Dublin, May 27, 2019 (GLOBE NEWSWIRE) -- The "Veterinary Rapid Test Market by Product (Rapid Test Kit, Rapid Test Readers), Application (Viral, Bacterial, Parasite, Allergies), and Animal Type (Companion (Cat, Dog, Horse), Livestock (Cattle, Swine, Poultry)) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The global veterinary rapid tests market is projected to reach USD 853.7 million by 2024 from USD 573.5 million in 2019, at a CAGR of 8.3% during the forecast period.
The increasing prevalence of zoonotic diseases among companion and livestock animals and the growing need for the rapid detection of these diseases are the major factors driving the growth of this market.
The growing companion animal population and the rising demand for animal-derived food products are the other major factors driving market growth. Rapid growth in developing countries across APAC and Latin America offer significant growth opportunities for players.
The veterinary rapid tests market is highly competitive, with a number of players competing for a larger market share. The prominent players in this market are Zoetis, Inc. (US), IDEXX Laboratories, Inc. (US), Heska Corporation (US), Biopanda Reagents Ltd. (UK), Fassisi GmbH (Germany), Virbac (France), BioNote, Inc. (South Korea), SWISSAVANS AG (Switzerland), MEGACOR Diagnostik GmbH (Austria), and Woodley Equipment Company (UK).
Due to the intense competition in this market, major market players are increasingly focusing on expanding their geographic presence in the high-growth emerging markets and strengthening their competitiveness in the market by acquiring smaller players with desired manufacturing capabilities or geographic presence.
Market Dynamics
Drivers
- Growth in Companion Animal Population
- Increasing Prevalence of Zoonotic Diseases
- Advantages of Rapid Tests Over Other Testing Methods
- Increasing Demand for Animal-Derived Food Products
Opportunities
- Untapped Emerging Markets
Challenges
- Low Animal Healthcare Awareness and Limited Animal Diagnostics Infrastructure in Several Countries
Companies Mentioned
- BioNote, Inc.
- Biopanda Reagents, Ltd.
- Fassisi GmbH
- Heska Corporation
- IDEXX Laboratories, Inc.
- MEGACOR Diagnostik GmbH
- SWISSAVANS AG
- Virbac
- Woodley Equipment Company, Ltd.
- Zoetis, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/e56r3h
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