Veterinary Rapid Test Market to Grow at a CAGR of 8.4% to reach US$ 1,291.69 Million from 2020 to 2028

[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

Veterinary Rapid Test Market

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  CAGR (2021 - 2028)

  8.4%
• Market Size 2021
  US$ 733.87 Million
• Market Size 2028
  US$ 1,291.69 Million

Market Dynamics

GROWTH DRIVERS

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FUTURE TRENDS

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OPPORTUNITIES

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Key Players

• IDEXX Laboratories, Inc.
• Zoetis, Inc.
• Virbac
• Heska Corporation,
• Biopanda Reagents, Ltd.
• Fassisi GmbH
• BioNote, Inc.
• SWISSAVANS AG
• MEGACOR Diagnostik GmbH

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Product

• Rapid Test Kits and Rapid Test Readers

Application

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

Animal Type

• Companion Animals and Livestock Animals

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Market InsightsIncreasing Incidence of Zoonotic Diseases Fuel Veterinary Rapid Test Market Growth

An increase in zoonotic diseases is likely to drive the veterinary rapid test market. Animals can sometimes carry harmful germs that can spread to people and cause illness; these are known as zoonotic diseases or zoonoses. Zoonotic diseases are caused by harmful germs like bacteria, viruses, parasites, and fungi. These germs can cause many different types of illnesses in people and animals, ranging from mild to severe illness and even death. Zoonotic diseases are prevalent, both in the US and around the world. As per the CDC, more than six out of every ten known infectious diseases in people can be spread from animals and three out of every four new or upcoming infectious diseases in people come from animals. Moreover, at least 55,000 people were reported dead because of rabies in Asia and Africa as of 2016.

Outbreaks such as severe acute respiratory syndrome (SARS) and avian influenza have shown once again the potential of microorganisms from animal reservoirs to adapt to human hosts. During the past decades, many earlier unknown human infectious diseases have emerged from animal reservoirs, from agents such as Ebola virus, human immunodeficiency virus (HIV), Nipah virus, West Nile virus, and Hantavirus. More than three-quarters of the human diseases that are new, emerging, or re-emerging at the beginning of the 21st century are caused by pathogens which are originated from animals or products of animal origin. According to the WHO, around 60% of emerging infectious diseases that are reported globally are zoonoses and about one billion cases of illness and millions of deaths occur every year from zoonoses. 

Product-Based Insights

Based on product, the veterinary rapid test market is further segmented into rapid test kits and rapid test readers. The rapid test kits segment holds the largest share of the market, and the same segment is anticipated to register the highest CAGR during 2021–2028. The rapid test kits offer the flexibility to perform single or multiple tests so that the test is performed as needed to make the right clinical decisions and avoid wasted time and money. 

Application-Based Insights

Based on application, the veterinary rapid test market is further segmented into viral diseases, bacterial diseases, parasitic diseases, allergies, and other applications. The viral diseases segment holds the largest share of the veterinary rapid test market and is anticipated to register the highest CAGR in the market during the forecast period. Rapid detection of infectious agents in both animals and the environment is essential for the effective control of infectious diseases. 

Animal Type-Based Insights

Based on animal type, the veterinary rapid test market is segmented into companion animals and livestock animals. The companion animals segment is subsegmented into dogs, cats, horses, and others. The livestock animals segment is further divided into cattle, poultry, swine, and others. The livestock animals segment holds the largest share of the veterinary rapid test market. However, the companion animals segment is anticipated to register the highest CAGR in the market during the forecast period. Increasing demand for meat and rising incidence of infectious diseases are driving the segment.         Companies operating in the veterinary rapid test market are adopting the product innovations strategy to meet the evolving customer demands across the world, which also permits them to maintain their brand name in the global market.

Veterinary Rapid Test Market Report Scope

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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