Veterinary Rapid Test Market Segmentation by Product Type (Rapid Test Kit, and Rapid Test Readers); by Application (Viral, Bacterial, Parasite, and Allergies); and by Animal Type (Canine, Feline, Cattle, and Others) – Global Demand Analysis & Opportunity Outlook 2031
Buy Now Report ID: 3938 | Published Date: Feb 06, 2023
Regionally, the global veterinary rapid test market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the rapidly growing pet adoption, and rising awareness levels regarding animal wellbeing in the region. As of 2018, more than 55% people in the Asia Pacific region had a pet in their homes. Philippines had the highest rate of dog ownership of about 64%, whereas almost 15% people owned a dog in Hong Kong. In addition, increasing demand for animal-based products, such as milk and meat, is also expected to drive the market growth in the region in the coming years. Moreover, the market in North America is projected to acquire the largest share during the forecast period ascribing to the growing occurrence of zoonotic diseases, and escalating number of companion and livestock animals in the region.
The global veterinary rapid test market is further classified on the basis of region as follows:
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Our in-depth analysis of the global veterinary rapid test market includes the following segments:
By Product Type
By Application
By Animal Type
Growth Drivers
Challenges
September 2020- Zoetis launched Vetscan Imagyst, which is a diagnostic platform for detection of intestinal parasites in pets at the time of visit.
January 2020- IDEXX announced the launch of a rapid digital cytology service that digitally connects veterinarians to the largest global network of more than 100 veterinary clinical pathologists and enables them to receive cytology interpretations within 2 hours.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani
Ans: The major factors driving market growth are increasing prevalence of zoonotic diseases in developed and developing nations, and rising need for the rapid detection of these diseases.
Ans: The market is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2022-2031.
Ans: The major players in the market are Virbac S.A., Zoetis, Inc., IDEXX Laboratories, Inc., Heska Corporation, Biopanda Reagents Ltd., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product type, application, animal type, and by region.
Ans: The rapid test kit segment is anticipated to hold largest market size and is estimated grow at a notable CAGR over the forecast period and display significant growth opportunities.
Ans: Lack of proper infrastructure for animal healthcare management in lower economic regions is estimated to hamper the market growth.
Ans: Asia Pacific will provide more business opportunities for market growth owing to the rapidly growing pet adoption, and rising awareness levels regarding animal wellbeing in the region.
Submit Your Request For Proposal (RFP)
