Westford, USA, April 06, 2023 (GLOBE NEWSWIRE) -- SkyQuest projects that the Veterinary Rapid Diagnostic Test market will attain a value of USD 5.04 billion by 2030, with a CAGR of 9.01% over the forecast (2022-2030). Meat, milk and eggs are among the dietary items with rising demand. The intake of foods drawn from animals is rising due to declining agricultural production carried by depleting resources and a lack of arable territory. A high diet in protein is necessary for maintaining good health and foods made from animals are a significant supply of protein. In industrialized countries, the daily intake of animal proteins is stable at 44 to 55 g per person, while it is rising in developing countries. For instance, the U.S. consumed about 21% of the world's meat in 2020. Asia consumed 19,656.46 thousand tonnes of meat and calves in 2020 and that number is predicted to rise to 21,467.08 thousand tonnes by 2026. Farmers expect increasing livestock output to satisfy the growing demand for animal-based foods. Animal diseases are causing a number of issues in the animal production systems, including lost production, an unsure level of food security and revenue loss, all of which are bad for human health. As a result, the industry is expanding as a result of an increase in diagnostic testing for livestock illnesses.
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According to the SkyQuest's, Pets and companion animals are regarded as members of the household and given similar treatment. For illnesses such as heartworm and feline leukemia, rapid test tools are less expensive and more accessible than other testing procedures. It costs money to regularly screen for these illnesses using alternative techniques like PCR. Therefore, rapid tests are being adopted more widely as a result of their ease, portability and reduced prices.
Browse in-depth TOC on "Veterinary Rapid Diagnostic Test Market"
- Pages - 261
- Tables - 116
- Figures - 67
Veterinary rapid tests are the tests used to examine animals such as cats, canines, cattle and cows. A portion of the specimen is applied to the device during these examinations. Rapid test kits are used to screen for viral illnesses like rabies, feline heartworm, feline leukaemia virus, canine distemper, avian influenza and swine. They are effective at identifying viruses in a short amount of time.
Prominent Players in Veterinary Rapid Diagnostic Test Market
- Zoetis
- Heska Corp.
- IDEXX Laboratories Inc.
- Agrolabo S.p.A.
- IDvet
- Virbac
- Thermo Fisher Scientific Inc.
- Neogen Corp.
- Covetous
- iM3Vet Pty Ltd.
- Dutch Diagnostics
- Fassi
- Abaxis CorisBioconcept
- BioNote
- SafePath Laboratories
- Chembio Diagnostic Systems
- LifeAssays
- Biosynex
- NTBIO Diagnostics
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The Non-Infectious Diseases Segment is Growing Due to Growing Awareness of the Importance of Preventive Healthcare
In 2021, the non-infectious diseases segment accounted for the highest income percentage, exceeding 28%. The industry has shown a rise in the number of tests using cutting-edge technologies to find illnesses in animals. For instance, the Lab on a Chip technology can assess electrolytic disequilibrium in bodily fluids like milk, pee, and blood. The section for hereditary, congenital, and acquired illnesses is anticipated to expand at the quickest pace during the forecast period. These illnesses are now quite common.
SkyQuest's research analysis forecasts that North America is predicted to lead the market due to the high incidence of zoonotic illnesses and farm animals in the area as well as the increasing rate of pet ownership. All cats from a retrospective evaluation of 730,000 veterinarian arrangements got better preventive treatment after a positive or negative RenalTech, according to new data published in April 2021 by Intech Diagnostics, a division of Mars veterinarian Health. Two years before it manifests, RenalTech forecasts chronic kidney disease (CKD) in cats. The data indicates a 31% rise in veterinarian appointments as a result of the predictive diagnostic instrument. These studies, along with the creation of instruments for predictive diagnoses, are also fueling the growth of market.
Segment Cattle Segment Is Expected To Grow the Segment Due To Advancements in Diagnostic Technology
The segment cattle are expected to grow with the highest market share in year 2021. The use of cattle for animal-based products such as meat and milk is increasing which leads to the growth of the Veterinary Rapid Diagnostic Test Market. 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. These all factors lead to the rising of Veterinary Rapid Diagnostic Test Market during the forecast period.
The market for veterinarian rapid tests in Asia-Pacific would experience substantial development over the following years in the Veterinarian Rapid Diagnostic Test market. This is attributable to the rise in cat ownership, increased attention to veterinary health and growing government initiatives to promote veterinary health in Asian countries. India is estimated to have 28 to 29 million pets, with canines accounting for the majority of pet ownership. The regional industry trends would also be boosted in the near future by expanding government efforts supporting animal healthcare across various Asian countries.
A comprehensive analysis of the major players in the Veterinary Rapid Diagnostic Test market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Veterinary Rapid Diagnostic Test Market
- In June 2022, Basepaws was acquired by Zoetis Inc. The acquisition will broaden Zoetis' offering in the field of precision animal health and have an impact on and characterize its upcoming pet care innovation pipeline.
- In October 2021, Heska Corporation announced that it had acquired the majority of Biotech Laboratories U.S.A. LLC, a well-known provider of rapid assay diagnostic testing and that it had thus entered the market for rapid assay point-of-care diagnostics.
Key Questions Answered in Veterinary Rapid Diagnostic Test Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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