Dublin, May 17, 2023 (GLOBE NEWSWIRE) -- The "Veterinary Rapid Diagnostic Tests Market by Product, Condition, Animal, and End User - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The veterinary rapid diagnostic tests market is expected to reach $1.10 billion by 2030, at a CAGR of 8.1% from 2023 to 2030.
The growth of the veterinary rapid diagnostic tests market is attributed to the increasing prevalence of zoonotic diseases, the advantages of rapid tests over other testing methods, the growing preference for at-home and farm testing, rising awareness regarding veterinary health and increasing global animal health expenditure, and the increasing demand for animal-derived food products. Furthermore, emerging markets and a surge in pet ownership offers significant growth opportunities for the market.
Based on product, the rapid test kits segment is expected to grow at a faster CAGR during the forecast period.
The growth of this segment is attributed to the recurring usage of test kits, the growing prevalence of diseases in animals, and increasing the preference of farmers for at-farm testing. Rapid tests enable near-animal testing, helping farmers avoid transporting large animals to veterinary establishments, which can be expensive and inconvenient.
Moreover, the transport of lab samples to the laboratories poses a risk of damaging a sample causing alteration of test results and is time-consuming, depending on the technique used for testing in the laboratory.
Based on condition, the viral infections segment is expected to grow at the highest CAGR during the forecast period.
The factors responsible for the growth are increasing viral infection outbreaks in animals, the focus of authorities to monitor and control disease outbreaks in animals globally, and the risk of viral infections of cross-species barrier and infections in humans.
Based on animal type, in 2023, the companion animals segment is expected to account for the largest share of the global veterinary rapid diagnostic tests market.
The large share of this segment is attributed to the large population base of pets globally, high awareness regarding regular checkups and testing in pet owners, and increasing pet care expenditure.
Based on end user, in 2023, the veterinary hospitals & clinics segment is expected to account for the largest share of the global veterinary rapid diagnostic tests market.
Veterinary hospitals & clinics are preferred and generally the first choice by pet owners and farmers for health checkups and disease testing. The easy accessibility to veterinary hospitals and clinics in developing countries also contributes to the large share of the segment.
In 2023, North America is expected to account for the largest share of the global veterinary rapid diagnostic tests market, while Asia-Pacific is expected to record the highest CAGR during the forecast period.
The high growth of the Asia-Pacific veterinary rapid diagnostic tests market is attributed to the large population of livestock animals and the rising incidence of various zoonotic diseases in the region.
Company Profiles
- 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)
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Insights
4.1. Overview
4.2. Factors Affecting Market Growth
4.2.1. Factor Analysis
4.3. Veterinary Rapid Diagnostic Tests Market: Regulatory Analysis
4.3.1. North America
4.3.1.1. U.S.
4.3.1.2. Canada
4.3.2. Europe
4.3.3. Asia-Pacific
4.3.3.1. India
4.3.3.2. China
4.3.3.3. Japan
4.3.4. Middle East
4.3.4.1. Saudi Arabia
4.4. Global Veterinary Rapid Diagnostic Tests Market: Pricing Analysis
4.4.1. Viral Infection Tests
4.4.2. Bacterial Infection Tests
4.4.3. Parasitic Infection Tests
4.4.4. Rapid Diagnostic Tests for Other Conditions
5. Veterinary Rapid Diagnostic Tests Market Assessment, By Product
5.1. Overview
5.2. Rapid Test Kits
5.3. Rapid Test Readers
6. Veterinary Rapid Diagnostic Tests Market Assessment, By Animal Type
6.1. Overview
6.2. Companion Animals
6.2.1. Dogs
6.2.2. Cats
6.2.3. Other Companion Animals
6.3. Livestock
7. Veterinary Rapid Diagnostic Tests Market Assessment, By Condition
7.1. Overview
7.2. Viral Infections
7.3. Bacterial Infections
7.4. Parasitic Infections
7.5. Other Conditions
8. Veterinary Rapid Diagnostic Tests Market Assessment, By End User
8.1. Overview
8.2. Veterinary Hospitals & Clinics
8.3. Reference Laboratories
8.4. At-Home/Farm Testing
9. Veterinary Rapid Diagnostic Tests Market Assessment, By Geography
9.1. Overview
9.2. North America
9.2.1. U.S.
9.2.2. CANADA
9.3. Europe
9.3.1. Germany
9.3.2. France
9.3.3. U.K.
9.3.4. Italy
9.3.5. Spain
9.3.6. Rest of Europe (RoE)
9.4. Asia-Pacific
9.4.1. Japan
9.4.2. China
9.4.3. India
9.4.4. Rest of Asia-Pacific (RoAPAC)
9.5. Latin America
9.6. Middle East & Africa
10. Competition analysis
10.1. OVERVIEW
10.2. Key Growth Strategies
10.3. Competitive Benchmarking
10.4. Market Share Analysis (2022)
10.4.1. IDEXX Laboratories, Inc. (U.S.)
10.4.2. Zoetis Inc. (U.S.)
10.4.3. Heska Corporation (U.S.)
10.4.4. Virbac (France)
10.5. Competitive Dashboard
For more information about this report visit https://www.researchandmarkets.com/r/lvd8z4
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