[Research Report] The veterinary rapid test market is projected to reach US$ 1,291.69 million by 2028 from US$ 733.87 million in 2021; it is expected to grow at a CAGR of 8.4% from 2021 to 2028.
The growth of the Veterinary Rapid Test market is attributed to increasing incidence of zoonotic diseases and rising initiatives by governments and animal welfare associations in different countries. However, the limited number of skilled professionals in veterinary diagnostics and the elevating costs of veterinary care are restraining the market growth. Veterinary rapid tests provide a positive or negative result to assist in the diagnosis of a variety of health disorders in companion animals and livestock animals. These tests help in monitoring and controlling zoonotic diseases (infectious diseases transmitted from other animals or humans). The test is carried out by placing a sample on the specimen well present on the device. The results are obtained once the antigen-antibody interaction completes, resulting in a visible indicator on the device. These rapid test kits can provide efficient detection of pathogens in a short duration of time; around 5 minutes to 10 minutes.In Asia Pacific, pet adoptions have increased during this pandemic situation. For instance, a 2020 survey conducted by the Japan Pet Food Association found a 15% increase in dog and cat ownership compared with the previous year (2019). There were an estimated 8.49 million dogs and 9.64 million cats being kept as pets in Japan as of October 2020. Several animal shelters, non-profit rescue organizations, private breeders, and pet stores observed increased consumer demand. Thus, the rising adoption of pets may drive the veterinary healthcare businesses in Asia Pacific for the longer term.
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Veterinary Rapid Test Market: Strategic Insights
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Veterinary Rapid Test Market Regional Insights
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Veterinary Rapid Test Market: Strategic Insights
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The regional trends and factors influencing the Veterinary Rapid Test Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Veterinary Rapid Test Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
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Veterinary Rapid Test Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 733.87 Million |
| Market Size by 2028 | US$ 1,291.69 Million |
| Global CAGR (2021 - 2028) | 8.4% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Product
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
Market Players Density: Understanding Its Impact on Business Dynamics
The Veterinary Rapid Test Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Veterinary Rapid Test Market are:
- IDEXX Laboratories, Inc.
- Zoetis, Inc.
- Virbac
- Heska Corporation,
- Biopanda Reagents, Ltd.
Disclaimer: The companies listed above are not ranked in any particular order.
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Veterinary Rapid Test Market – by Product
- Rapid Test Kits
- Rapid Test Readers
Veterinary Rapid Test Market – by Application
- Viral Diseases
- Bacterial Diseases
- Parasitic Diseases
- Allergies
- Other Applications
Veterinary Rapid Test Market – by Animal Type
- Livestock Animals
- Cattle
- Poultry
- Swine
- Others
- Companion Animals
- Dogs
- Cats
- Horses
- Others
Veterinary Rapid Test Market – by Geography
- North America
- US
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- UK
- Spain
- Rest of Europe
- Asia Pacific (APAC)
- China
- India
- South Korea
- Japan
- Australia
- Rest of APAC
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
- South and Central America (SCAM)
- Brazil
- Argentina
- Rest of SCAM
Company Profiles
- IDEXX Laboratories, Inc.
- Zoetis, Inc.
- Virbac
- Heska Corporation
- Biopanda Reagents, Ltd.
- Fassisi GmbH
- BioNote, Inc.
- SWISSAVANS AG
- MEGACOR Diagnostik GmbH
- Woodley Equipment Company
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
- Excel Dataset
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Application, End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, UAE, UK, US
Frequently Asked Questions
The Asia Pacific region is expected to account for the fastest growth in the veterinary rapid test market. Increase in government investments and increasing number of diagnostic centers in this region contribute to this dominant share. Additionally, wide range of effective measures adopted by government animal welfare organizations are said to be responsible for this growth.
The rapid test readers segment is growing at the highest CAGR owing to increasing demand for rapid test.
The market players are adopting the strategies such as new product launch, regional expansion, and technological advancements to increase their market share. Rising demand for rapid tests, point of care testing, and portable instruments are encouraging the new product launches in veterinary rapid testing.
IDEXX Laboratories, Inc, and Zoetis, Inc. are the top players of the market.
Various companies have made organic growth strategies in the veterinary rapid test market. Some of the activities undertaken by the company, which have promoted its growth are, launches, enhancements and expansion & relocation activities. Companies such as Nielsen BioSciences, Inc, TEVA PHARMACEUTICAL INDUSTRIES LTD amongst others are some of the companies that have been implementing various organic strategies that have helped the growth of the company.
Driving factors include the increasing incidences of zoonotic diseases and increasing initiatives by the governments and animal welfare associations of different countries. The increasing demand for rapid tests and portable instruments, and the use of advanced technologies such as machine learning is offering potential growth opportunities for the veterinary rapid test market.
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The List of Companies - Veterinary Rapid Test Market
- IDEXX Laboratories, Inc.
- Zoetis, Inc.
- Virbac
- Heska Corporation,
- Biopanda Reagents, Ltd.
- Fassisi GmbH
- BioNote, Inc.
- SWISSAVANS AG
- MEGACOR Diagnostik GmbH
- Woodley Equipment Company
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