Veterinary Rapid Test Market
Number of pages: 100 | Report Format: PDF | Published date: February 10, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 740 million |
|
Revenue Forecast in 2030 |
US$ 1,504.10 million |
|
CAGR |
8.2% |
|
Base Year For Estimation |
2021 |
|
Forecast Period |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Product, Application, Animal Type, End-user, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global veterinary rapid test market was valued at US$ 740 million in 2021 and is expected to register a revenue CAGR of 8.2% to reach 1,504.10 million by 2030.
Veterinary Rapid Test Market Fundamentals
Veterinary diagnostics comprise a variety of tests used to determine the presence of diseases in animals. They are carried out by testing blood, excrement, and tissue samples from cattle, wild, and domestic animals. The findings are achieved when antibodies and antigens interact, resulting in the development of a visible indication on the instrument. Rapid test kits identify pathogens in less time and are used to test viral infections, such as rabies, feline heartworm and canine, feline leukemia virus, canine distemper virus, avian influenza, and swine.
The global veterinary rapid tests market has been growing in recent years due to an increasing demand for convenient, reliable, and rapid diagnostic tools for the diagnosis of animal diseases. With increasing concerns over food safety, there has been a growing demand for rapid tests to detect diseases in food-producing animals. These tests help in early detection and timely control of diseases, reducing the risk of food contamination.
The veterinary rapid tests market has experienced significant advancements in technology, including the development of new diagnostic platforms, such as lateral flow assays and point-of-care testing. These technologies have resulted in rapid testing that make it more accurate, convenient, and accessible. The incidence of animal diseases, such as avian influenza, bovine tuberculosis, and foot-and-mouth disease, is increasing globally, driving the demand for rapid tests. There has been a growing awareness of animal health and welfare, leading to an increased demand for rapid diagnostic tools for early detection and control of diseases in animals. The growing demand for pet healthcare has led to an increased demand for rapid diagnostic tools for the early detection of diseases in pets. Therefore, the global veterinary rapid tests market is expected to continue its growth trajectory in the coming years, driven by rising demand for food safety, advancements in technology, increasing incidence of animal diseases, growing awareness of animal health, and the rising demand for pet healthcare.
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Veterinary Rapid Test Market Dynamics
The global veterinary rapid test market is estimated to show lucrative growth during the projected period. The growth of this market is attributed to various factors, such as increase in pet adoption for companionship and the rise prevalence of animal illnesses and foodborne infections. Various advantages of rapid testing over general testing techniques and the rising need for efficient test kits further boost the market revenue growth. The rising need for efficient test kits and other products increases technical improvement for zoonotic disease diagnostics and approvals for innovative products. Additionally, the rising demand for animal-derived food items favors the revenue growth of this market. Factors such as considerable expansion in the poultry and agriculture industries and increased expenditure capacity for animal health management further drive revenue growth in the global market.
The high cost of pet care, a scarcity of veterinary practitioners, and a shortage of animal diagnostics facilities are all challenges that may lead to sluggish revenue growth in the veterinary rapid test market.
Veterinary Rapid Test Market Ecosystem
The global veterinary rapid test market has been analyzed from five perspectives: product, application, animal type, end-user, and region.
Veterinary Rapid Test Market by Product
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Based on product, the global veterinary rapid test market has been segmented into rapid test readers and rapid test kits.
The rapid test kits segment dominates the market with the largest revenue share, which can be ascribed to the growing prevalence of animal illnesses and foodborne infections in companion and farm animals. This segment's rise is also attributed to the modest nature of the kits with simplicity and comfort, as well as the increased need for rapid test kits among veterinarians. The inclination for at-farm animal diagnosis is growing, thus driving the rapid test kit segment.
Veterinary Rapid Test Market by Application
Based on application, the global veterinary rapid test market has been segmented into bacterial, parasite, viral, and allergies.
The viral segment accounts for the largest revenue share in the global market. Viruses cause severe danger to the health and well-being of the animals. Feline coronavirus (associated with the new coronavirus that is currently receiving media attention), virulent systemic feline calici-virus variations, canine distemper virus infections of dogs and large felids, and equine herpes virus and West-Nile virus cause serious illnesses in animals and are among the most common infections. The increasing prevalence of viral infections among animals, as well as initiatives for monitoring and controlling viral disease outbreaks to reduce the risk of viruses crossing the species barrier and infecting humans, contribute to the segment's large revenue share.
Veterinary Rapid Test Market by Animal Type
Based on the animal type, the global veterinary rapid test market has been segmented into companion animals, farm animals, and others.
The farm animals segment dominates the market with the largest revenue share in the global veterinary rapid test market. Farmers are employing medications to safeguard the health of animals used in food production, protect public health, and maintain the food supply. Farmers that raise cattle, pigs, chickens, and other livestock produce a great number of animals. Cattle that are in good health are utilized to create meat and dairy products, which are supplied both locally and worldwide. This benefits diverse economies and provides clients with healthy, low-cost food, hence promoting farm animal development. Furthermore, the companion animal industry is likely to develop profitably during the forecast period due to increased demand for pet nurturing and pet-human connections.
Veterinary Rapid Test Market by End User
Based on end-user, the veterinary rapid test market has been segmented into animal care and rehabilitation centers, diagnostic centers, veterinary hospitals and clinics, and others.
The veterinary hospital and clinics segment is estimated to show lucrative revenue growth opportunities during the forecast period. This is attributed to the increasing prevalence of zoonotic diseases and the growing number of pet hospitals. Additionally, a high preference rate with enhanced infrastructure adds to the revenue growth of this segment.
The diagnostic centers segment accounts for the second largest market revenue share due to the growing cases of animal diseases. Moreover, the increasing demand for pet diagnostic centers due to the presence of improved diagnostics services and facilities with quicker test results contributes to the growth of pet diagnostic centers.
Veterinary Rapid Test Market by Region
Geographically, the veterinary rapid test market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America dominates the market with the largest revenue share. The growth of the veterinary rapid test market in this region can be attributed to a variety of factors, including technological advancements, increase in zoonotic diseases, and rise in the number of pet owners in the region.
Veterinary Rapid Test Market Competitive Landscape
The prominent players operating in the global veterinary rapid test market are:
The global veterinary rapid test market was valued at US$ 740 million in 2021.
The rapid test kit segment dominates the global veterinary rapid test market with the largest revenue share.
The global veterinary rapid test market is expected to be valued at US$ 1.50 billion by 2030.
High cost of pet care, a scarcity of veterinary practitioners, and a shortage of animal diagnostics facilities are some of the hurdles in the market.
Biopanda Reagents Ltd., IDEXX Laboratories Inc., BioNote, Inc., Zoetis Inc., and Swissavans AG are among the top market players.
*Insights on financial performance are subject to the availability of information in the public domain