Industry Analysis & Industry Trends
Passing the test
Veterinarians use laboratory tests to treat animals by diagnosing and monitoring illnesses and conditions through the detection of substances in urine, tissue, fecal and blood samples, and other specimens. Industry revenue will rise over the next five years, in line with a growing number of household pets and demand for complex tests. Moreover, rising participation in pet insurance will help individuals better afford care for pets, spurring industry demand.... purchase to read more
Industry Report - Industry SWOT Analysis Chapter
The Veterinary Laboratory Testing Services industry is in the growth phase of its life cycle. In the 10 years to 2016, IBISWorld estimates that the industry's contribution to the overall economy, measured by industry value added (IVA), will increase at an average annualized rate of 3.3%. During the same period, GDP is expected to grow 1.8% annually, indicating that the industry will account for a growing share of the US economy.
Increasing pet ownership, mounting awareness of animal health issues and the availability of advanced diagnostic procedures have fostered the industry's growth. Technology continues to migrate from the human healthcare sector into the practice of veterinary medicine. New and more complex tests spur demand for industry services. Pet... purchase to read more