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Revenue from Veterinary Laboratories is expected to grow at an average annualized rate of  3.8 percent to a total of $5.5 by 2016, according to a report from IBIS World. The group is touted as the nation’s largest publisher of industry research.

“An increase in the number of household pets and the development of new laboratory tests have benefited the industry,” said IBISWorld analyst, Kevin Culbert. “Diagnostic tests are becoming a routine tool used by veterinarians to diagnose and monitor animal health conditions through urine, blood samples and other specimens.”

The Veterinary Laboratories industry has continued to grow despite the recession taking place over the past five years. A decline in disposable household income caused many pet owners to decline having high-priced tests for their pets. In turn, many firms increased prices to represent 15.0 percent of revenue, and profit margins increased as a result of some consolidation.

The Veterinary Laboratory Testing Services industry provides laboratory and diagnostic testing services for licensed veterinary practitioners. The IBISWorld’s Veterinary Laboratory Testing Services market research reveals an industry report of key statistics, market size and industry trends, along with growth and profit forecasts for a 5-year outlook period of time.

IBISWorld was formed in 1971 with the goal of researching business information for economic, demographic, and governmental data purposes. IBISWorld’s research indicates that in the five years to 2011, the number of industry firms has declined at an average annualized rate of 0.8% to 19,296. The report cites The Veterinary Laboratory Testing Services industry has a low level of market share concentration. Two industry leaders, IDEXX Laboratories (IDXX) and VCA Antech have both gained market share over the previous five years.

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