What is the global market size of Veterinary Rapid Diagnostic Test Market?

Veterinary Rapid Diagnostic Test Market size was valued at USD 2.3 billion in 2021, and it is expected to reach a value of USD 4.23 billion in 2028, at a CAGR of 9.1% over the forecast period (2022-2028).

Global Veterinary Rapid Diagnostic Test Market

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 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.

Veterinary Rapid Diagnostic Test Market Report Snapshots

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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).

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. 'Zoetis', 'Heska Corp.', 'IDEXX Laboratories Inc.', 'Agrolabo S.p.A.', 'IDvet', 'Virbac', 'Thermo Fisher Scientific Inc.', 'Neogen Corp.', 'Covetous', 'iM3Vet Pty Ltd.'

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 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.

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Veterinary Rapid Diagnostic Test Market Regional Insights

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