Dublin, Dec. 19, 2023 (GLOBE NEWSWIRE) -- The "Veterinary Rapid Test Kits Market - Global Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global veterinary rapid test kits market is projected to grow at a compelling 8.53% CAGR from 2022 to 2028, according to the latest market outlook and forecast report available on our research page.
Industry Trends and Opportunities: Mergers & Acquisitions, and Shift to Point-of-Care Testing
Recent years have seen the veterinary rapid test kits market expand due to strategic mergers and acquisitions, fueling product expansion and increased market reach. Concurrently, a shift towards point-of-care testing (POCT) has emerged as a prominent trend, particularly for early diagnosis and prevention in animals, improving access to animal testing in all locales, including areas with resource limitations.
Non-Infectious Animal Health Conditions Fuel Expansion of Veterinary Rapid Test Kits
Notably, the proliferation of non-infectious diseases such as diabetes and cancer in pets has escalated the demand for veterinary rapid test kits. This trend is reflected in the expansion of test kit applications, addressing a wider spectrum of animal health concerns.
Surge in Animal Healthcare Spending and Pet Ownership: A Key Driver
With rising concerns over zoonotic diseases and the health implications they entail, there's an increasing focus on animal well-being. This perspective is mirrored by elevated spending on pet and livestock animal healthcare. Furthermore, pet ownership has surged in recent years, creating a significant market for veterinary services and products, including rapid test kits.
Market Segmentation Insights
By Animal Type
The escalating pet adoption rates and associated diagnostic expenditures substantially augment the market growth for companion animal diagnosis. Advance in veterinary rapid test kits caters to common conditions affecting these pets, inducing market progression.
- Companion Animals
- Livestock Animals
By Application
The application of rapid test kits for viral diseases has captured the bulk of the market share, powered by the high incidence of viral infections across animal populations.
- Viral Diseases
- Bacterial Diseases
- Parasite Diseases
- Others
By End-Users
Veterinary reference laboratories lead the end-user segment, owing to their initial contact for animal health condition diagnostics. Yet, veterinary hospitals and clinics are swiftly growing, especially in emerging regions, which spells a plethora of untapped opportunities.
- Veterinary Reference Laboratories
- Veterinary Hospitals
- Veterinary Clinics
- Others
Geographical Analysis
North America remains at the forefront of the market, steered by considerable pet ownership and health expenditure. However, the Asia Pacific region is anticipated to register the fastest growth owing to a substantial livestock population and a spike in companion animal ownership.
Market Overview
The market landscape is characterized by a mix of global and local players offering an array of products for both companion and livestock animal diagnosis. A focused approach on product innovation and strategic expansions by key players such as IDEXX and Zoetis Services heightens the market competition.
Key Questions Addressed
- What is the current market size and growth rate?
- Who are the key players driving the market?
- Which factors are propelling market advancement?
The full insights and detailed analysis of the global veterinary rapid test kits market provide key stakeholders with valuable data to make informed decisions. As the industry pivots to meet the challenges of pet and livestock disease diagnosis head-on, the report serves as an indispensable resource for better understanding market dynamics.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 274 |
| Forecast Period | 2022-2028 |
| Estimated Market Value (USD) in 2022 | $0.72 Billion |
| Forecasted Market Value (USD) by 2028 | $1.18 Billion |
| Compound Annual Growth Rate | 8.5% |
| Regions Covered | Global |
Key Topics Covered
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.1.1 Inclusions
4.1.2 Exclusions
4.1.3 Market Estimation Caveats
4.2 Base Year
4.3 Scope of the Study
4.3.1 Market Segmentation by Animal Type
4.3.2 Market Segmentation by Application
4.3.3 Market Segmentation by End-user
4.3.4 Market Segmentation by Geography
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Premium Insights
6.1 Overview
6.1.1 Market Trends & Opportunities:
6.1.2 Market Drivers
6.1.3 Segmentation of Global Veterinary Rapid Test Kits Market
7 Market at a Glance
8 Introduction
8.1 Overview
9 Market Opportunities & Trends
9.1 Recent Mergers & Acquisitions Changed Market Landscape
9.2 Shift Toward POCT in Animals for Early Disease Diagnosis & Prevention
9.3 Expansion of Veterinary RDTs for Non-Infectious Diseases
10 Market Growth Enablers
10.1 Rise in Expenditure on Animal Well-Being
10.2 Burden of Zoonotic Diseases
10.3 Rapid Growth in Pet Ownership
11 Market Restraints
11.1 Vaccination & Care Programs for Animals
11.2 Limitations Associated with Veterinary RDT
11.3 Available Alternative Testing & Diagnosis Methods
12 Market Landscape
12.1 Market Overview
12.1.1 Market by Animal Type
12.1.2 Market by Application
12.1.3 Market by End-user
12.1.4 Market by Geography
12.2 Market Size & Forecast
12.3 Five Forces Analysis
12.3.1 Threat of New Entrants
12.3.2 Bargaining Power of Suppliers
12.3.3 Bargaining Power of Buyers
12.3.4 Threat of Substitutes
12.3.5 Competitive Rivalry
14 Application
15 End-user
16 Geography
17 North America
18 Europe
19 APAC
20 Latin America
21 Middle East & Africa
22 Competitive Landscape
22.1 Competition Overview
22.2 Market Share Analysis
22.2.1 IDEXX
22.2.2 Zoetis Services
22.2.3 Thermo Fisher Scientific
23 Key Company Profiles
23.1 IDEXX
23.2 Zoetis Services
23.3 Thermo Fisher Scientific
24 Other Prominent Vendors
24.1 Ahlstrom
24.2 Accuplex Diagnostics
24.3 Bioeasy Biotechnology
24.4 Bionote
24.5 Biopanda Reagents
24.6 Biognost
24.7 Coris Bioconcept
24.8 Chembio Diagnostics
24.9 Diatheva Srl
24.10 Dutch Diagnostics Bv
24.11 Gold Standard Diagnostics
24.12 Fassisi
24.13 Frenovo Biotech
24.14 Heska Corporation
24.15 Innovative Diagnostics
24.16 Nanjing Poclight Biotechnology
24.17 Megacor Diagnostik
24.18 Randox Laboratories
24.19 Rapid Labs
24.20 Ringbio (Ring Biotechnology Co. Ltd.)
24.21 Safepath Laboratories, LLC
24.22 Secure Diagnostics
24.23 Ubio Biotechnology Systems
24.24 Vitrosens Biotechnology
24.25 Vetall Laboratories
24.26 Virbac
24.27 Woodley Equipment Company
25 Report Summary
25.1 Key Takeaways
25.2 Strategic Recommendations
26 Quantitative Summary
26.1 Market by Geography
26.2 Market by Animal Type
26.3 Market by Application
26.4 Market by End-user
26.5 Market by Animal Type
26.5.1 Companion Animals: Market by Geography
26.5.2 Livestock Animals: Market by Geography
26.6 Market by Application
26.6.1 Viral Diseases: Market by Geography
26.6.2 Bacterial Diseases: Market by Geography
26.6.3 Parasitic Diseases: Market by Geography
26.6.4 Other Applications: Market by Geography
26.7 Market by End-user
26.7.1 Veterinary Reference Laboratories: Market by Geography
26.7.2 Veterinary Hospitals: Market by Geography
26.7.3 Veterinary Clinics: Market by Geography
26.7.4 Other End-users: Market by Geography
27 Appendix
27.1 Abbreviations
For more information about this report visit https://www.researchandmarkets.com/r/z2aeey
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