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

Veterinary Rapid Test Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Rapid Test Kits and Rapid Test Readers), Application (Viral Diseases, Bacterial Diseases, Parasitic Diseases, Allergies, and Other Applications), and Animal Type (Companion Animals and Livestock Animals)

Publication Month : Sep 2021

  • Report Code : TIPRE00006528
  • Category : Biotechnology
  • Status : Published
  • No. of Pages : 220
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[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.

Lucrative Regions for Veterinary Rapid Test Market

Lucrative Regions for Veterinary Rapid Test Market
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Market InsightsIncreasing Incidence of Zoonotic Diseases Fuel Veterinary Rapid Test Market GrowthAn 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.

Veterinary Rapid Test Market, by Product – 2021 and 2028

Veterinary Rapid Test Market, by Product – 2021 and 2028
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Application-Based InsightsBased 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.         

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Veterinary Rapid Test Market: Strategic Insights

Market Size Value inUS$ 733.87 Million in 2021
Market Size Value byUS$ 1,291.69 Million by 2028
Growth rateCAGR of 8.4% from 2021 to 2028
Forecast Period2020 - 2028
Base Year2020
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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 – 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.
  • MEGACOR Diagnostik GmbH
  • Woodley Equipment Company
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type, Application, End User

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, UAE, UK, US

Frequently Asked Questions

What are the drivers and opportunities for the veterinary rapid test market?

Driving factors include the increasing incidences of zoonotic diseases and increasing initiatives by the governments and animal welfare associations of different countries. 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.

What are the key growth strategies of veterinary rapid test market players?

Various companies have made organic growth strategies in the veterinary rapid test market. Some of the activities undertaken by the company, which have promoted its growth are, launches, enhancements and expansion & relocation activities. Companies such as Nielsen BioSciences, Inc, TEVA PHARMACEUTICAL INDUSTRIES LTD amongst others are some of the companies that have been implementing various organic strategies that have helped the growth of the company.

Which are the top companies hold the market share in veterinary rapid test market?

IDEXX Laboratories, Inc, and Zoetis, Inc. are the top players of the market.

What are the key trends in the Implantable veterinary rapid test market report?

The market players are adopting the strategies such as new product launch, regional expansion, and technological advancements to increase their market share. Rising demand for rapid tests, point of care testing, and portable instruments are encouraging the new product launches in veterinary rapid testing.

Which is the most influencing segment growing in the veterinary rapid test market report?

The rapid test readers segment is growing at the highest CAGR owing to increasing demand for rapid test.

Which region is expected to witness significant demand for veterinary rapid test market in the coming years?

The Asia Pacific region is expected to account for the fastest growth in the veterinary rapid test market. Increase in government investments and increasing number of diagnostic centers in this region contribute to this dominant share. Additionally, wide range of effective measures adopted by government animal welfare organizations are said to be responsible for this growth.

The List of Companies - Veterinary Rapid Test Market

  1. IDEXX Laboratories, Inc.
  2. Zoetis, Inc.
  3. Virbac
  4. Heska Corporation,
  5. Biopanda Reagents, Ltd.
  6. Fassisi GmbH
  7. BioNote, Inc.
  9. MEGACOR Diagnostik GmbH
  10. Woodley Equipment Company

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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