Veterinary Rapid Test Market: Global Industry Analysis and Forecast (2023-2029)

Veterinary Rapid Test Market was valued at US$ 724.9 Mn in 2022 and is expected to grow at US $ 1,507 Mn in 2029. The Veterinary Rapid Test Market size is expected to grow at a CAGR of 11.02 % through the forecast period.

Veterinary Rapid Test Market Overview:

The Veterinary rapid tests are defined as the tests that are used for screening of animals like cats, dogs, cattle and bovine. These tests are done by placing a sample of specimen on device. The results are obtained once when antibody-antigen interact with each other then there is formation of a visible indicator as a result on the device. Rapid test kit provides the efficiency in detecting pathogens in less time and are used for testing viral diseases such as rabies, feline heartworm and canine, feline leukaemia virus, canine distemper virus, avian influenza and swine.Veterinary Rapid Test MarketTo Know About The Research Methodology :- Request Free Sample Report They also allow point-of-care testing in primary care for things that formerly only a laboratory test could measure. They provide same-day results within two hours, typically in approximately 20 minutes. The specificity of these rapid test ranges from 90% to 100%, while sensitivity ranges from 85% to 90% in a given rapid test kit. Different types of samples used along with rapid test kits are serum, plasma, feces, whole blood plasma, conjunctiva swabs, urine, nasal fluid, and others. The report explores the Veterinary Rapid Test Market segments (Product, Application, Animal product and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). The MMR market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2017 to 2020. The report investigates the Veterinary Rapid Test Market drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Veterinary Rapid Test Market contemporary competitive scenario. 2022 is considered as a base year to forecast the market from 2023 to 2029. 2022’s market size is estimated on real numbers and outputs of the key players and major players across the globe. Past five years' trends are considered while forecasting the market through 2029. 2020 is a year of exception and analysis especially with the impact of lockdown by region.

Veterinary Rapid Test Market Dynamics:

The rising occurrence of zoonotic diseases is one of the significant factors driving the market growth. Due to the zoonotic diseases, about one billion cases of illness and millions of deaths occur. Over 30 new human pathogens have been detected in the last three decades, 75% of which have originated in animals. the risk of zoonotic diseases increases which leads to the growing pet ownership across the world and it can spread from animals to humans through viruses, bacteria, fungi, or parasites. The risk of contracting zoonotic diseases is primarily high among small-scale livestock keepers in rural areas of emerging countries of Asia and Africa. The factors which are boosting up the growth of the Veterinary Rapid Test Market are increasing advantages of rapid tests over traditional testing methods and rising demand for animal derived food products. In addition, ongoing research and development activities will create new opportunities for the growth of the market. According to International Livestock Research, zoonotic diseases are major factor in the pathway out of poverty for one billion livestock keepers. Their increasing demand for efficient test kits and other products drives the growth of the Veterinary Rapid Test Market during the forecast period. The major factor which restrains the growth of the Veterinary Rapid Test Market are Lack of knowledge about pet care and dearth of veterinary practitioners. Also, lack of standardization and high prices of pet care, limited animal diagnostics infrastructure in numerous countries and low animal healthcare awareness are the major factors among others acting as restraints, and will further challenge the market growth. The inadequate infrastructure is another factor which contributed to restrain the market growth. The lack of proper infrastructure for animal healthcare management makes it difficult for the transportation of medicines and vaccines along with limited number of laboratories for conducting animal health tests in most emerging economies. In certain part of the globe, there rise a lack of adequately educated and trained veterinarian which restrains the growth of the Veterinary Rapid Test Market. COVID-19 Impact on Veterinary Rapid Test Market: The coronavirus pandemic is having a huge impact on businesses and has already caused an unusual disruption of economic activities. The healthcare system is affected due the COVID-19 pandemic. The rapidly increasing demand for healthcare facilities and healthcare workers fulfil the increasing demand for the growth of the Veterinary Rapid Test Market during pandemic situation. Healthcare facilities are stocking up the animal related health products, considering the high demand. Due to gaining inefficiencies and wasted speeding, the market is expected to create the financial force on the market. Because of the pandemic situation, many hospitals and veterinary clinics leads to the overstocking of products. COVID-19 has weakened the supply chain and has created shortage of animal health products such as nutritional feed as well as vaccines globally.

Veterinary Rapid Test Market Segment Analysis:

Based on Product, The segment rapid test kit is expected to hold the highest CAGR with xx% during the forecast period. Rapid test kits are convenient to store at room temperature for an extended period of time. Results are obtained faster and the specificity of these rapid tests ranges from 90% to 100%, while sensitivity ranges from 85% to 90% in a given rapid test kit. Rapid Labs launched a new a series of rapid tests to add to their increasingly-expanding veterinary range.Veterinary Rapid Test Market1   Based on Animal type,The segment cattle are expected to grow with the highest market share in year 2022. The use of cattle for animal-based products such as meat and milk is increasing which leads to the growth of the Veterinary Rapid Test Market. The large share and high growth rate of this segment can be attributed to the increasing awareness about animal health and a growing focus on regular check-ups. These all factors lead to the rising of market during the forecast period.Veterinary Rapid Test Market2

Regional Insights:

The North America region is expected to witness significant growth at a CAGR of xx% through the forecast period. Due to high prevalence of zoonotic diseases coupled with rising pet ownership the market is expected to grow in this region. The very common disease which is spread around US and the world is zoonotic diseases. Scientists estimate that more than 6 out of every 10 known infectious diseases in people can be spread from animals, and 3 out of every 4 new or emerging infectious diseases in people come from animals. In addition, well established veterinary medical infrastructure, ongoing technological advancements, surge in R&D activities leads to the growth of the Veterinary Rapid Test Market. Due to the presence of advanced veterinary healthcare infrastructure and availability of notable industry players, it leads to the development of veterinary rapid tests in this region. Asia-pacific is considered to be the second fastest growing market. APAC region accounted for more than 15% share of the total market followed by ELISA tests and PCR tests, which accounted for a majority of revenue share in region. The prevalence of animal disorders, various initiatives undertaken by government for animal welfare and large livestock animal pool are the factors which resulted into the growth of the Veterinary Rapid Test Market. The increase in pet ownership and rise in focus towards veterinary health, increasing government initiative to promote veterinary health in the developing countries of the region leads to the market growth. In this scenario, ensuring the health of animals and maintaining their productivity gains added importance, which has driven the uptake of rapid test products in this region. The objective of the report is to present a comprehensive analysis of the Veterinary Rapid Test Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The reports also help in understanding the Veterinary Rapid Test Market dynamic, structure by analyzing the market segments and projecting the Veterinary Rapid Test Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Veterinary Rapid Test Market make the report investor’s guide.

Veterinary Rapid Test Market Scope: Inquire before buying

Global Veterinary Rapid Test Market
Report Coverage Details
Base Year: 2022 Forecast Period: 2023-2029
Historical Data: 2018 to 2022 Market Size in 2022: US$ 724.9 Mn.
Forecast Period 2023 to 2029 CAGR: 11.02% Market Size in 2029: US$ 1,507 Mn.
Segments Covered: by Product Rapid test kits Rapid test readers
by Application Viral diseases Bacterial diseases Parasitic diseases Others
by Animal Type Canine Feline Cattle Others

by Region

North America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) South America (Brazil, Argentina Rest of South America)

Veterinary Rapid Test Market Key Players

1. Abaxis 2. BioNote, Inc. 3. Biopanda Reagents Ltd. 4. Fassisi GmbH 5. Heska Corporation 6. IDEXX Laboratories, Inc. 7. LifeAssays AB 8. MEGACOR Diagnostik GmbH 9. SWISSAVANS AG 10.Virbac 11.Woodley Equipment Company 12.Zoetis, Inc. 13.Dutch Diagnostics BV 14.CorisBioconcept 15.SafePath Laboratories, LLC 16.Chembio Diagnostic Systems, Inc. 17.Biosynex Group 18.NTBIO Diagnostics Inc. Frequently Asked Questions: 1] What segments are covered in the Veterinary Rapid Test Market report? Ans. The segments covered in the market report are based on Product, Animal type and Application. 2] Which region is expected to hold the highest share in the Veterinary Rapid Test Market? Ans. North America region is expected to hold the highest share in the market. 3] What is the market size of the Veterinary Rapid Test Market by 2029? Ans. The market size of the Veterinary Rapid Test Market by 2029 is expected to reach US$ 1,507 Mn. 4] What is the forecast period for the Veterinary Rapid Test Market? Ans. The forecast period for the Veterinary Rapid Test Market is 2023-2029. 5] What was the market size of the Veterinary Rapid Test Market in 2022? Ans. The market size of the Veterinary Rapid Test Market in 2022 was valued at US$ 724.9 Mn.
1. Veterinary Rapid Test Market: Research Methodology 2. Veterinary Rapid Test Market: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Veterinary Rapid Test Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Veterinary Rapid Test Market: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12. COVID-19 Impact 4. Veterinary Rapid Test Market Segmentation 4.1. Veterinary Rapid Test Market, By Product (2022-2029) • Rapid test kits • Rapid test readers 4.2. Veterinary Rapid Test Market, By Application (2022-2029) • Viral diseases • Bacterial diseases • Parasitic diseases • Others 4.3. Veterinary Rapid Test Market, By Animal Type (2022-2029) • Canine • Feline • Cattle • Others 5. North America Veterinary Rapid Test Market (2022-2029) 5.1. North America Veterinary Rapid Test Market, By Product (2022-2029) • Rapid test kits • Rapid test readers 5.2. North America Veterinary Rapid Test Market, By Application (2022-2029) • Viral diseases • Bacterial diseases • Parasitic diseases • Others 5.3. North America Veterinary Rapid Test Market, By Animal Type (2022-2029) • Canine • Feline • Cattle • Others 5.4. North America Veterinary Rapid Test Market, by Country (2022-2029) • United States • Canada • Mexico 6. European Veterinary Rapid Test Market (2022-2029) 6.1. European Veterinary Rapid Test Market, By Product (2022-2029) 6.2. European Veterinary Rapid Test Market, By Application (2022-2029) 6.3. European Veterinary Rapid Test Market, By Animal Type (2022-2029) 6.4. European Veterinary Rapid Test Market, by Country (2022-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Veterinary Rapid Test Market (2022-2029) 7.1. Asia Pacific Veterinary Rapid Test Market, By Product (2022-2029) 7.2. Asia Pacific Veterinary Rapid Test Market, By Application (2022-2029) 7.3. Asia Pacific Veterinary Rapid Test Market, By Animal Type (2022-2029) 7.4. Asia Pacific Veterinary Rapid Test Market, by Country (2022-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Veterinary Rapid Test Market (2022-2029) 8.1. Middle East and Africa Veterinary Rapid Test Market, By Product (2022-2029) 8.2. Middle East and Africa Veterinary Rapid Test Market, By Application (2022-2029) 8.3. Middle East and Africa Veterinary Rapid Test Market, By Animal Type (2022-2029) 8.4. Middle East and Africa Veterinary Rapid Test Market, by Country (2022-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Veterinary Rapid Test Market (2022-2029) 9.1. South America Veterinary Rapid Test Market, By Product (2022-2029) 9.2. South America Veterinary Rapid Test Market, By Application (2022-2029) 9.3. South America Veterinary Rapid Test Market, By Animal Type (2022-2029) 9.4. South America Veterinary Rapid Test Market, by Country (2022-2029) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1 Abaxis 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. BioNote, Inc. 10.3. Biopanda Reagents Ltd. 10.4. Fassisi GmbH 10.5. Heska Corporation 10.6. IDEXX Laboratories, Inc. 10.7. LifeAssays AB 10.8. MEGACOR Diagnostik GmbH 10.9. SWISSAVANS AG 10.10. Virbac 10.11. Woodley Equipment Company 10.12. Zoetis, Inc. 10.13. Dutch Diagnostics BV 10.14. CorisBioconcept 10.15. SafePath Laboratories, LLC 10.16. Chembio Diagnostic Systems, Inc. 10.17. Biosynex Group 10.18. NTBIO Diagnostics Inc.
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