Research Nester published a report titled “Veterinary Rapid Test Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the global veterinary rapid test market in terms of market segmentation by product type, application, animal type, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global Veterinary Rapid Test Market is estimated to occupy a large amount of revenue by growing at a CAGR of ~8% during the forecast period, i.e., 2022 – 2031, ascribing to the rising prevalence of zoonotic diseases, and growing need for the rapid detection of these diseases amongst livestock and companion animals. Along with these, escalating animal health expenditure around the world, upsurge in the rate of pet adoption, and ability of these tests to provide kits for a variety of viruses, including canine and feline heartworm, are also expected to drive the growth of the market in the upcoming years.
The market is segmented by product type, application and animal type. Based on product type, the rapid test kits segment is anticipated to acquire the largest share during the forecast period in view of the high flexibility provided by rapid test kits to perform single or multiple tests as needed for making the right clinical decisions. Additionally, by animal type, the cattle segment is projected to witness robust growth over the forecast period attributing to the growing dependency of people on livestock for livelihood, and surging awareness about animal health worldwide.
Geographically, the global veterinary rapid test market is segmented into five major regions, namely North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. Asia Pacific is evaluated to witness noteworthy growth in the market during the forecast period attributing to the increasing awareness associated with animal care, and rapidly rising pet adoption in the region. Moreover, the market in North America is assessed to acquire the largest share over the forecast period on the back of the increasing number of cases of zoonotic diseases, and rapid growth in companion and livestock animals in the region.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Increasing Prevalence of Zoonotic Diseases in Developed and Developing Regions to Drive Market Growth
Over the last two decades, the total number of cases of zoonotic diseases in developed and developing regions are increasing. As a result, the demand for rapid diagnosis of veterinary diseases is also expected to observe an upsurge. This in turn is anticipated to raise the requirement for efficient test kits and other products for testing zoonoses, including veterinary rapid test devices, in the near future. However, absence of proper infrastructure for animal healthcare management in lower economic regions is expected to operate as key restraint to the growth of the global veterinary rapid test market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global veterinary rapid test market which includes company profiling of Virbac S.A., Zoetis, Inc., IDEXX Laboratories, Inc., Heska Corporation, Biopanda Reagents Ltd., Fassisi GmbH, BioNote, Inc., SWISSAVANS AG, MEGACOR Diagnostik GmbH, Woodley Equipment Company, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the global veterinary rapid test market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.