The Cat's Meow: Favorable Regulations Will Help Bolster Demand for Industry Services in Underserved Locations
Veterinary laboratory testing providers have benefited in recent years as more pet owners and agricultural producers seek out vets more regularly to care for their animals. At the same time, medical advances for human care have been pouring into veterinary care, improving the breadth and quality of tests available for animals. Advanced diagnostic screenings and DNA profiles have become available alongside routine tests like ultrasounds or CBCs. More than ever, households see their pets as an integral part of the family. Consumers' shifting attitudes toward household pets support the growth of vet testing labs, as pet owners are willing to spend on specialized tests outside of regular, routine care. Rising incomes - especially among millennial pet parents - also contribute to the uptick in testing vet labs receive. Pet ownership trends have led industry-wide revenue to rise at a CAGR of 5.8% over the past five years - totaling an estimated $12.4 billion in 2023 - when revenue will increase an expected 0.4%.
The Veterinary Laboratory Testing Services industry provides laboratory and diagnostic testing services for licensed veterinary practitioners.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
Table of Contents
Methodology
LOADING...
