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Veterinary Rapid Tests Market Analysis
- Report ID: GMI3455
- Published Date: May 2023
- Report Format: PDF
Veterinary Rapid Tests Market Analysis
Veterinary rapid tests market by product type is segmented into rapid test kits and rapid test readers. The rapid test kits segment held the largest share of USD 487.5 million in 2022. It is attributed to the ability to conduct one or several tests as needed to make the most favourable medical decisions while avoiding waste of time and money. Rapid test kits can be stored at room temperature for a longer period of time, allowing for faster results with specificities ranging from 90% to 100%. Such precise testing will lead to earlier diagnosis and treatment, increasing segment demand.
Veterinary rapid tests market by animal type is classified into companion animals and livestock animals. The companion animals segment further includes dogs, cats, horses, and other companion animals whereas, livestock animals segment further includes cattle, swine, poultry, and other livestock animals. The companion animals segment is expected to account for the largest share of the global veterinary rapid diagnostic tests market in 2022. The large share of this segment is attributed to the large population base of pets globally, high awareness regarding regular check-ups and testing in pet owners and increasing pet care expenditure.
Veterinary rapid tests market by application is classified into viral, bacterial, parasitic, allergies, and other applications. 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.
North America veterinary rapid tests market accounted for more than USD 306 million in 2022 and is estimated to witness significant CAGR during the forecast period. The regional growth is attributed to the well-established veterinary medical infrastructure, ongoing technological advancements, surge in R&D activities leads to the growth of the veterinary rapid test market. Due to the presence of advanced veterinary healthcare infrastructure and availability of notable industry players, it leads to the development of veterinary rapid tests in this region.
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Veterinary Rapid Tests Market Scope
