Global Veterinary Rapid Test Market – Industry Trends and Forecast to 2030

Veterinary Rapid Test Market Analysis and Size

Livestock diseases are leading to problems within the livestock production systems, including uncertain food security, productivity losses, and loss of income, adversely affecting human health. Veterinary rapid tests are extremely specific and sensitive. The high specificity of these rapid tests varies from 90% to 100%, while sensitivity ranges from 85% to 90% in a given rapid test kit. There have been increasing cases of COVID-19 infections in cats and dogs in a numerous countries, including the U.S.

Data Bridge Market Research analyses that the veterinary rapid test market is expected to reach USD 880.01 million by 2030 from USD 419.6 million in 2022, with a CAGR of 9.7% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Veterinary Rapid Test Market Scope and Segmentation

Market Definition

Veterinary rapid tests are the type of tests that are designed for preliminary screening of animals such as dogs, cats, bovine, and cattle. This test is a kind of medical diagnostic test that is quick and easy to perform and is more precise than probable diagnosis. The test gives result in almost 15 minutes. Veterinary rapid tests are very much specific and sensitive.

Veterinary Rapid Test Market Dynamics

Drivers

• Increasing Incidence of Zoonotic Diseases

Rise in prevalence of zoonotic diseases in developed and developing regions are anticipated to surge the demand for rapid diagnostic of diseases and is anticipated to boost the demand for veterinary rapid test market during the forecast period. There has been a growing demand for effective test kits and other products is projected to drive the market for veterinary rapid test during the forecast period.

• Increasing Expenditure on Animal Health

There has been an increase in R&D spending year-on-year. It is projected that the total American pet industry expenditure is expected to reach around US$ 69 billion by 2019, than that of 2016 up from closely US$ 67 billion. As per the American Society for Prevention of Cruelty to Animal, the annual cost of owning a dog is around US$ 1,843.Thus growing cost for maintenance of animal health is projected to drive the growth of the market during the forecast period.

Opportunities

• Rising Demand of Rapid Test Kits

Rapid Test Kits are found to hold the highest share that can be attributed to the flexibility to perform single or multiple tests. Rapid test kits are suitable to store at room temperature for a prolonged period of time where the results are obtained sooner and the precise specificity of these rapid tests varies from 90% to 100%. On the other hand, sensitivity varies from 85% to 90% in a given rapid test kit. Such accurate testing will cause an early diagnosis and treatment that will boost the segment demand. As per a “Journal on Evaluation of a rapid immunochromatographic test kit to the gold standard fluorescent antibody test for diagnosis of rabies in animals in Bhutan”, published in June 2020, the rapid kits have considerably enhanced the ability to deliver a quick response to suspected rabies cases and diminished rabies spread in both animals and people in resource-constrained nations such as Bhutan. Thus, these rapid kits are expanding the market growth.

Restraints/Challenges

• Rising inadequate infrastructure

The lack of appropriate infrastructure for animal healthcare management makes it tough for the conveyance of medicines and vaccines along with restricted number of laboratories for conducting animal health tests in most developing economies. There are inadequate educated and trained veterinarian in many parts of the world which is expected to limit the veterinary rapid test market during the forecast period.

This veterinary rapid test market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the veterinary rapid test market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Veterinary Rapid Test Market

There were very limited cases of SARS-CoV-2 infection in animals during the COVID-19 pandemic, particularly in animals that had direct relation with COVID-19-infected people. Rising attention is being paid to the rapid development of veterinary diagnostics tools for identifying diseases in animals, which has led to a positive growth in veterinary tests despite the COVID-19 pandemic's ongoing negative effects on the global markets. There have been different cases of COVID-19 infections in cats and dogs in a several countries, including the U.S. Thus, COVID-19 had a mixed effect on the market.

Recent Developments

• In 2022, Zoetis Inc. acquired Basepaws to expand Zoetis' portfolio in precision animal health and will boost and define its next innovation pipeline for pet care.
• In 2021, Heska Corporation acquired majority ownership of Biotech Laboratories U.S.A. LLC is a top developer of rapid assay diagnostics testing, and with this acquisition, Heska Corporation entered the Rapid Assay Point of Care Diagnostics market.

Veterinary Rapid Test Market Scope

The veterinary rapid test market is segmented on the basis of product, application, animal, test kits and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

• Rapid Test Kit
• Rapid Test Readers

Application

• Viral
• Bacterial
• Parasite
• Allergies

Animal

• Companion
• Livestock

Test Kits

• Canine Test Kits
• Feline Test Kits
• Livestock Test Kits

End-user

• Reference Laboratories,
• Veterinary Hospitals
• Clinics

Veterinary Rapid Test Market Regional Analysis/Insights

The veterinary rapid test market is analyzed and market size insights and trends are provided by product, application, animal, test kits and end-user as referenced above.

The countries covered in the veterinary rapid test market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the veterinary rapid test market due to factors such as high incidence of livestock animals and zoonotic diseases along with the growing pet ownership in the region.

Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2023 to 2030 because of the rise in pet ownership and increase in focus towards veterinary health, growing government initiative to promote veterinary health in the highly developing countries of the region. As per the estimates, in countries such as China, the number of pets has increased rapidly.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Healthcare Infrastructure Growth Installed base and New Technology Penetration

The veterinary rapid test market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for veterinary rapid test market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the veterinary rapid test market. The data is available for historic period 2011-2021.

Competitive Landscape and Global Veterinary Rapid Test Market Share Analysis

The veterinary rapid test market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to veterinary rapid test market.

Some of the major players operating in the veterinary rapid test market are:

• Biopanda Reagents Ltd (U.K.)
• Zoetis (U.S.)
• Siemens Healthcare GmbH (U.S.)
• Varian Medical Systems, Inc. (U.S.)
• Accuray Incorporated (U.S.)
• Mevion Medical Systems (U.S.)
• IDEXX Laboratories, Inc. (U.S.)
• Zoetis Inc. (U.S.)
• Thermo Fisher Scientific Inc. (U.S.)
• Woodley Equipment Company Ltd. (U.K.)
• Virbac (France)
•  Heska Corporation (U.S.)
• SWISSAVANS AG (Switzerland)
• Fassisi GmbH (Germany)
• MEGACOR Diagnostik GmbH (Austria)
• BioNote, Inc. (South Korea)

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