Asia Pacific Veterinary Rapid Test Market Size, Share, and Analysis by 2028

The veterinary rapid test market in APAC is expected to grow from US$ 164.61 million in 2021 to US$ 299.03 million by 2028; it is estimated to grow at a CAGR of 8.9% from 2021 to 2028.

China, India, Japan, Australia, and South Korea are economies in APAC. 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. There has been a paradigm shift in veterinary medicine. Artificial intelligence can be used in collecting data to manage a wide range of chronic diseases is offering an opportunity to leverage these platforms for veterinary healthcare. In the last few years, the industry has witnessed a few product launches associated with artificial intelligence. Many market players have ventured into this field to offer innovative and effective offerings. For instance, IDEXX Laboratories has deployed in-house urinalysis machine SediVue Dx that operates machine learning. In January 2019, the company updated its SediVue Dx with its Neural Network 4.0 software, expanding its diagnostic capabilities. This software update utilizes 175 million veterinary patient-generated images from ~2.5 million patient urine samples. Apart from this, the company also offers VetConnect PLUS that is a cloud-based technology helps veterinarians in accessing patients’ data from company’s diagnostic modalities. Moreover, increasing deaths of pets due to chronic diseases is also further offering opportunities for the integration of advanced technologies to enhance diagnostic capabilities. For instance, chronic kidney disease (CKD) is the most frequent cause of deaths in cats; in line with this, many players have come up with advanced solutions to enhance disease diagnosis. All the aforementioned factors will offer several opportunities for the growth of veterinary rapid test market during the forecast period.

The COVID-19 pandemic has brought unprecedented challenges globally. It has put a major strain on the health systems of many countries around the world and disrupted many services including brain cancer diagnostics. Countries in Asia Pacific are facing challenges due to increasing incidences of COVID-19. As per the data of Worldometer, as of September 2020, China reported a total of 95,010 COVID-19 cases, while in Japan it stood at 1,541,528, India recorded 32,988,673 cases, and Australia reported 61,637 confirmed cases. This situation has left many pet/companion animal orphans. The infected people were quarantine. Therefore, this has affected the behavior of pet owners. Pet parents are advised to keep a safe distance from their pets in order to reduce the risk of contamination and maintain hygiene. There has been difficulty in moving animal products such as milk, eggs, meat to markets. The restriction was been implemented on the seasonal border crossing with ruminants. The COVID-19 pandemic resulted in supply chain disruptions across the world, which led to low exports and imports of veterinary services and products. Online sales for veterinary diagnostics have increased as consumers are forced to consolidate their shopping trips due to lockdown restrictions. This societal change has also resulted in limited focus on diagnosis of companion as well as livestock animal diseases and somewhat restricted the business of veterinary diagnostic services for short term. Furthermore, increasing vaccination across the region and availability of government funding for veterinary healthcare services in Asia Pacific region for rapid diagnosis of veterinary health conditions is expected to normalize the situation in Asia Pacific region and will gradually increase the demand for veterinary rapid tests.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive veterinary rapid test market. The APAC veterinary rapid test market is expected to grow at a good CAGR during the forecast period.

 

APAC Veterinary Rapid Test Market Segmentation

APAC Veterinary Rapid Test Market – By Product

• Rapid Test Kits
• Rapid Test Readers

APAC Veterinary Rapid Test Market – By Application

• Viral Diseases
• Bacterial Diseases
• Parasitic Diseases
• Allergies
• Other Applications

APAC Veterinary Rapid Test Market – By Animal Type

• Livestock Animals
  • Cattle
  • Poultry
  • Swine
  • Others
• Companion Animals
  • Dogs
  • Cats
  • Horses
  • Others

APAC Veterinary Rapid Test Market- By Country

• China
• India
• Japan
• Australia
• South Korea
• Rest of APAC

APAC Veterinary Rapid Test Market-Companies Mentioned

• Bionote Inc.
• HESKA CORPORATION
• IDEXX LABORATORIES, INC.
• Virbac
• Woodley Equipment Company Ltd
• Zoetis Inc.

Asia Pacific Veterinary Rapid Test Report Scope