Veterinary Rapid Diagnostic Tests Market Worth $802.2 Million by 2029 – Exclusive Report by Meticulous Research®
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
Redding, California, June 06, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘ *Veterinary Rapid Diagnostic Tests Market by Product (Kits, Readers), Disease (Viral, Parasitic, Bacterial Diseases), Animal Type (Companion {Dogs, Cats}, Livestock), and End User (Hospitals, Reference Labs, Clinics, Home Care) - Global Forecast to 2029’, *published by Meticulous Research^®, the veterinary rapid test market is expected to grow at a CAGR of 9.2% from 2022 to reach $802.2 million by 2029.
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Disease diagnosis of animals enables veterinarians to detect the root causes of infections and provide an early prognosis to prevent the degradation of animal health. Farmers must check the health of their farm animals periodically, as most of them are food-producing animals. The foods derived from animals should be disease-free as there is always a chance of humans getting infected after consuming infected animal-derived foods. In addition, if the disease or infection is not detected early, it can lead to the death of the infected animals, leading to economic losses for farmers. Rapid test kits help in early diagnosis as the results are generated in a few minutes. Moreover, in centralized animal healthcare settings such as veterinary hospitals, clinics, and reference laboratories, either the animals must be brought in for testing, or the samples must be sent for testing. This may cause inconvenience to farmers as transporting large animals is difficult, and there is also the risk of the samples getting damaged during transport, which may lead to the generation of false results. Moreover, the time taken to generate results through conventional testing methods is significantly more compared to rapid tests, which may further delay the treatment of animals. Rapid tests are portable kits or analyzers that can be used by farmers in a setting of their choosing. These tests are simple to use and can be performed without any professional training.
Companion animals or pets are considered a part of the family and treated as family members. There has been an increase in awareness regarding the importance of regular checkups of pets. Heartworm, parvovirus, and ringworm are diseases commonly found in dogs. Rapid test kits for diseases such as heartworm and feline leukemia are cheaper and more affordable than other testing methods. Frequent testing for these diseases with other methods such as PCR is expensive. Hence, simplicity, portability, and lower costs are factors boosting the adoption of rapid tests.
*The Impact of COVID-19 on the Veterinary Rapid Test Market*
The COVID-19 pandemic negatively impacted most industries, leading to a global economic downturn. Governments imposed lockdowns and travel restrictions to ensure social distancing and prevent the further spread of the infection. Veterinary hospitals & clinics witnessed a decline in patient visits. In addition, healthcare systems diverted their resources toward emergency cases, affecting the testing of animals.
Several meat processing plants in the U.S. were identified as COVID-19 hotspots in a survey conducted by the Centers for Disease Control and Prevention (CDC). The workers in these plants were infected with the virus, leading to several deaths. Therefore, these plants were shut down temporarily to prevent the spread of the virus and ensure employee safety. This resulted in reduced meat production, which lowered the use of diagnostics products for disease testing in animals.
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Moreover, due to the misconception that the coronavirus spreads from animals to humans, there were reported instances of pet abandonment. However, while people self-isolated themselves to prevent the risk of infection, there was an increase in the adoption of pets for companionship. For instance, in the U.S., around 9 million dogs were acquired since the beginning of the pandemic. This increase in pet adoption is expected to drive the growth of the veterinary rapid diagnostic tests market.
Furthermore, there were cases of pet animals infected with SARS-CoV-2 (COVID causing virus) in several countries. These infections were found in pets who stayed with COVID-19 infected people. This led to the start of the epidemiological investigation of animals by authorities. In addition, various research studies are being conducted to understand the spread of coronavirus infections in animals and the formation of antibodies against pathogens and to check the feasibility of developing rapid assays and tests to detect the virus in animals. Such research studies are expected to support the growth of the veterinary rapid diagnostic tests market.
The veterinary rapid diagnostic tests market is segmented on the basis of product, disease, technology, animal type, and end user. 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 expected to account for the largest share of this market in 2022. Factors contributing to the segment’s large share are the increased prevalence of viral infections amongst animals and the risk of viruses crossing the species barrier and infecting humans.
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Based on animal type, the companion animals segment is expected to account for the largest share of the veterinary rapid diagnostic tests market in 2022. This is due to the increasing prevalence of diseases in pets, the lower costs of rapid tests compared to other testing 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 test market in 2022. The growing preference for services offered by diagnostic laboratories and increased outsourcing of tests by veterinary hospitals and clinics are the factors driving the growth of this segment.
Based on geography, in 2022, North America is expected to dominate the veterinary rapid diagnostic tests market. 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. However, Asia-Pacific is expected to record the highest CAGR during the forecast period. The high growth of the Asia-Pacific veterinary rapid diagnostic tests market is attributed to the large population of livestock animals and the rising incidence of various zoonotic diseases in the region.
The report also includes an extensive assessment of the product portfolios, geographic presence, and key strategic developments of the leading market participants over the past four years (2019–2022). The veterinary rapid diagnostic tests market has recently witnessed several new product launches, enhancements, approvals, partnerships & agreements, expansions, and acquisitions.
Some of the key players operating in the veterinary rapid test 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).
*Key Questions Answered in the Report-*
· What is the current revenue generated through the sale of veterinary rapid 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 test 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 diagnostic 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 test market?
· Who are the major players in the global veterinary rapid diagnostic 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 test market, and what are the impacts of these developments on the global market?
*To gain more insights into the market with a detailed table of content and figures, click here: *https://www.meticulousresearch.com/product/veterinary-rapid-diagnostic-tests-market-5287
*Scope of the Report:*
*Veterinary Rapid Diagnostic Tests Market, by Product*
· Rapid Test Kits
· Rapid Test Readers
*Veterinary Rapid Diagnostic Tests Market**, by Disease*
· Viral Diseases
· Bacterial Diseases
· Parasitic Diseases
· Allergies
· Others
(The others segment covers metabolic diseases and ailments, pregnancy tests, and optimum breeding time).
*Veterinary Rapid Diagnostic Tests Market, by Animal Type*
· Companion Animals
· Dogs
· Cats
· Other Companion Animals
· Livestock Animals
*Veterinary Rapid Diagnostic Tests Market, by End User*
· Reference Laboratories
· Veterinary Hospitals & Clinics
· Home Care Settings
*Veterinary Rapid Diagn.ostic Tests Market, by Geography*
· North America
· U.S.
· Canada
· Europe
· Germany
· France
· U.K.
· Italy
· Spain
· Rest of Europe (RoE)
· Asia-Pacific (APAC)
· Japan
· China
· India
· Rest of APAC (RoAPAC)
· Latin America
· Middle East & Africa
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*About Meticulous Research®*
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Content Source: https://www.meticulousresearch.com/pressrelease/511/veterinary-rapid-diagnostic-tests-market-2029
CONTACT: Mr. Khushal Bombe
Meticulous Market Research Inc.
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