Veterinary rapid tests market dominated by viral diseases, bacterial diseases, parasitic diseases, allergies, & applications. Viral diseases segment is excepted to account for the largest share of the veterinary rapid tests market in 2019.
The global veterinary rapid tests market projected to reach USD 854 million by 2024 from USD 573 million in 2019, at 8.3% CAGR during forecast period. Growth in market is driven by increasing prevalence of zoo notic diseases among companion and livestock animals & growing need for rapid detection of these diseases. Large share of this segment can be attributed to rising incidence of zoonotic diseases, growing prevalence of infectious diseases in farm animals, and growing pet health awareness among owners.
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The veterinary rapid tests market is segmented into companion and livestock animals. The companion animals segment is expected to witness the highest CAGR, owing to the increasing companion animal ownership, growing awareness about animal health among pet owners, and rising pet healthcare expenditure. The companion animals segment is further segmented into dogs, cats, horses, and other companion animals, such as rabbits, birds, and reptiles. In 2019, market for dogs accounted for the largest share of the veterinary rapid tests market for companion animals.
“By application, the viral diseases segment accounted for the largest market share of the market.”
North America is expected to account for the largest share of the global veterinary rapid tests market in 2019. On the other hand, the Asia Pacific market is expected to witness the highest growth during the forecast period, primarily due to the rapidly increasing animal population, growing adoption of veterinary diagnostic products, and rising demand for animal-derived food products.
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The veterinary rapid tests market is broadly classified into cattle, swine, poultry, and other livestock animals such as sheep, goats, and fish. The market for cattle is estimated to hold the largest share of the market in 2019 and is also projected to grow at the highest rate during the forecast period. 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.
The prominent players in the global veterinary rapid tests market are Zoetis, Inc. (US), IDEXX Laboratories, Inc. (US), Heska Corporation (US), Biopanda Reagents Ltd. (UK), Fassisi GmbH (Germany), Virbac (France), BioNote, Inc. (South Korea), SWISSAVANS AG (Switzerland), MEGACOR Diagnostik GmbH (Austria), and Woodley Equipment Company (UK).
Veterinary rapid tests market in APAC is expected to grow at the highest CAGR during the forecast period. A majority of the growth is driven by significant changes owing to factors such as growth in pet adoption, increasing awareness about animal health, and growing per capita animal health expenditure, especially in India and China. Furthermore, the demand for animal-based products, such as meat and milk, is increasing in emerging APAC markets.
More Details on “Veterinary Rapid Test Market by Product (Rapid Test Kit, Rapid Test Readers), Application (Viral, Bacterial, Parasite, Allergies), and Animal Type (Companion (Cat, Dog, Horse), Livestock (Cattle, Swine, Poultry)) – Global Forecast to 2024” research at https://www.reportsnreports.com/contacts/inquirybeforebuy.aspx?name=2242226 .
Report analyzes the various veterinary rapid test products and their adoption pattern. It aims at estimating the market size and future growth potential of the global veterinary rapid tests market for different segments such as products,applications, animal type,and region. The report also includes an in-depth competitive analysis of the key players in this market along with their company profiles, product offerings, and recent developments.
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