What Has Been the Progress and Growth of the Veterinary Rapid Test Market in Recent Years?
The veterinary rapid test market has seen considerable growth due to a variety of factors.
• The veterinary rapid test market has grown significantly in recent years. It will expand from $0.8 billion in 2024 to $0.89 billion in 2025, with a CAGR of 11.8%.
The growth is driven by an increase in veterinary rapid tests, the growing preference for rapid test diagnostics over other methods, the rise in pet insurance adoption, increased demand for animal-based protein, and a higher number of veterinarians and veterinary visits.
What Is The Expected Growth In The Veterinary Rapid Test Market Size Evolve over the Forecast Period?
The veterinary rapid test market is expected to maintain its strong growth trajectory in upcoming years.
• The veterinary rapid test market is projected to grow to $1.38 billion by 2029, at a CAGR of 11.5%.
Growth factors include increasing pet ownership, heightened awareness about animal nutrition, industrialized livestock production, increased diagnostic testing of livestock diseases, and the rise of zoonotic diseases. Trends include product innovation, advancements in biotechnology, demand for fast diagnostic solutions, innovative veterinary diagnostics, and technological progress in diagnostic tools.
What Main Forces Are Fueling Expansion In The Veterinary Rapid Test Market?
Rapid growth in the veterinary rapid test market is anticipated due to an upsurge in pet ownership. Pet ownership implies a commitment made by an individual or a household towards the wellbeing and upkeep of a pet animal. The rising trend in pet ownership can be attributed to societal trends, growing urbanization, and the trend among young adults to delay parenthood. Veterinary rapid tests cater to pet owners' need for quick and accurate diagnosis, enabling proactive healthcare management and ultimately enhancing their pets' health, and lifespan. For instance, The American Pet Products Association (APPA), an organization based in the US, states an increase in US pet ownership from 67% of households in 2021-2022 to 70%. Additionally, pet ownership was prevalent in 66% of U.S. households from 2023 to 2024, equivalent to 86.9 million households. Therefore, the surge in pet ownership is a significant driving factor for the veterinary rapid test market.
What Are The Primary Segments In The Global Veterinary Rapid Test Market?
The veterinary rapid test market covered in this report is segmented –
1) By Product: Rapid Test Kits, Rapid Test Readers
2) By Animal Type : Companion Animal, Production Animal
3) By Technology: Immunoassays, Polymerase Chain Reaction(PCR)
4) By Application: Viral Diseases, Bacterial Diseases, Parasitic Diseases, Allergies, Other Applications
5) By End-User: Veterinary Hospitals And Clinics, Homecare Settings, Other End Users
Subsegments:
1) By Rapid Test Kits: Immunoassay-based Kits, Lateral Flow Assays, Enzyme-linked Immunosorbent Assay (ELISA) Kits, Molecular Diagnostic Kits
2) By Rapid Test Readers: Portable Readers, Bench-Top Readers
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What Trends Are Shaping The Veterinary Rapid Test Market?
Leading firms in the veterinary rapid test sector are innovating advanced solutions like AI-driven rapid tests to increase diagnostic precision and boost efficiency in animal healthcare. AI-infused rapid tests constitute a considerable progress in veterinary diagnosis, providing vets with effective tools to speed up the diagnosis process, enhance diagnostic certainty, and eventually improve the care quality extended to animals. For instance, Micron Agritech, a sustainable health firm located in Ireland, in November 2023, introduced the Micron Kit Fluke Test, a pioneering AI-based quick test for liver fluke in livestock. This revolutionary solution enables farmers and vets to swiftly test animals on-site using their smartphones for both liver fluke (Fasciola hepatica) and rumen fluke (Calicophoron daubneyi) infections.
Who Are the Key Players In The Veterinary Rapid Test Market?
Major companies operating in the veterinary rapid test market are:
• Thermo Fisher Scientific Inc.
• Zoetis Inc.
• bioMérieux SA
• IDEXX Laboratories Inc.
• Sysmex Corporation
• Bio-Rad Laboratories Inc.
• QIAGEN GmbH
• Virbac Corp.
• Neogen Corporation
• Antech Diagnostics Inc.
• Heska Corporation
• Ring Biotechnology Co Ltd.
• Woodley Equipment Company Ltd.
• Prometheus Biosciences Inc.
• BioChek
• Bionote Usa Inc.
• Agrolabo S.p.A.
• Shenzhen Bioeasy Biotechnology Co. Ltd.
• Fassisi GmbH
• MEGACOR Diagnostik GmbH
• Biopanda Reagents Ltd.
• Boster Biological Technology Co. Ltd.
• Swissavans AG
• Secure Diagnostics Pvt. Ltd.
• Eurolyser Diagnostica GmbH
What Is The Most Dominant Region In The Veterinary Rapid Test Market?
North America was the largest region in the veterinary rapid test market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the veterinary rapid test market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
