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

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.