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. USA Veterinary
Rapid Test Market to grow at 12.1% CAGR, reach USD 511.4 Million by 2034. Pet insurance and
disease prevalence drive demand
NEWARK, Del.,
May 8,
2024 /PRNewswire/ -- According to Future Market
Insights (FMI), the worldwide veterinary rapid test market is
estimated to reach USD 942.3 million
in 2024 and USD 2870
million by 2034. The market is projected to rise at
a CAGR of 11.8% by 2034.
The growing prevalence of zoonotic diseases in developed and
developing regions is projected to surge demand for rapid disease
diagnostics and veterinary rapid test kits. Increasing demand for
animal products in developing economies is a key factor projected
to propel the veterinary rapid test market.
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Intensified livestock farming is pushing the demand for
veterinary rapid tests as densely packed environments heighten
disease risks. These tests offer immediate results, enabling quick
intervention to prevent disease spread, ensure animal welfare, and
uphold food safety.
Technological advancements in biotechnology, nanotechnology, and
digital health are set to fuel growth in the veterinary rapid test
market. Furthermore, government incentives and environmental
consciousness are projected to spur growth in terms of veterinary
rapid test adoptions.
Key Takeaways from the Veterinary Rapid Test Market
Report:
- The veterinary rapid test market is set to reach a valuation
of USD 2870
million by 2034.
- The market is projected to surge at a CAGR
of 11.8% by 2034.
- China's veterinary rapid test
market is expected to grow at a CAGR of 12.6% by
2034.
- The United States is projected
to reach a valuation of USD 511.4
million in 2034.
- Based on end-use, the veterinary hospital & clinic segment
accounted for a market share of 65% in 2023.
"Regulatory requirements for veterinary
diagnostics, including pregnancy test kits, are evolving,
necessitating manufacturers to adhere to standards for product
quality and safety. Digital solutions, such as smartphone apps and
cloud-based platforms, are further enhancing data management and
accessibility, augmenting
growth." opines Sabyasachi Ghosh Associate Vice President at
Future Market Insights (FMI).
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Competitive Landscape:
Zoetis, IDEXX Laboratories, Inc., Virbac, Heska Corporation,
Thermo Fisher Scientific, Inc., and Neogen Corporation are key
veterinary rapid test manufacturers listed in the report. The
market is dominated by global, regional, and local players offering
diverse products for pet and livestock animal diagnosis.
Leading companies are investing in research and development and
product innovation to remain competitive in the industry. Vendors
are forming partnerships with pet care service providers and
organizations to gain market traction and increase their
presence.
For instance,
- In 2023, Biostone Animal Health, a United States-based company, released AsurDxTM
Leptospira Antibodies Kits.
- In June 2023, Neogen
Corporation, a United
States-based company, launched My CatScan 2.0, an updated
and improved version of the cat genetic screening test.
Leading Veterinary Rapid Test Brands
- Prometheus Bio Inc.
- Fassisi GmbH
- Biopanda Reagents Ltd.
- Boster Biological Technology
Key Segments of Market Report:
By Product:
The industry includes two leading products, namely, rapid test
kits and rapid test readers.
By Testing Category:
The leading testing categories are virology, parasitology,
bacteriology, clinical chemistry, and others.
By Technology:
Prominent technologies in the industry
include immunoassays and PCR.
By Animal Type:
In terms of animal type, the report is bifurcated into companion
animals and production animals. To get a broad view of the sector,
the companion animal category is further classified into dogs,
cats, horses, and others, and production animals into cattle,
poultry, swine, and others.
By End-user:
Key end-users in the industry are veterinary hospitals and
clinics, home care settings, and others.
By Region:
Analysis of the target industry has been carried out in key
countries of North America,
Latin America, Western Europe, South Asia, East
Asia, Eastern Europe, and
the Middle East and Africa.
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Author By:
Sabyasachi Ghosh (Associate Vice
President at Future Market Insights, Inc.) holds over 12 years of
experience in the Healthcare, Medical Devices, and Pharmaceutical
industries. His curious and analytical nature helped him shape his
career as a researcher.
Identifying key challenges faced by clients and devising robust,
hypothesis-based solutions to empower them with strategic
decision-making capabilities come naturally to him. His primary
expertise lies in areas such as Market Entry and Expansion
Strategy, Feasibility Studies, Competitive Intelligence, and
Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored
numerous publications and has been cited in journals, including The
Journal of mHealth, ITN Online, and Spinal Surgery News.
Explore FMI's related ongoing Coverage on Healthcare
Market Insights Domain:
Veterinary Vaccines Market Size: The net worth of
the market share of veterinary vaccines is predicted to
grow from USD 11.3 Billion in 2023 to over USD 20.82
billion by 2033. This is expected to further drive the market
share of veterinary vaccines and register a CAGR of
6.2% between 2023 and 2033.
Veterinary Biologics Market Share: The global veterinary
biologics market size is estimated to reach a valuation of
USD 13,140.6 million in 2024. The
market is projected to surpass USD 24,224.3
million by 2034, registering a promising CAGR of 6.3%.
Telehealth and Telemedicine Market Growth: The
telehealth and telemedicine market is predicted to
capture a valuation of USD 106.0
billion in 2023 and rise to USD 912.0
billion by 2033. The market is estimated at a CAGR of 24%
during the forecast period.
Telehealth Kiosk Market Demand: The telehealth kiosk
market is valued at USD 2,060.50
million in 2024 and is expected to rise at a stable CAGR of
around 7.20% over the forecast period. The industry is anticipated
to cross a valuation of USD 4,129.80
million through 2034.
Veterinary Wound Debridement Market Opportunity: The
global veterinary wound debridement market was valued at
USD 714.8 Million in 2023 and is
expected to reach USD 1.5 Billion by
2033, grow at a CAGR 8.2%.
Veterinary Wound Cleansers Market Outlook: According to Future
Market Insights research, during the projected period, the
global veterinary wound cleansers market is expected to
grow at a CAGR of 10.2%. The market value is projected to increase
from USD 185.2 Million in 2023 to
USD 488.2 Million by 2033.
Veterinary Pain Management Drugs Market Overview: The market
for Veterinary Pain Management Drugs was worth
USD 1.37 billion in 2022 and is
predicted to be worth USD 2.79
billion by 2032, growing at a 7.2% CAGR from 2022 to
2032.
Veterinary Auto-immune Therapeutics Market Forecast: The
global veterinary auto-immune therapeutics market is
projected to be appraised at USD 71,720.6
million by 2033, up from USD 42,815.7
million in 2023, advancing at a CAGR of 5.3% from 2023 to
2033.
Equine Veterinary Therapeutics Market Trends: The
global equine veterinary therapeutics market is expected
to expand significantly and generate revenue of USD 2,671.9 million by 2033 from USD 1,378.7 million in 2023. This increase in
revenue is made with an impressive CAGR value of 6.8%.
Veterinary Ultrasound Scanner Market Strategies:
The veterinary ultrasound scanner market is set for
significant expansion, with an anticipated valuation of
USD 198.1 million by 2023. The market
displays a significant trend, featuring a CAGR of 3.7%, to achieve
an impressive valuation of USD 284.8
million by 2033.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the
Stevie Award, and a member of the Greater
New York Chamber of Commerce) offers profound insights into
the driving factors that are boosting demand in the market. FMI
stands as the leading global provider of market intelligence,
advisory services, consulting, and events for the Packaging, Food
and Beverage, Consumer Technology, Healthcare, Industrial, and
Chemicals markets. With a vast team of over 400 analysts worldwide,
FMI provides global, regional, and local expertise on diverse
domains and industry trends across more than 110 countries.
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SOURCE Future Market Insights