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Veterinary rapid tests market size is expected to grow significantly from 2019 to 2025.
The veterinary rapid tests market is primarily driven by the rising burden of zoonotic diseases across the globe. According to the Centers for Disease Control and Prevention, every year, numerous zoonotic diseases are anticipated to affect tens of thousands of Americans, leading to the death or sickness among the population. In addition, adults 65 years and above as well as children younger than five years are more susceptible to zoonotic diseases due to their low immune systems. Moreover, the presence of a larger geriatric population base may increase the chances for zoonotic diseases due to their weak immune capacity, thus accelerating business growth over the upcoming years.
The increasing number of infectious diseases in companion animals, such as parasitic diseases and influenza virus, will further propel the need for veterinary rapid tests. The growing prevalence of animal injuries, rising animal healthcare expenditure, and the increasing adoption of pets worldwide will further accelerate industry growth. However, high costs of veterinary treatment may hamper the veterinary rapid tests market growth over the analysis period.
The rapid test kits segment is estimated to hold a significant revenue share owing to technological advancements in rapid test kits. The surge in demand for rapid test kits, such as ELISA kits, tumor marker test kits, allergy test kits, and others, will spur the revenue size during the forecast timeframe. The availability of simple, cost-effective, and easy-to-use rapid test kits that enable the early diagnosis of medical conditions in minimum time will increase their adoption over the coming years.
The bacterial diseases segment is anticipated to witness robust growth during the forecast period. The rising prevalence of bacterial diseases in animals is one of the contributing factors for veterinary rapid test market growth. Moreover, numerous efforts undertaken by various organizations regarding the awareness of veterinary bacterial diseases will augment business growth over forthcoming years.
The companion animal segment is anticipated to witness lucrative growth over the analysis timeframe owing to the rising adoption rate of companion animals. Growing concerns among pet owners pertaining to animal health in developed & developing economies coupled with increased healthcare expenditure will further spur segmental growth. Furthermore, rapid tests are majorly employed for the prevention and early detection of diseases in companion animals, leading to a positive impact on segmental growth.
The North America veterinary rapid tests market accounted for the substantial revenue share in 2018 and is estimated to witness lucrative growth during the forecast period. The regional growth is attributable due to the availability of advanced veterinary healthcare infrastructure. The presence of notable industry players leading to the development of veterinary rapid tests is one of the key factors that will drive the veterinary rapid tests industry growth.
Some of the major industry players operating in the veterinary rapid tests industry include Zoetis, IDEXX Laboratories, Heska, Biopanda Reagents, Fassisi, Virbac, BioNote, SWISSAVANS, MEGACOR Diagnostik, and Woodley Equipment Company. Industry players are focusing their efforts on developing superior veterinary rapid tests to enable rapid detection procedures that are precise and cost-effective to cater to the increasing demand in developed as well as developing countries. Strategic partnerships, mergers, and acquisitions are some of the major strategies adopted by industry players to sustain competition in the market. For instance, in 2018, Zoetis, Inc. acquired Abaxis, Inc. This acquisition enhanced Zoetis’ presence in the veterinary diagnostics industry, including the veterinary rapid tests market.
Veterinary Rapid Tests Market By Product, 2014-2025 (USD Million)
Veterinary Rapid Tests Market By Application, 2014-2025 (USD Million)
Veterinary Rapid Tests Market By Type, 2014-2025 (USD Million)
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