Veterinary Rapid Tests Market Size
Veterinary Rapid Tests Market size was valued at more than USD 740.9 million in 2022 and is poised to register over 8.9% CAGR between 2023 and 2032. The growing preference for at-home and farm testing, rising veterinary health awareness and increasing global animal health expenditure, and rising demand for animal-derived food products are driving the global market expansion.
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Veterinary rapid tests are defined as the tests that are used for screening of animals like cats, dogs, cattle, and bovine. These tests are done by placing a sample of specimen on device. The results are obtained once when antibody-antigen interact with each other then there is formation of a visible indicator as a result on the device. Veterinary rapid tests are easy to perform and quick. These tests are more accurate as compared to other testing and can be done at home.
Veterinary Rapid Tests Market Report Attributes
| Report Attribute |
Details |
| Base Year |
2022 |
| Veterinary Rapid Tests Market Size in 2022 |
USD 740.9 Million |
| Forecast Period |
2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR |
8.9% |
| 2032 Value Projection |
USD 1.7 Billion |
| Historical Data for |
2018 to 2022 |
| No. of Pages |
335 |
| Tables, Charts & Figures |
577 |
| Segments covered |
Product type, Test type, Application, Animal type, Sample type, End-user and Region |
| Growth Drivers |
- Growing number of companion animal population
- Increasing prevalence of zoonotic diseases in animals
- Rising demand for rapid test diagnosis over other tests
- Increasing pet ownership
|
| Pitfalls & Challenges |
- Limited number of infrastructures for veterinary diagnosis
- Lack of awareness for veterinary health in underdeveloped countries
- Increasing cost of animal healthcare
|
What are the growth opportunities in this market?
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Veterinary rapid tests give immediate result which results into immediate treatment. During the COVID-19 pandemic, more attention was given to the development of veterinary diagnostics tools for identifying diseases in animals which led to a positive growth in veterinary rapid tests despite the COVID-19 pandemic's ongoing negative effects on worldwide markets. Hence, favourable regulatory scenarios and availability of research funding for effective veterinary rapid tests during the COVID-19 created significant market growth opportunities. Presence of substantial number of veterinary rapid tests market participants as well as emerging players will surge the demand for veterinary rapid tests.
Covid-19 Impact
The devastating global pandemic has taken a heavy toll on millions around the world, leading to a tragic rise in deaths. During this unprecedented time, hospitals were forced to prioritize emergency care, putting all non-urgent and elective surgeries on hold. Meanwhile, as COVID-19 cases surged, the demand for rapid tests soared, not only for humans but also for animals. Healthcare giants, government agencies, and research institutions worked tirelessly to develop cost-effective, fast, and reliable veterinary rapid tests. Leading organizations like the CDC, OSHA, and WHO stepped up to guide the development and implementation of these tests. Governments worldwide are carefully evaluating and adopting the most appropriate strategies to ensure accurate and timely veterinary testing.
Veterinary Rapid Tests Market Trends
The rise in zoonotic diseases is a major concern that's fueling the growth of the veterinary market. These diseases, which spread from animals to humans, cause over a billion illnesses and millions of deaths each year. In the past 30 years alone, we've seen more than 30 new human pathogens emerge, with 75% of them coming from animals. This increased risk of zoonotic illnesses is partly due to the growing popularity of pet ownership around the world. Pets can carry viruses, bacteria, fungi, and parasites that can spread to humans. The risk is particularly high in rural areas of developing countries, where people often live in close contact with livestock. To combat these threats, there's a growing demand for rapid veterinary tests that can detect zoonotic diseases in companion animals. This will help prevent the spread of these diseases to humans, protect public health, and drive the growth of the veterinary market in the years to come.
Veterinary Rapid Tests Market Analysis
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Veterinary rapid tests market by product type is segmented into rapid test kits and rapid test readers. The rapid test kits segment held the largest share of USD 487.5 million in 2022. It is attributed to the ability to conduct one or several tests as needed to make the most favourable medical decisions while avoiding waste of time and money. Rapid test kits can be stored at room temperature for a longer period of time, allowing for faster results with specificities ranging from 90% to 100%. Such precise testing will lead to earlier diagnosis and treatment, increasing segment demand.
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Veterinary rapid tests market by animal type is classified into companion animals and livestock animals. The companion animals segment further includes dogs, cats, horses, and other companion animals whereas, livestock animals segment further includes cattle, swine, poultry, and other livestock animals. The companion animals segment is expected to account for the largest share of the global veterinary rapid diagnostic tests market in 2022. The large share of this segment is attributed to the large population base of pets globally, high awareness regarding regular check-ups and testing in pet owners and increasing pet care expenditure.
Veterinary rapid tests market by application is classified into viral, bacterial, parasitic, allergies, and other applications. The factors responsible for the growth are increasing viral infection outbreaks in animals, the focus of authorities to monitor and control disease outbreaks in animals globally, and the risk of viral infections of cross-species barrier and infections in humans.
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North America veterinary rapid tests market accounted for more than USD 306 million in 2022 and is estimated to witness significant CAGR during the forecast period. The regional growth is attributed to the well-established veterinary medical infrastructure, ongoing technological advancements, surge in R&D activities leads to the growth of the veterinary rapid test market. Due to the presence of advanced veterinary healthcare infrastructure and availability of notable industry players, it leads to the development of veterinary rapid tests in this region.
Veterinary Rapid Tests Market Share
The global veterinary rapid tests industry consists of several players including
- Zoetis, Inc.
- IDEXX Laboratories, Inc.
- Heska Corporation
- Thermo Fisher Scientific Inc.
- Biopanda Reagents Ltd.
- Fassisi GmbH
- Swissavans AG
- Virbac
- BioNote, Inc.
- MEGACOR Diagnostik GmbH
- Woodley Equipment Company, Ltd.
These companies are implementing several strategies such as collaborations, acquisitions, partnerships, mergers, and product launches, etc. to maintain a competitive edge in the industry.
Veterinary Rapid Tests Industry in News
- In October 2021, Heska Corporation announced that the Company has acquired majority ownership of Biotech Laboratories U.S.A. LLC, a leading developer of rapid assay diagnostics testing, and with this acquisition Heska Corporation increased its share in the Rapid Assay Point of Care Diagnostics market.
The veterinary rapid tests market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments
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By Product Type
- Rapid test kits
- Rapid test readers
By Test Type
- Antigen-based rapid test
- Antibody-based rapid test
- Mixed tests
By Application
- Viral
- Parasitic
- Bacterial
- Allergies
- Other applications
By Animal Type
- Companion animals
- Dogs
- Cats
- Horses
- Other companion animals
- Livestock animals
- Cattle
- Swine
- Poultry
- Other livestock animals
By Sample Type
- Blood
- Feces
- Serum
- Plasma
- Urine
- Other sample types
By End-user
- Homecare settings
- Veterinary hospitals
- Veterinary clinics
- Other end-users
The above information is provided for the following regions and countries
- North America
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Qatar
Rest of Middle East & Africa
