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What is the Forecasted Expansion Rate of the Veterinary Rapid Test Market Over the 2025–2034 Period?

The market size for veterinary rapid tests has expanded at a quick pace recently, with growth projected from $0.8 billion in 2024 to $0.89 billion in 2025. This is equivalent to a compound annual growth rate (CAGR) of 11.8%. Factors that have contributed to this rise include the expansion in veterinary rapid tests, an increased preference for rapid test diagnosis over others, more adoption of pet insurance, a higher demand for protein sources derived from animals, and an increase in both the number of veterinarians and veterinary clinic visits.

Predictions suggest that the veterinary rapid test market will experience significant growth in the upcoming years, increasing to $1.38 billion by 2029 with a compound annual growth rate (CAGR) of 11.5%. Factors contributing to this projected growth during the forecasted period include a rise in pet ownership, heightened consumer knowledge about proper animal nutrition, growth in industrialized livestock production, an increase in diagnostic testing for illnesses in livestock, and a greater incidence of zoonotic diseases in animals. Key trends expected during this period are innovative product development, advancements in the field of biotechnology, the need for speedy and precise diagnostic methods, state-of-the-art veterinary diagnostics, and technological progress in diagnostic technologies.

What Market Dynamics Are Playing a Key Role in Accelerating the Growth of 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.

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Who Are the Leading Organizations Fueling the Expansion of 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

Which Cutting-Edge Trends Are Expected to Drive the Veterinary Rapid Test Market’s Growth?

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.

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Which Segments Play a Crucial Role in the Expansion of the 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

Which Regions Are Most Influential in Expanding 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.

What Key Parameters Define the Veterinary Rapid Test Market’s Scope?

A veterinary rapid test is a diagnostic tool used in veterinary medicine to quickly detect the presence of specific pathogens, diseases, or conditions in animals. These tests are designed to provide fast and accurate results, often within minutes to a few hours, allowing for timely decision-making in the treatment and management of animal health. Veterinary rapid tests play a crucial role in animal healthcare by enabling prompt diagnosis and treatment, improving outcomes, and aiding in controlling and preventing disease spread among animal populations.

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