Zion: Vet reference lab market to pass $9B
by Katie Pfaff
The global market for veterinary reference laboratories was estimated to reach a value of $9.2 billion by the end of 2028, according to a report by Zion Market Research, a market analysis firm. The growth would amount to a CAGR of 10.2%, following a 2021 value of $3.35 billion.
Growth across the whole market was predicted as companion animals are more common and pet owner’s willingness to spend significant amounts on veterinary care. Veterinary reference laboratories are utilized to determine the cause of medical conditions among animals. However, the high cost of veterinary care may hinder the market’s growth.
At the same time, improvements in technology have increased capabilities in diagnosis and thereby have led veterinary facilities to invest in laboratory equipment.
Immunodiagnostic kits are also expected to play a role in growth in the market. These tests are key in identifying parasites are expected to grow as demand for livestock increases.
By type of animal, livestock are anticipated to be the largest segment compared to companion animals. Growth is projected as consumers seek more meat. However, the companion animal segment is still forecast to have significant growth as the rate of pet adoption has increased.
By region, North America is predicted to be led by revenue value. This is based on the high rates of funding across the region, including funding from the US Department of Agriculture for varied projects.
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