USD 2.3 billion
Veterinary Rapid Diagnostic Test Market Size, Share, Growth Analysis, By Product type(Rapid Test Kits, Rapid Test Readers), By End user(Reference Laboratories, Veterinary Hospitals & Clinics, Home Care Settings), By Animal type(companion (dogs, cats) & livestock), By application(viral, bacterial, parasite, allergies), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35B2069 |
Region:
Global |
Published Date: February, 2024
Pages:
261
|Tables:
116
|Figures:
67
Veterinary Rapid Diagnostic Test Market Insights
Veterinary Rapid Diagnostic Test Market was valued at USD 2.3 billion in 2022, and is poised to grow from USD 2.51 billion in 2023, to USD 5.04 Billion by 2031 at a CAGR of 9.1% during the forecast period (2024-2031).
Animal disease diagnostics enables vets to identify the underlying causes of illnesses and offer an early prognosis to stop the deterioration of animal health. Since most farm animals are food-producing creatures, farmers must routinely check on the health of their livestock. There is always a danger that people could contract an infection after eating foods made from infected animals, thus the meals from animals should be free of disease. Additionally, if the illness or infection is not discovered quickly, it may result in the death of the diseased animals, costing farmers money. As the findings are generated in a matter of minutes, rapid test kits aid in early diagnosis.
Additionally, compared to swift tests, conventional testing procedures take a lot longer to produce results, which could further delay the treatment of animals. Rapid tests are portable kits or analyzers that farmers can use wherever they like. These exams are easy to use and don't require any special training to execute. Pets and companion animals are seen as members of the family and given similar treatment. There has been an increase in public awareness of the value of routine pet exams. Dogs frequently contract heartworm, parvovirus, and ringworm illnesses. For diseases like heartworm and feline leukaemia, rapid test kits are less expensive and more accessible than traditional testing procedures.
US Veterinary Rapid Diagnostic Test Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Rapid Test Kits
Fastest Growth
Rapid Test Kits
Growth Rate
9.1% CAGR
Global Veterinary Rapid Diagnostic Test Market ($ Bn)
Country Share for North America Region (%)
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Veterinary Rapid Diagnostic Test Market Segmental Analysis
The Global Veterinary Rapid Diagnostic Test Market is segmented into product type, end user, application, animal type, and region. The product type segment is bifurcated into Rapid Test Kits and Rapid Test Readers. On the basis of end users, it is segmented into Reference Laboratories, Veterinary Hospitals & Clinics, Home Care Settings. Based on application, the market is segmented into viral, bacterial, parasite, allergies. By animal type, it is segmented into companion (dogs, cats) & livestock. By region, the market is segmented into North America, Latin America, Europe, Asia Pacific, and MEA.
Veterinary Rapid Diagnostic Test Market Analysis by Product Type
According to the product, the market for veterinary fast diagnostic tests was dominated by the rapid test kits segment in 2021. The high market share of this category is mainly related to the rising incidence of diseases in pets and livestock, as well as the rising demand of farmers for at-home/farm animal testing options.
Veterinary Rapid Diagnostic Test Market Analysis by End Users
According to end users, the category for reference laboratories held the largest market share for veterinary fast tests in 2022. The second-largest end-use segment was veterinary hospitals and clinics, which can offer a wide range of diagnostic choices. Additionally, the market is being driven by an increase in the usage of sophisticated analyzers for diagnostic reasons in veterinary hospitals.
Global Veterinary Rapid Diagnostic Test Market By Product type
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Veterinary Rapid Diagnostic Test Market Regional Insights
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). Geographically, the veterinary fast diagnostic tests market is anticipated to be dominated by North America in 2022. North America is predicted to account for the highest proportion thanks to rising veterinary numbers, greater awareness of the value of disease diagnosis in animals, and rising pet health expenditures. The largest CAGR is anticipated to be achieved during the projected period, nevertheless, in Asia-Pacific. Due to the abundance of livestock and the increased prevalence of numerous zoonotic illnesses in the area, the market for veterinary quick diagnostic tests in the Asia-Pacific has experienced significant expansion.
Global Veterinary Rapid Diagnostic Test Market By Region
- Largest
- Fastest
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Veterinary Rapid Diagnostic Test Market Dynamics
Veterinary Rapid Diagnostic Test Market Drivers
Rise in Pet Population and Healthy Livestock to bring Lucrative Growth Opportunities
- For a sizable portion of the population in developing countries, livestock husbandry is one of the main sources of income and subsistence. Farmers increasingly need to increase livestock production as the demand for food products derived from animals grows on a global scale. However, illnesses like foot and mouth, Newcastle disease, and African swine fever have an impact on the livestock industry's productivity by lowering the quality of food items made from animals.
- The industry is expected to expand because of the increased pet population and demand for meals originating from animals. Opportunities for market expansion are anticipated to arise from rising pet ownership in developing nations and strategic alliances between distributors and producers of veterinary fast diagnostic tests.
Veterinary Rapid Diagnostic Test Market Restraints
High Cost Associated with Diagnostics to Hinder Market Growth
- On the other hand, high costs related to animal diagnostics and an increase in pet care costs are anticipated to restrain market expansion. Additionally, a lack of veterinarians is anticipated to be a hurdle to the veterinary diagnostics market throughout the projection period.
- In a survey, the Centers for Disease Control and Prevention identified several meat processing plants in the United States as COVID-19 hotspots (CDC). The virus infected the workers at these plants, resulting in several deaths. As a result, these plants were temporarily shut down to prevent the spread of the virus and to ensure employee health and safety, resulting in reduced meat production. Farmers must ensure the quality of animal-derived food products. Reduced meat production resulted in a decrease in the use of diagnostic products for animal disease testing.
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Veterinary Rapid Diagnostic Test Market Competitive Landscape
Due to the presence of numerous large and minor industry participants, the market is fragmented. To increase their market share, major players are implementing business strategies including diversified product offerings, regional expansion, business expansion, joint ventures, and new product launches.
Veterinary Rapid Diagnostic Test Market Top Player's Company Profiles
- Zoetis
- IDEXX Laboratories Inc.
- Agrolabo S.p.A.
- IDvet
- Virbac
- Thermo Fisher Scientific Inc.
- Covetous
- iM3Vet Pty Ltd.
Veterinary Rapid Diagnostic Test Market Recent Developments
- In March 2021, Zomedica Corp., a veterinary health corporation producing point-of-care diagnostics products for cats and dogs, recorded the first veterinarian sale of TRUFORMA and officially entered commercialization.
- In November 2021, FUJIFILM Europe aims to expand its veterinary diagnostic customer portfolio with products and services with the purchase of DMV Imaging.
Veterinary Rapid Diagnostic Test Key Market Trends
- The rising prevalence of zoonotic illnesses, the advantages of quick tests over other techniques, the demand for at-home/farm testing, and rising public knowledge of veterinary health all contribute to the market's expansion.
- Meat, milk, and eggs are among the foods whose demand has surged recently. Due to declining agricultural output as a result of depleting resources and a lack of arable land, the consumption of meals derived from animals is rising. Animal products are a key source of protein, and eating a diet high in protein is crucial for maintaining good health. Animal protein consumption in wealthy nations is steady (between 44 and 55 g per person per day), whereas consumption is rising in developing nations.
Veterinary Rapid Diagnostic Test Market SkyQuest Analysis
SkyQuest’s ABIRAWA (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global veterinary rapid diagnostic tests market analysis, Increased spending on animal health, an increase in the prevalence of zoonotic diseases and the number of veterinarians, improvements in point-of-care diagnostic technology, and rising levels of disposable income in developing countries are all factors that have contributed to the growth of this market. The demand is further expected to increase due to the rising prevalence of infectious animal diseases. Additionally, improvements in diagnostics and an increasing adoption of novel procedures in the majority of laboratories are fueling market expansion. The frequency of diagnostic tests has also been gradually increased by veterinarians. The COVID-19 epidemic, when hospitals had to concentrate on providing crucial pet services, brought this trend to light. Pet ownership is expected to continue to rise, and products are becoming more prevalent in veterinary clinics, both of which are driving market expansion.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 2.3 billion |
| Market size value in 2031 | USD 5.04 Billion |
| Growth Rate | 9.1% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Veterinary Rapid Diagnostic Test Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Veterinary Rapid Diagnostic Test Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Veterinary Rapid Diagnostic Test Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Veterinary Rapid Diagnostic Test Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Veterinary Rapid Diagnostic Test Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Veterinary Rapid Diagnostic Test Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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