Type: Companion Animals, Livestock
3) By End User:
Veterinary Hospitals And Clinics, Diagnostic Laboratories, Research Institutes,
In-House Testing, Other End-Users
The companies in the veterinary laboratory testing services are increasingly
adopting multiple testing panels. A test panel is a pre-decided group of
medical tests to be used in the diagnosis as well as the treatment of an animal
disease. The test panels are normally composed of individual laboratory tests,
which are grouped by specimen type, the methodology used, or by the most
frequently requested tests. Multiple test panels offer various advantages, such
as labour efficiency, automation, and reduced costs, achieved by conducting a
large number of tests daily. For instance, Abaxis Inc. is using multiple
single-use test panels designed to address several conditions, wherein just 3
to 4 drops of blood are required to deliver up to 14 precise results.
The veterinary laboratory testing services market report table of contents
includes:
1. Executive
Summary
2. Market
Characteristics
3. Market Trends
And Strategies
4. Impact Of
COVID-19
5. Market Size
And Growth
6. Segmentation
7. Regional And
Country Analysis
………
27. Competitive
Landscape And Company Profiles
28. Key Mergers
And Acquisitions
29. Future
Outlook and Potential Analysis
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