Get 15% off on Global Market Reports until March 31st! Use code FY25SAVE at checkout.

How has the veterinary rapid test market size evolved in recent years?

In recent years, the veterinary rapid test market size has witnessed significant expansion. Projected growth indicates an increase from $0.8 billion in 2024 to $0.89 billion in 2025, with a compound annual growth rate (CAGR) of 11.8%. Factors contributing to this historical growth include advancement in veterinary rapid tests, a surge in demand for rapid test diagnosis over alternative tests, an increase in the uptake of pet insurance, heightened demand for animal-sourced proteins, and the rising number of veterinarians and visits to veterinary clinics.

What are the predictions for the veterinary rapid test market size in the coming years?

The market for veterinary rapid tests is predicted to experience a significant expansion in the forthcoming years, eventually reaching a value of $1.38 billion in 2029, at a compounded annual growth rate of 11.5%. This growth during the forecast period is likely due to a rise in pet ownership, enhanced consumer knowledge about scientific animal nutrition, an upswing in industrialized livestock production, an increase in diagnostic testing for livestock maladies, and a growing occurrence of zoonotic diseases in animals. The period of forecast is also expected to witness key trends such as product innovation, progression in biotechnology, a need for swift and precise diagnostic solutions, pioneering veterinary diagnostics, and technological evolution in diagnostic technologies.

Get your veterinary rapid test market report here!

https://www.thebusinessresearchcompany.com/report/veterinary-rapid-test-global-market-report

What key factors are fueling the growth of the veterinary rapid test market?

Rising pet ownership is anticipated to fuel the expansion of the veterinary rapid test market. Pet ownership indicates a bond where a person or a home takes on the duties of care, welfare, and upkeep of a pet animal. Socio-cultural trends, urbanization, and more young adults choosing to prolong starting families contribute to this surge in pet ownership. Veterinary rapid tests offer pet owners prompt and precise diagnostic data that helps them proactively manage their pets’ health and thereby contribute to their pets’ wellbeing, contentment, and lifespan. For example, The American Pet Products Association (APPA), a US organization, reports that pet ownership in the US escalated from owning a pet in 67% of households in 2021-2022 to 70%. Furthermore, from 2023 to 2024, pets were owned by 66% of US households, translating to 86.9 million households. Hence, escalating pet ownership stimulates the growth of the veterinary rapid test market.

How is the global veterinary rapid test market divided into key segments?

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

Get your free sample now – explore exclusive market insights:

https://www.thebusinessresearchcompany.com/sample.aspx?id=15956&type=smp

Who are the key players steering the development 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, 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

How are evolving market trends shaping veterinary rapid test Strategies?

Leading companies in the veterinary rapid test market are crafting top-tier solutions such as AI-facilitated rapid tests, aiming to heighten diagnostic precision and augment efficiency in overall veterinary healthcare. This signifies a momentous progression in the field of veterinary diagnostics, furnishing vets with sophisticated resources to hasten the diagnostic proceedings, refine diagnostic accuracy, and ultimately uplift the standard of care delivered to animals. For example, in November 2023, an inventive AI-driven rapid test for liver fluke in livestock, the Micron Kit Fluke Test, was launched by Micron Agritech, a sustainable health establishment based in Ireland. This pioneering service enables farmers and vets to instantly conduct tests for animals on-site, using their smartphones for diagnosing both liver fluke (Fasciola hepatica) and rumen fluke (Calicophoron daubneyi) infections.

Unlock exclusive market insights – purchase your research report now for a swift delivery!

https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=15956

Which geographic areas are influencing the growth of 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.

Browse Through More Similar Reports By The Business Research Company:

Veterinary Pharmaceuticals Global Market Report 2024

https://www.thebusinessresearchcompany.com/report/veterinary-pharmaceuticals-global-market-report

Veterinary Telehealth Global Market Report 2024

https://www.thebusinessresearchcompany.com/report/veterinary-telehealth-global-market-report

Veterinary Medical Equipment Global Market Report 2024

https://www.thebusinessresearchcompany.com/report/veterinary-medical-equipment-global-market-report

About The Business Research Company:

With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead in the game.

Contact us at:

The Business Research Company: https://www.thebusinessresearchcompany.com/

Americas +1 3156230293

Asia +44 2071930708

Europe +44 2071930708

Email us at [email protected]

Follow us on:

LinkedIn: https://in.linkedin.com/company/the-business-research-company

YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ

Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

Found this article helpful? Share it on: