Factors contributing to the growth of this market include the increasing prevalence of zoonotic diseases among companion and livestock animals and the growing need for the rapid detection of these diseases.
[181 Pages Report] The global veterinary rapid tests market is projected to reach USD 854 million by 2024 from USD 573 million in 2019, at a CAGR of 8.3%.
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During the forecast period, the market for dogs is expected to develop at the fastest CAGR.
The animal type market is divided into dogs, cats, horses, and other companion animals such as rabbits, birds, and reptiles based on companion animals. During the forecast period, the market for dogs is expected to develop at the fastest rate. The rising adoption of dogs, the rising occurrence of diseases, and the rising pet health spending all contribute to this market segment's rapid expansion.
During the projection period, the market for cattle is expected to increase the most.
The market is divided into cattle, swine, poultry, and other livestock animals such as sheep, goats, and fish based on livestock animals. The cattle market is expected to account for the greatest share of the market in 2019 and to grow at the fastest rate over the forecast period. The increased awareness about animal health and a growing focus on regular check-ups might be attributable to this segment's huge share and strong growth rate.
During the projection period, the APAC region is expected to grow at the fastest rate.
During the projection period, the worldwide veterinary rapid tests industry in APAC is predicted to grow at the fastest rate. Significant developments, such as increased pet adoption, increased awareness of animal health, and rising per capita animal health expenditure, are driving the majority of the growth, particularly in India and China. Furthermore, in rising APAC economies, demand for animal-based products such as meat and milk is expanding. In this situation, protecting animal health and productivity becomes even more important, which has fueled the adoption of fast test solutions in this region.
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Key Market Players
The prominent players in the global veterinary rapid tests market are Zoetis, Inc. (US), IDEXX Laboratories, Inc. (US), Heska Corporation (US), Biopanda Reagents Ltd. (UK), Fassisi GmbH (Germany), Virbac (France), BioNote, Inc. (South Korea), SWISSAVANS AG (Switzerland), MEGACOR Diagnostik GmbH (Austria), and Woodley Equipment Company (UK).