Veterinary Rapid Test Market Surpass $1,291.69 Million by 2028

Veterinary Rapid Test Market Surpass $1,291.69 Million by 2028Lucrative Regions for Veterinary Rapid Test MarketThe veterinary rapid test market is projected to reach US$ 1,291.69 million by 2028 from US$ 733.87 million in 2021; it is expected to grow at a CAGR of 8.4% from 2021 to 2028.

According to The Insight Partners latest study on “Veterinary Rapid Test Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, Application, and Animal Type,” The report highlights the key factors driving the market and prominent players with their developments in the market. The growth of the veterinary rapid test market is primarily attributed to the increasing incidence of zoonotic diseases and rising initiatives by governments and animal welfare associations in different countries. However, the limited number of skilled professionals in veterinary diagnostics and the elevating costs of veterinary care are hindering the market growth.

Strategic Insights:

Report Coverage             

(Details)

Market Size Value in      

(US$ 733.87 Million in 2021)

Market Size Value by    

(US$ 1,291.69 Million by 2028)

Growth Rate     

(CAGR of 8.4% from 2020 to 2028)

Forecast Period

(2021-2028)

Base Year           

(2021)

No. of Pages     

(220)

No. Tables          

(138)

No. of Charts & Figures

(80)

Segments covered         

(Type, Application, End User)

Regional scope 

(North America; Europe; Asia Pacific; Latin America; MEA)

Country scope  

(US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina)

Report coverage             

(Revenue forecast, company ranking, competitive landscape, growth factors, and trends)

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The growth of the Veterinary Rapid Test market is attributed to increasing incidence of zoonotic diseases and rising initiatives by governments and animal welfare associations in different countries. However, the limited number of skilled professionals in veterinary diagnostics and the elevating costs of veterinary care are restraining the market growth. Veterinary rapid tests provide a positive or negative result to assist in the diagnosis of a variety of health disorders in companion animals and livestock animals. These tests help in monitoring and controlling zoonotic diseases (infectious diseases transmitted from other animals or humans). The test is carried out by placing a sample on the specimen well present on the device. The results are obtained once the antigen-antibody interaction completes, resulting in a visible indicator on the device. These rapid test kits can provide efficient detection of pathogens in a short duration of time; around 5 minutes to 10 minutes.

Market Insights

Increasing Incidence of Zoonotic Diseases Fuel Veterinary Rapid Test Market GrowthAn increase in zoonotic diseases is likely to drive the veterinary rapid test market. Animals can sometimes carry harmful germs that can spread to people and cause illness; these are known as zoonotic diseases or zoonoses. Zoonotic diseases are caused by harmful germs like bacteria, viruses, parasites, and fungi. These germs can cause many different types of illnesses in people and animals, ranging from mild to severe illness and even death. Zoonotic diseases are prevalent, both in the US and around the world. As per the CDC, more than six out of every ten known infectious diseases in people can be spread from animals and three out of every four new or upcoming infectious diseases in people come from animals. Moreover, at least 55,000 people were reported dead because of rabies in Asia and Africa as of 2016.

Outbreaks such as severe acute respiratory syndrome (SARS) and avian influenza have shown once again the potential of microorganisms from animal reservoirs to adapt to human hosts. During the past decades, many earlier unknown human infectious diseases have emerged from animal reservoirs, from agents such as Ebola virus, human immunodeficiency virus (HIV), Nipah virus, West Nile virus, and Hantavirus. More than three-quarters of the human diseases that are new, emerging, or re-emerging at the beginning of the 21st century are caused by pathogens which are originated from animals or products of animal origin. According to the WHO, around 60% of emerging infectious diseases that are reported globally are zoonoses and about one billion cases of illness and millions of deaths occur every year from zoonoses.

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. 

Get the Latest COVID-19 Analysis on Veterinary Rapid Test Market at: https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00006528

Based on product, the veterinary rapid test market is segmented into rapid test kits and rapid test readers. The rapid test kits segment is the largest shareholder in the market; however, the rapid test readers segment is expected to register the highest CAGR in the market during the forecast period.

Based on animal type, the veterinary rapid test market is segmented into companion animals and livestock animals. The companion animals segment is subsegmented into dogs, cats, horses, and others. The livestock animals segment is further divided into cattle, poultry, swine, and others. The livestock animals segment holds the largest share of the veterinary rapid test market. However, the companion animals segment is anticipated to register the highest CAGR in the market during the forecast period. Increasing demand for meat and rising incidence of infectious diseases are driving the segment.

Veterinary Rapid Test Market: Competitive Landscape and Key Developments

IDEXX Laboratories, Inc.; Zoetis, Inc.; Virbac; Heska Corporation; Biopanda Reagents, Ltd.; Fassisi GmbH; BioNote, Inc.; SWISSAVANS AG; MEGACOR Diagnostik GmbH; and Woodley Equipment Company are among the leading companies operating in the veterinary rapid test market.

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The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Devices, Technology, Media and Telecommunications, Chemicals and Materials.

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