Veterinary Rapid Test Market TOC
Veterinary Rapid Test Market size is anticipated to surpass USD 2.19 Billion by the end of 2036, expanding around 8.02% CAGR during the forecast period i.e., 2024-2036. In the year 2023, industry size of veterinary rapid test was 800 Million. The natural ability of animals to transmit diseases to humans increases the threat to public health from zoonotic diseases. Zoonotic diseases fall into one of three categories: endemic, endemic, and emerging and re-emerging. Zoonoses are estimated to account for up to 75% of newly discovered or emerging infectious diseases and approximately 60% of recorded infectious diseases. Worldwide, over 2.5 billion human illnesses and over 2.7 million deaths each year are thought to be caused by zoonotic diseases. Additionally, zoonotic diseases are prevalent worldwide and in the United States.
The use of state-of-the-art technologies such as real-time polymerase chain reaction, next-generation sequencing, and matrix-assisted laser desorption/ionization time-of-flight mass spectrometry has significantly advanced the clinical laboratory diagnosis of animal diseases over the past few years. However, all these methods require highly qualified personnel, special equipment, and laboratory space. As a result, there is a growing demand for point-of-care testing for disease diagnosis and animal health. Currently, available assays include a wide range of assays based on antibodies, antigens, nucleic acids, and nanopore sequencing. Every test consists of their individual weakness and strength.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
8.02% |
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Base Year Market Size (2023) |
USD 800 Million |
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Forecast Year Market Size (2036) |
USD 2.19 Billion |
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Regional Scope |
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Product Type (Rapid Test Kit, Rapid Test Reader)
In terms of product type, the rapid test kit segment in the veterinary rapid test market is anticipated to surpass USD 1.38 billion by the end of 2036. Rapid diagnostic tests are based on immunochromatographic detection of circulating antigens in the bloodstream. Rapid test kits are used for initial screening tests and are beneficial in resource-limited settings. The introduction of new products in the sector and increased funding for animal health are driving growth in the sector. For instance, VolitionRx Limited, a global epigenetics company, announced in November 2022 that it would be able to expand in the U.S. and Europe through Heska's Veterinary Diagnostic Laboratory in partnership with Heska Corporation, a leading multinational provider of advanced veterinary diagnostics. They have started Nu.Q Vet cancer screening test.
Animal Type (Companion Animals, Live-Stock Animals)
Based on animal type, the companion animal segment in the veterinary rapid test market is predicted to reach USD 1.40 billion by the end of the forecast period. Companion animals are animals that live close to people in their homes and lives. People consider these animals to be family pets, and because they are family pets, pets are subject to special legal protections than other animals. Legally, this group is often limited to dogs and cats, but may also include birds, horses, and other animals. Increased acceptance of pets including dogs and cats, increased spending on pet health and other needs, introduction of new pet products, and increased market development in this segment are driving the growth of this segment.
Our in-depth analysis of the global veterinary rapid test market includes the following segments:
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Product Type |
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Animal Type |
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Application |
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APAC Market Forecast
The veterinary rapid test market in the Asia Pacific region is set to hold the highest market share of 8.27% during the forecast period. Asia will grow over the forecast period, as more people own pets and place greater emphasis on veterinary health, as well as increasing government initiatives to support veterinary health in developing countries in the region. Lucky opportunities are likely to emerge in the rapid veterinary testing market in the Pacific region. It is estimated that the number of pets in a country like Australia is increasing rapidly, so it is almost difficult to know the exact number of pets in this country. Statistics show that dogs are the most popular pet species in Australia, with 40% of households having at least one dog. This was followed by cats (27%), fish (11%), birds (9%), small mammals (3%), and reptiles (2%). In addition, he reported that 2% of households own pets such as hermit crabs, horses, goats, cows, and alpacas.
European Market Statistics
The veterinary rapid test market in the Europe region is set to grow significantly registering a CAGR of 8.14% during the review period. Agricultural enterprises in the region face major challenges in sustainably producing enough food to feed a growing population. Regional livestock populations are expected to increase over the next decade due to the rapidly increasing demand for safe, effective, and high-quality animal protein. Livestock productivity continues to be affected by infectious diseases, and international trade in animals and livestock products increases the risk of new infectious disease outbreaks in the region
Author Credits: Radhika Gupta, Shivam Bhutani
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