Veterinary Rapid Tests Market Size is slated to expand considerably over the span of 2022-2028, given the rising cases of zoonotic diseases worldwide. According to WHO, nearly one billion cases of illnesses and millions of fatalities occur every year from zoonoses. Moreover, about 60% of the emerging infectious diseases recorded globally are zoonoses.
The market growth is being further propelled by the new product launches, surge in strategic alliances between manufacturers and distributors, mounting awareness pertaining to veterinary health, and an increase in pet ownership.
Veterinary rapid diagnostic test is a medical test that is easy to perform and offers quick results. The test is considered to be highly cost-effective and delivers accurate rapid point of care diagnostic tests. These tests offer test kits for various viruses including rabies, canine and feline heartworm, feline leukemia, avian and swine flu, and others.
Factors like dearth of awareness about animal health in low-income economies, lack of reimbursement, and inadequate infrastructure in different parts of the world are expected to restrict the growth scope of veterinary rapid tests market throughout 2028.
Novel product developments and innovations in the space are expected to provide lucrative growth opportunities for the industry progression in the upcoming years. To illustrate, in 2020, Zomedica Pharmaceuticals announced taking up a developmental partnership with Qorvo Biotechnologies for creating three new assays to target the diagnosis of canine gastrointestinal issues.
Based on the application, veterinary rapid tests market is slated to observe escalation from the bacterial diseases segment. Subtle growth in the outbreaks of bacterial disease in cattle and companion animals would push the demand for veterinary rapid test kits in the ensuing years. In addition, rise in awareness regarding animal health would bolster the segmental growth further.
In terms of the animal type, livestock animals segment including cattle, poultry, and others would expand notably over the forecast period. Growing incidences of zoonotic diseases in cattle and poultry animals would add to the industry progression. Besides, the rising consumption of poultry meat across different economies would augment the demand for veterinary rapid tests in the forthcoming years. for instance, the consumption of poultry meat is likely to rise to 145 million tons by 2029 globally.
Regionally, Asia Pacific veterinary rapid tests market would record significant growth in the ensuing years. This can be credited to the surge in pet ownership and rise in the focus towards veterinary health and rising government initiative to encourage veterinary health in Asian economies. As per estimates, India has an approximate pet population of 28 to 29 million, with dogs making up a major stake in pet ownership. Furthermore, rising government initiatives promoting animal healthcare across different Asian economies would propel the regional industry dynamics over the foreseeable time period.
Eminent companies operating in the global veterinary rapid tests industry include Zoetis Inc., Biopanda Reagents, Heska Corporation, IDEXX Laboratories, Woodley Equipment Company, MEGACOR Diagnostik, BioNote Inc., and others.
These solutions providers are relentlessly working towards the development of novel products in the space, seeking to gain a competitive position in the overall marketplace.
The coronavirus pandemic outbreak had led various businesses to rupture to a great extent. However, businesses associated with the medical and healthcare industry witnessed moderate growth during the COVID period. Global market share was known to be slightly affected by the temporary pause in the non-emergency treatments of pets or livestock animals due to movement restrictions and scare of the infection spread. Moreover, disruptions in the supply chain have also contributed to sluggish market growth.
The veterinary rapid tests market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2028 for the following segments:
Market, By Product
Market, By Application
Market, By Type
The above information is provided for the following regions and countries: