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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

Global Veterinary Rapid Test Market Regional Synopsis

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.

Veterinary Rapid Test Market Share

The global veterinary rapid test market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook


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Veterinary Rapid Test Market
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Major Macro-Economic Indicators Impacting the Market Growth

Healthcare Expenditure per Capita, (USD), 2015-2018

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.


Market Segmentation

Market-Growth-Drivers

Our in-depth analysis of the global veterinary rapid test market includes the following segments:

By Product Type

  • Rapid Test Kit
  • Rapid Test Readers

By Application

  • Viral
  • Bacterial
  • Parasite
  • Allergies

By Animal Type

  • Canine
  • Feline
  • Cattle
  • Others

Growth Drivers

  • Increasing Prevalence of Zoonotic Diseases in Developed and Developing Nations
  • Rising Need for the Rapid Detection of these Diseases

Challenges

  • Lack of Proper Infrastructure for Animal Healthcare Management in Lower Economic Regions


Healthcare Expenditure per Capita, (USD), 2015-2018
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Top Featured Companies Dominating the Market

top-features-companies
    • Virbac S.A.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis 
    • Zoetis, Inc.
    • IDEXX Laboratories, Inc.
    • Heska Corporation
    • Biopanda Reagents Ltd.
    • Fassisi GmbH
    • BioNote, Inc.
    • SWISSAVANS AG
    • MEGACOR Diagnostik GmbH
    • Woodley Equipment Company

In-the-news

In The News

  • 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.


preview-analysis

Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

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


Key Questions Answered in the Report

1) What are the major factors driving the growth of the veterinary rapid test market?

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.

2) What would be the CAGR of veterinary rapid test market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2022-2031.

5) Who are the major players dominating the veterinary rapid test market?

Ans: The major players in the market are Virbac S.A., Zoetis, Inc., IDEXX Laboratories, Inc., Heska Corporation, Biopanda Reagents Ltd., and others.

6) How are the company profiles selected?

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.

7) What are the segments in the veterinary rapid test market?

Ans: The market is segmented by product type, application, animal type, and by region.

8) Which segment captures the largest market size in the product type segment in the veterinary rapid test market?

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.

8) What are the challenges affecting the market growth?

Ans: Lack of proper infrastructure for animal healthcare management in lower economic regions is estimated to hamper the market growth.

8) Which region will provide more business opportunities for growth of veterinary rapid test market in future?

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.

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