Global Veterinary Rapid Diagnostic Test Market

Veterinary Rapid Diagnostic Test Market Size, Share, Growth Analysis, By Product type(Rapid Test Kits, Rapid Test Readers), By End user(Reference Laboratories, Veterinary Hospitals & Clinics), By Animal type(companion (dogs, cats) & livestock), By application(viral, bacterial) - Industry Forecast 2024-2031

Report ID: SQMIG35B2069 | Region: Global | Published Date: February, 2024
Pages: 261 | Tables: 116 | Figures: 67

Veterinary Rapid Diagnostic Test Market News

  • In March 2021, Zomedica Corp., a veterinary health corporation producing point-of-care diagnostics products for cats and dogs, recorded the first veterinarian sale of TRUFORMA and officially entered commercialization.
  • In November 2021, FUJIFILM Europe aims to expand its veterinary diagnostic customer portfolio with products and services with the purchase of DMV Imaging.
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Veterinary Rapid Diagnostic Test Market size was valued at USD 2.3 billion in 2019, and it is expected to reach a value of USD 4.23 billion in 2019, at a CAGR of 9.1% over the forecast period (2024-2031).

Due to the presence of numerous large and minor industry participants, the market is fragmented. To increase their market share, major players are implementing business strategies including diversified product offerings, regional expansion, business expansion, joint ventures, and new product launches. 'Zoetis', 'Heska Corp.', 'IDEXX Laboratories Inc.', 'Agrolabo S.p.A.', 'IDvet', 'Virbac', 'Thermo Fisher Scientific Inc.', 'Neogen Corp.', 'Covetous', 'iM3Vet Pty Ltd.'

For a sizable portion of the population in developing countries, livestock husbandry is one of the main sources of income and subsistence. Farmers increasingly need to increase livestock production as the demand for food products derived from animals grows on a scale. However, illnesses like foot and mouth, Newcastle disease, and African swine fever have an impact on the livestock industry's productivity by lowering the quality of food items made from animals.

The rising prevalence of zoonotic illnesses, the advantages of quick tests over other techniques, the demand for at-home/farm testing, and rising public knowledge of veterinary health all contribute to the market's expansion.

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). Geographically, the veterinary fast diagnostic tests market is anticipated to be dominated by North America in 2022. North America is predicted to account for the highest proportion thanks to rising veterinary numbers, greater awareness of the value of disease diagnosis in animals, and rising pet health expenditures. The largest CAGR is anticipated to be achieved during the projected period, nevertheless, in Asia-Pacific. Due to the abundance of livestock and the increased prevalence of numerous zoonotic illnesses in the area, the market for veterinary quick diagnostic tests in the Asia-Pacific has experienced significant expansion.

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Global Veterinary Rapid Diagnostic Test Market

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