The global veterinary rapid test market is poised for significant growth, driven by increasing pet ownership, advancements in veterinary diagnostics, and a growing emphasis on preventive healthcare for animals.
Market Overview
The global veterinary rapid test market size was valued at USD 780.21 million in 2023 and is anticipated to grow from USD 845.36 million in 2024 to USD 1,632.59 million by 2032, exhibiting a CAGR of 8.6% during the forecast period. This growth reflects the increasing demand for faster, more convenient, and accurate diagnostic tools for veterinary care.
Some of the major players operating in the global veterinary rapid test market include:
- Anigen
- BioMérieux SA
- BioNote, Inc.
- Biopanda Reagents Ltd.
- Boster Biological Technology
- Cenogenics Corporation
- Fassisi GmbH
- Heska Corporation
- IDEXX Laboratories, Inc.
- Neogen Corporation
- Prometheus Bio Inc.
- Thermo Fisher Scientific Inc.
- Virbac
- Woodley Equipment Company
- Zoetis Inc.
Key Market Drivers:
- Increasing Pet Ownership: The increasing number of pet owners worldwide is a major driver of market growth. As pet ownership increases, so does the demand for quality veterinary care, including diagnostic testing.
- Advancements in Veterinary Diagnostics: Advancements in veterinary diagnostics, such as the development of more sensitive and specific rapid tests, are driving market growth.
- Growing Emphasis on Preventive Healthcare: There is a growing emphasis on preventive healthcare for animals, which includes regular checkups and diagnostic testing to identify and address potential health issues early on.
- Improved Point-of-Care Testing: The development of point-of-care testing (POCT) devices for veterinary use allows for rapid diagnosis and treatment in veterinary clinics, improving patient outcomes and increasing efficiency.
𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:
Veterinary Rapid Test Market, Product Outlook (Revenue – USD Million, 2019-2032)
- Rapid Test Kits
- Rapid Test Readers
Veterinary Rapid Test Market, Animal Type Outlook (Revenue – USD Million, 2019-2032)
- Livestock Animals
- Companion Animals
Veterinary Rapid Test Market, Application Outlook (Revenue – USD Million, 2019-2032)
- Bacterial Diseases
- Viral Diseases
- Parasitic Diseases
- Allergies
- Others
The research study includes segmental analysis that divides the market into distinct groups or segments based on common characteristics. With market segmentation, businesses can identify specific customer groups that are more likely to be interested in specific products or services. Also, it enables these businesses to focus their marketing efforts and resources more efficiently, leading to higher conversion rates and improved return on investment. Furthermore, segmentation analysis helps companies develop personalized products or services, which can result in increased customer loyalty and improved customer satisfaction.
𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐓𝐡𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐂𝐨𝐦𝐩𝐫𝐞𝐡𝐞𝐧𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐇𝐞𝐫𝐞:
https://www.polarismarketresearch.com/industry-analysis/veterinary-rapid-test-market/analysis-type
Recent Developments:
- Antech Expands Presence in the UK: In November 2023, Antech expanded its presence in the UK with the establishment of a new veterinary diagnostics facility. This expansion strengthens Antech’s position in the market and enhances its ability to provide comprehensive diagnostic services to veterinarians.
- EPiQ Animal Health Promotes OraStripdx: In July 2023, EPiQ Animal Health promoted and distributed OraStripdx, a rapid test for detecting periodontal disease in pets. This innovative product offers veterinarians a quick and easy tool for diagnosing periodontal disease and providing appropriate treatment.
- Virbac Expands Research and Development in Taiwan: In December 2022, Virbac launched a new research and development facility in Taiwan, aiming to bolster its product offerings and strengthen its position in the market. This investment in research and development will likely lead to the development of new and innovative veterinary diagnostic tools.
Table of Contents:
- Global Veterinary Rapid Test Market Insights
4.1. Veterinary Rapid Test Market – Animal Type Snapshot
4.2. Veterinary Rapid Test Market Dynamics
4.2.1. Drivers and Opportunities
4.2.1.1. Increasing pet ownership is projected to spur the product demand
4.2.1.2. Prevalence of infectious diseases is expected to drive veterinary rapid test market growth
4.2.2. Restraints and Challenges
4.2.2.1. Cost constraints
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers (Moderate)
4.3.2. Threats of New Entrants: (Low)
4.3.3. Bargaining Power of Buyers (Moderate)
4.3.4. Threat of Substitute (Moderate)
4.3.5. Rivalry among existing firms (High)
4.4. PESTEL Analysis
4.5. Veterinary Rapid Test Market Animal Type Trends
4.6. Value Chain Analysis
4.7. COVID-19 Impact Analysis
5. Global Veterinary Rapid Test Market, by Application
5.1. Key Findings
5.2. Introduction
5.2.1. Global Veterinary Rapid Test Market, by Application, 2019-2032 (USD Million)
5.3. Bacterial Diseases
5.3.1. Global Veterinary Rapid Test Market, by Bacterial Diseases, by Region, 2019-2032 (USD Million)
5.4. Viral Diseases
5.4.1. Global Veterinary Rapid Test Market, by Viral Diseases, by Region, 2019-2032 (USD Million)
5.5. Parasitic Diseases
5.5.1. Global Veterinary Rapid Test Market, by Parasitic Diseases, by Region, 2019-2032 (USD Million)
5.6. Allergies
5.6.1. Global Veterinary Rapid Test Market, by Allergies, by Region, 2019-2032 (USD Million)
5.7. Others
5.7.1. Global Veterinary Rapid Test Market, by Others, by Region, 2019-2032 (USD Million)
Conclusion:
The global veterinary rapid test market is poised for continued growth, driven by increasing pet ownership, advancements in veterinary diagnostics, and a growing emphasis on preventive healthcare. The development of innovative and user-friendly rapid tests will play a crucial role in improving the quality of veterinary care and animal health outcomes.
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