Dublin, Jan. 26, 2024 (GLOBE NEWSWIRE) -- The "Veterinary Reference Laboratory Market Size & Share Analysis - Growth Trends & Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
This market research underscores the significant growth expected in the Veterinary Reference Laboratory Market, with the market poised to expand from its current value of USD 4.54 billion in 2023 to an estimated USD 7.17 billion by 2028, showcasing a CAGR of 9.58% during the forecast period. This robust growth trajectory highlights the accelerating demand for veterinary diagnostic services amidst an increase in pet ownership and healthcare spending.
Following the challenges posed by the COVID-19 pandemic, which saw a notable impact on veterinary research and development activities as well as pharmaceutical logistics, the market is now set for recovery. With restrictions easing and COVID-19 cases declining, a rebound in the veterinary laboratory sector is expected, ultimately catalyzing market performance. Infectious disease testing, along with advancements in PCR and rapid diagnostics, are amongst the primary contributors fueling this market's expansion.
One of the prominent drivers propelling market growth is the notable rise in companion animal adoption witnessed across various regions. For example, in Germany, pet ownership statistics reveal a higher propensity for cat adoption over dogs, indicating a substantial market segment for companion animal diagnostics. The presence of key players making significant developments, such as Heska Corporation's strategic acquisition aimed at expanding its rapid assay diagnostics portfolio, further solidifies growth prospects.
In the industry outlook, the Companion Animal Segment is expected to retain a commanding share within the market, propelled by an increased incidence of chronic and infectious diseases alongside a growing longevity of pets. The investment in pets' health is exemplified by Australia's substantial spending on veterinary and healthcare products, which is likely to contribute positively to the segment's growth.
Geographically, North America has consistently held a significant share in the veterinary reference laboratory market, backed by a substantial pet population and a robust veterinary care infrastructure. The United States epitomizes this trend with considerable animal health expenditure and a high rate of pet ownership, contributing to the regional market strength.
The industry landscape is characterized by moderate consolidation with key players such as IDEXX Laboratories Inc., GD Animal Health, Greencross Limited, and Zoetis Inc., employing strategic initiatives, including mergers, acquisitions, and expansions to consolidate market presence.
Overall, the market analysis suggests that the Veterinary Reference Laboratory Market is on course for substantial growth, shaped by the escalating demand for veterinary laboratory services, underlying trends in pet adoption, and enhancement in veterinary healthcare investments.
Highlights of the Veterinary Reference Laboratory Market Analysis:
- Projected market expansion to USD 7.17 billion by 2028
- A strong CAGR of 9.58% through the forecast period of 2023-2028
- Increased companion animal adoption driving the market's growth
- Significant contributions from North America to the global market share
- Key industry developments by leading market players
A selection of companies mentioned in this report includes:
- IDEXX Laboratories Inc.
- GD Animal Health
- Greencross Limited
- Heska Corporation
- Zoetis Inc.
- Mars Inc.
- Neogen Corporation
- Boehringer Ingelheim International GmbH
- Veterinary Diagnostic Laboratory-University of Minnesota
For more information about this report visit https://www.researchandmarkets.com/r/c1iey5
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