Veterinary Rapid Test Market is projected to reach USD 854 million by 2024 from USD 573 million in 2019, at a CAGR of 8.3%. Factors contributing to the growth of this market include the increasing prevalence of zoonotic diseases among companion and livestock animals and the growing need for the rapid detection of these diseases.
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Key Market Players
Players in the veterinary rapid tests market, such as 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) are focusing on increasing their presence in this high-growth market through both organic as well as inorganic growth strategies, such as product launches, expansions, agreements, collaborations, and acquisitions. 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.
The market for dogs is projected to grow at the highest CAGR during the forecast period
Based on companion animals, the animal type market is segmented into dogs, cats, horses, and other companion animals such as rabbits, birds, and reptiles. The market for dogs is projected to grow at the highest growth rate during the forecast period. High growth in this market segment is attributed to the growing adoption of dogs, increasing prevalence of diseases, and the growing pet health expenditure.
The market for cattle is expected to witness the highest growth during the forecast period
On the basis of livestock animals, the market is broadly classified into cattle, swine, poultry, and other livestock animals such as sheep, goats, and fish. The market for cattle is estimated to hold the largest share of the market in 2019 and is also projected to grow at the highest rate during the forecast period. The large share and high growth rate of this segment can be attributed to the increasing awareness about animal health and a growing focus on regular check-ups.
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The APAC region is expected to grow at the fastest rate during the forecast period
The global veterinary rapid tests industry in APAC is expected to grow at the highest CAGR during the forecast period. A majority of the growth is driven by significant changes owing to factors such as growth in pet adoption, increasing awareness about animal health, and growing per capita animal health expenditure, especially in India and China. Furthermore, the demand for animal-based products, such as meat and milk, is increasing in emerging APAC markets. In this scenario, ensuring the health of animals and maintaining their productivity gains added importance, which has driven the uptake of rapid test products in this region.
Recent Developments:
- In 2018, Zoetis, Inc. acquired Abaxis, Inc. This acquisition enhanced Zoetis’ presence in the veterinary diagnostics industry, including the veterinary rapid tests market.
- In 2017, Zoetis, Inc. launched Witness FFH, a triple test.
- In 2016, Virbac inaugurated its new production facility in Missouri, US. This expansion will help the company to extend its business in the US and Canada.
- In 2018, Heska Corporation partnered with Pathway Vet Alliance (US). Under this partnership, Pathway Vet Alliance will align its internal diagnostic portfolio with Heska to elevate veterinary care.
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