Newark, New Castle, USA, Feb. 13, 2023 (GLOBE NEWSWIRE) -- According to the latest report published by Growth Plus Reports, the Global Veterinary Rapid Test Market is expected to clock US$ 1,504.10 million by 2030 and to grow at a CAGR of 8.2% during the forecast period. This exclusive information is published by Growth Plus Reports in its report titled “Veterinary Rapid Test Market – Global Outlook & Forecast 2022-2030”
A wide range of tests is used in veterinary diagnostics to assess the presence of illnesses in animals. Blood, feces, and tissue samples from cattle, wild, and domestic animals are tested for disease diagnosis and monitoring. Rapid test kits are used to screen for viral illnesses such as rabies, feline heartworm and canine, feline leukemia virus, canine distemper virus, avian influenza, swine; and as hormonal indicators.
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The global veterinary rapid test market has been growing in recent years due to increasing demand for animal health products and services. Rapid tests are convenient and cost-effective diagnostic tools that provide results in a short time frame. The demand for POC diagnostic tools is increasing as they are easy to use and provide quick results. This trend is particularly prevalent in rural areas where access to laboratory facilities is limited. The demand for animal-derived food products is increasing, which is driving the demand for rapid tests to ensure the safety of food products. There have been advancements in rapid test technology, including the development of more sensitive and specific tests. This has led to the introduction of new tests for a range of animal diseases, including zoonotic diseases. The demand for veterinary services is increasing, particularly in developing countries, due to the growing awareness of animal health and welfare. This trend is driving the demand for rapid tests, as they are an essential tool for early diagnosis and treatment of animal diseases. Overall, the global veterinary rapid test market is expected to grow in the coming years, driven by the increasing demand for animal health products and services, advancements in technology, and the rising demand for veterinary services.
Market Drivers
The global veterinary rapid tests market expansion is attributable to various causes, including increased pet adoption for companionship, which has increased animal diseases and foodborne infections. The numerous advantages of quick testing over traditional testing methodologies and the growing need for efficient test kits drive the industry even further. The growing demand for effective test kits and other goods drives technological advancement in zoonotic disease diagnostics and raises approvals for novel items. Furthermore, increased demand for animal-derived dietary items supports the growth of this industry. A significant development in the poultry and agriculture industries and greater expenditure capacity for veterinary rapid test management are driving the global market even further.
The global veterinary rapid test market has been analyzed from five perspectives: Product, Application, Animal Type, End-user, and Region.
Excerpts from ‘By Animal Type Segmentation’
The animal type in the veterinary rapid test market has been segmented into:
- Companion
- Farm Animals
Farm animals account for the majority of revenue in the worldwide veterinary quick test market. Farmers are using pharmaceuticals to protect the health of animals used in food production, protect public health, and keep the food supply stable. Cattle, pigs, chickens, and other livestock farmers generate many animals. Cattle in excellent health are used to produce meat and dairy products sold domestically and internationally. This supports a variety of economies and offers clients nutritious, low-cost food, therefore encouraging farm animal development. Furthermore, due to the rising demand for pet nurturing and pet-human interactions, the companion animal sector is expected to grow economically during the projection period.
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Excerpts from ‘By Region Segmentation’
The global veterinary rapid test market has been segmented into:
- North America
- Europe
- Asia Pacific
- Rest of the World
North America holds the largest revenue share in the market. Technological developments, an increase in zoonotic illnesses, and growth in the number of pet owners in North America are just a few reasons why the rapid veterinary test industry in this region is expanding. Asia Pacific is expected to grow rapidly during the projected time ascribing to an increase in pet ownership, a shift in attention toward veterinary health, and the developing of government initiatives to promote veterinary health. Europe is estimated to depict considerable growth during the projected period.
Excerpts from ‘Competitive Landscape’
Some of the prominent players operating in the global veterinary rapid test market are
- Biopanda Reagents Ltd.
- IDEXX Laboratories Inc.
- BioNote Inc.
- Zoetis Inc.
- Swissavans AG
- Woodley Equipment Company Ltd
- MEGACOR Diagnostik GmbH
- Virbac S.A.
- Fassisi GmbH
- Heska Corporation
Table of Content
- INTRODUCTION
- Market Ecosystem
- Timeline Under Consideration
- Historical Years – 2020
- Base Year – 2021
- Forecast Years – 2022 to 2030
- Currency Used in the Report
- RESEARCH METHODOLOGY
- Research Approach
- Data Collection Methodology
- Data Sources
- Secondary Sources
- Primary Sources
- Market Estimation Approach
- Bottom Up
- Top Down
- Market Forecasting Model
- Limitations and Assumptions
- PREMIUM INSIGHTS
- Current Market Trend (COVID-19 Perspective)
- Key Players & Competitive Positioning (2021)
- MARKET DYNAMICS
- Drivers
- Restraints
- Opportunities
- GLOBAL VETERINARY RAPID TEST MARKET- ANALYSIS & FORECAST, BY PRODUCT
- Rapid Test Readers
- Rapid Test Kits
- GLOBAL VETERINARY RAPID TEST MARKET- ANALYSIS & FORECAST, BY APPLICATION
- Bacterial
- Parasite
- Viral
- Allergies
TOC Continued…
VALUE PROPOSITIONS RELATED TO THE REPORT:
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- Comprehensive quantitative and qualitative insights at segment and sub-segment level
- Covid 19 impact trends and perspective
- Granular insights at global/regional/country level
- Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
- Blanket coverage on competitive landscape
- Winning imperatives
- Exhaustive coverage on 'Strategic Developments' registered by leading players of the market
CUSTOMIZATION OPTIONS:
- Distributor Landscape Assessment
- Pricing Intelligence
- Customer Base Assessment
- Investment & Initiatives Analysis
- 'Business Profile' of Key Players
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