Press release
Veterinary Rapid Test Market Anticipated To Witness Robust Growth, Surpassing $1.38 Billion By 2029
Veterinary Rapid Test
What Is the Current Veterinary Rapid Test Market Size and Its Estimated Growth Rate?
The veterinary rapid test market has experienced rapid growth in recent years. It is expected to grow from $0.8 billion in 2024 to $0.89 billion in 2025, at a CAGR of 11.8%. The growth in this market is driven by the increasing use of veterinary rapid tests, a preference for rapid diagnostic methods, a rise in pet insurance adoption, growing demand for animal-based protein sources, and an increase in the number of veterinarians and veterinary visits.
The veterinary rapid test market is set to expand to $1.38 billion by 2029, with a CAGR of 11.5%. Growth factors include rising pet ownership, heightened consumer awareness of animal nutrition, industrialized livestock production, an increase in diagnostic testing of livestock diseases, and a rise in zoonotic diseases. Major trends include innovation in products, biotechnology advancements, demand for quick diagnostic solutions, and tech improvements in diagnostic technologies.
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How Are Emerging Segments Shaping the Veterinary Rapid Test Market Landscape?
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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Which Growth Factors Are Influencing Veterinary Rapid Test Market Expansion?
The rise in pet ownership is predicted to spur the growth of the veterinary rapid test market. Pet ownership, driven by social trends, urbanization, and a delay in parenthood among young adults, continues to increase. Veterinary rapid tests provide timely and precise diagnostic information, aiding in proactive healthcare management for pets. The American Pet Products Association reports that pet ownership in the U.S. increased from 67% of households in 2021-2022 to 70% in 2023-2024, underscoring the growing demand for such diagnostic services.
Who Are the Dominant Players Across Different Veterinary Rapid Test Market Segments?
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 Trends Are Expected to Dominate the Veterinary Rapid Test Market in the Next 5 Years?
Companies in the veterinary rapid test market are advancing AI-based rapid tests to enhance diagnostic accuracy and efficiency in veterinary healthcare. These AI-powered tests allow veterinarians to quickly and accurately diagnose diseases such as liver and rumen fluke infections in livestock. For example, in November 2023, Micron Agritech, an Ireland-based company, introduced the Micron Kit Fluke Test, which uses AI to help farmers and veterinarians test animals for infections using smartphones.
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Which Geographic Regions Are Expected to Dominate the Veterinary Rapid Test Market in the Coming Years?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Veterinary Rapid Test Market?
2. What is the CAGR expected in the Veterinary Rapid Test Market?
3. What Are the Key Innovations Transforming the Veterinary Rapid Test Industry?
4. Which Region Is Leading the Veterinary Rapid Test Market?
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