Global Veterinary Rapid Test Market Highlights Over 2022 - 2031
The global veterinary rapid test market is estimated to garner a sizeable revenue by growing at a CAGR of ~8% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing prevalence of zoonotic diseases in developed and developing nations, and rising need for the rapid detection of these diseases, especially among companion and livestock animals. According to the World Health Organization (WHO), over 1 billion cases of illness and millions of deaths occur every year from zoonoses. Some 60% of emerging infectious diseases that are reported globally are zoonoses. Along with these, growing animal health expenditure across the globe, and escalating rate of pet adoption are also expected to drive market growth in the forthcoming years. In 2019, the United States spent the largest amount on pet-care, which was valued at more than USD 150 on a per capita basis, followed by Britain with a sending of USD 90 per capita. Furthermore, veterinary rapid tests provide test kits for a variety of viruses, including canine and feline heartworm, rabies, feline leukemia virus, swine and avian influenza, which in turn is projected to offer abundant growth opportunities to the market in the near future.
The market is segmented by animal type into canine, feline, cattle, and others, out of which, the cattle segment is anticipated to observe robust growth in the global veterinary rapid test market. This can be accounted to the high dependency of people on livestock for livelihood, coupled with rising awareness about animal health around the world. Apart from these, increasing emphasis on regular checkups of cattle is also predicted to boost the growth of the market segment in the future. Additionally, on the basis of product type, the rapid test kits segment is assessed to grab the largest share during the forecast period owing to the high flexibility offered by these kits for performing single or multiple tests as needed to make the right clinical decisions. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
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.
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.
The global veterinary rapid test market is further classified on the basis of region as follows:
Our in-depth analysis of the global veterinary rapid test market includes the following segments:
By Product Type
By Animal Type
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
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.
The market is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2022-2031.
The major players in the market are Virbac S.A., Zoetis, Inc., IDEXX Laboratories, Inc., Heska Corporation, Biopanda Reagents Ltd., and others.
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.
The market is segmented by product type, application, animal type, and by region.
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.
Lack of proper infrastructure for animal healthcare management in lower economic regions is estimated to hamper the market growth.
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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