According to the latest report by Future Market Insights (FMI), the global veterinary rapid test market is poised for remarkable growth, with estimations indicating a surge to USD 942.3 million in 2024 and an impressive climb to USD 2870 million by 2034. This forecast reflects a compelling compound annual growth rate (CAGR) of 11.8% over the next decade.
The driving force behind this exponential market expansion is the escalating prevalence of zoonotic diseases worldwide. Both developed and developing regions are grappling with the mounting burden of these diseases, underscoring the critical need for rapid and accurate diagnostic solutions. Veterinary rapid test kits have emerged as indispensable tools in combating these challenges, enabling prompt intervention and treatment.
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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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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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