Veterinary Rapid Diagnostic Tests Market Worth $802.2 Million by 2029

Veterinary Rapid Diagnostic Tests Market by Product (Kits, Readers), Disease (Viral, Parasitic, Bacterial Diseases, Allergies), Animal Type (Companion {Dogs, Cats}, Livestock), and End User (Hospitals, Reference Labs, Clinics, Home Care) - Global Forecast to 2029

Meticulous Research^®—leading global market research company published a research report titled ‘Veterinary Rapid Diagnostic Tests Market by Product (Kits, Readers), Disease (Viral, Parasitic, Bacterial Diseases, Allergies), Animal Type (Companion {Dogs, Cats}, Livestock), and End User (Hospitals, Reference Labs, Clinics, Home Care) - Global Forecast to 2029’

According to this latest publication from Meticulous Research^®, the Veterinary Rapid Tests Market is expected to grow at a CAGR of 9.2% from 2022 to reach $802.2 million by 2029. The high growth of the veterinary rapid diagnostic tests market is mainly attributed to the increasing prevalence of zoonotic diseases, advantages of rapid tests over other methods, the growing preference for at-home/farm testing, and the growing awareness about veterinary health. Moreover, the increasing pet population and the rising demand for animal-derived foods also drive the growth of this market. Emerging markets and strategic alliances between manufacturers and distributors of veterinary rapid diagnostic testing products are expected to create market growth opportunities. However, the lack of reimbursements restricts the growth of this market. In addition, inadequate diagnostics infrastructure is a major challenge for the market's growth.

The Veterinary Rapid Tests Market study presents historical market data in terms of values (2020 and 2021), estimated current data (2022), and forecasts for 2029—by Product (Rapid Test Kits and Rapid Test Readers), Disease (Viral Diseases, Bacterial Diseases, Others), Animal Type (Companion, Livestock), End User (Reference Laboratories, Veterinary Hospitals & Clinics, Home Care Setting), and Geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on product, the rapid test kits segment is expected to account for the largest share of the veterinary rapid diagnostic tests market in 2022. The segment’s large share is mainly attributed to the increasing prevalence of diseases in companion and livestock animals and farmers’ increasing preference for at-home/farm animal testing options.

Based on disease, the viral diseases segment is estimated to account for the largest share of this market in 2022. Factors contributing to the segment’s large share include the increased prevalence of viral infections among animals and the risk of viruses crossing the species barrier and infecting humans.

Based on animal type, the companion animals segment is estimated to account for the largest share of the Veterinary Rapid Tests Market. The primary factors responsible for the segment's large share are the increasing prevalence of diseases in pets, lower costs of rapid tests compared to other methods, and the wide availability of rapid tests for common diseases occurring in companion animals.

Based on end user, the reference laboratories segment is estimated to account for the largest share of the veterinary rapid diagnostic tests market in 2022. The growing preference for services offered by veterinary diagnostic laboratories and increased outsourcing of diagnostic testing by hospitals and clinics are the factors driving the growth of this segment.

This research report analyzes major geographies and provides a comprehensive analysis of the Veterinary Rapid Tests Market in North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and RoE), Asia-Pacific (Japan, China, India, and RoAPAC), Latin America, and the Middle East & Africa. North America is expected to dominate the veterinary rapid diagnostic tests market in 2022, followed by Europe and Asia-Pacific. The increasing awareness regarding the importance of diagnosing diseases in animals, the rising number of veterinarians, and increased spending on pet health in the region are expected to support North America’s largest share.

Key Players

The key players operating in the Veterinary Rapid Tests Market are IDEXX Laboratories, Inc. (U.S.), Zoetis Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Woodley Equipment Company Ltd. (U.K.), Virbac (France), Heska Corporation (U.S.), SWISSAVANS AG (Switzerland), Fassisi GmbH (Germany), MEGACOR Diagnostik GmbH (Austria), and BioNote, Inc. (South Korea), among others.

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Key Questions Answered in the Report-

What is the current revenue generated through the sale of veterinary rapid diagnostic test products across the globe?
At what rate is the demand for veterinary rapid diagnostic test products projected to grow over the next 5–7 years?
What is the historical market size and growth rate of the global veterinary rapid diagnostic tests market?
What are the major factors impacting the growth of this market at the global and regional levels? What are the major opportunities for existing market players and new entrants in the market?
What impact did the COVID-19 pandemic have on the value chain of the Veterinary Rapid Tests Market?
Which segments in terms of product, technology, disease, animal type, and end user are creating major traction for the vendors in this market?
What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the vendors operating in the global veterinary rapid diagnostic tests market?
Who are the major players in the global Veterinary Rapid Tests Market? And what are their specific rapid test kit/rapid test reader offerings in the veterinary rapid diagnostic tests market?
What are the recent strategic developments in the global veterinary rapid diagnostic tests market, and what are the impacts of these developments on the global market?

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