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Veterinary Reference Laboratory Market Trends

Report ID: GMI5540
Published Date: May 2023
Report Format: PDF

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Veterinary Reference Laboratory Market Trends

Rising frequency of zoonotic, transboundary animal diseases (TADs) along with rising adoption of companion animals across the globe are few major factors propelling the market progress. For instance, according to the data published by the European Pet Food Industry: Facts and Figures 2022 report, Germany had 10.3 million dogs and 16.7 million cats in 2021. As per the same source, the percentage of German households owning at least one cat was 21%, and one dog was 19% in 2021. This shows that the adoption of cats was higher among the population than dogs. Thus, factors such as the rising pet adoption, pet insurance and the increasing developments by key market players are expected to boost the market growth. However, rising demand for portable devices for point-of-care (POC) services and high pet care costs are expected to hinder this growth.

Authors: Mariam Faizullabhoy , Gauri Wani

Frequently Asked Questions (FAQ) :

The global market for veterinary reference laboratory reached USD 4 billion in 2022 and is anticipated to expand at a CAGR of 8-10% from 2023 to 2032.

Clinical chemistry technology segment held a notable share in the veterinary reference laboratory segment in 2022 due to the growing need for early disease diagnosis.

Companion animals segment is poised to record high revenue gains by 2032 due to the surging pet adoption and animal welfare initiatives.

The veterinary reference laboratory market is expected to expand substantially in North America through 2032 due to the presence of a well-developed animal healthcare system, and favorable pet insurance schemes.