Triton Market Research's detailed analysis of the global veterinary research laboratory (VRL) market displays that, in terms of revenue, the market is estimated to grow at a CAGR of 10.63% during the forecasting years 2021-2028. In 2020, the market garnered $2303.2 million, and is likely to acquire $5167.9 million by 2028.

Veterinary research laboratories refer to institutes where numerous significant responsibilities pertaining to veterinary sciences are conducted, such as the diagnosis of treatment prevention and monitoring of animal diseases.

The major factors that are propelling the market for veterinary research laboratories include increasing awareness among people, coupled with the willingness to pay for animal healthcare. Also, stringent regulations related to livestock health in the agricultural sector are anticipated to support the high demand for laboratory testing services during the projected period. Moreover, VRLs have deployed several technologies to detect and monitor multiple animal conditions.