Veterinary Rapid Diagnostic Tests Market by Product (Kits, Readers), Condition (Viral, Parasitic, Bacterial Infections), Animal (Companion [Dogs, Cats], Livestock), and End User (Clinics & Hospitals, Reference Labs, Home Testing) – Global Forecast to 2030
Redding, California, May 25, 2023 (GLOBE NEWSWIRE) — According to a new market research report titled ‘Veterinary Rapid Diagnostic Tests Market by Product (Kits, Readers), Condition (Viral, Parasitic, Bacterial Infections), Animal (Companion [Dogs, Cats], Livestock), and End User (Clinics & Hospitals, Reference Labs, Home Testing)— Global Forecast to 2030’ published by Meticulous Research®, the veterinary rapid diagnostic tests market is expected to grow at a CAGR of 8.1% from 2023 to reach $1.1 billion by 2030.
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Veterinary rapid diagnostic tests detect, diagnose, and confirms various health disorders/diseases in livestock and companion/pet animals. These tests provide rapid and accurate results within a few minutes or hours. The test results can be further interpreted on rapid test analyzers or readers.
These tests diagnose viral infections, bacterial infections, parasitic infections, and other similar conditions such as metabolic diseases and ailments, pregnancy tests, allergies, and optimum breeding time. The tests allow veterinarians, farmers, and pet owners to take treatment decisions quickly.
Benefits Offered by Rapid Tests Over Other Testing Methods Drive the Veterinary Rapid Diagnostic Tests Market
Disease diagnosis of animals enables veterinarians to detect the root causes of infections and provide an early prognosis to prevent the degradation of animal health. Farmers must check the health of their farm animals periodically, as most of them are food-producing animals. The foods derived from animals should be disease-free as humans are likely to get infected after consuming infected animal-derived foods. In addition, if the disease or infection is not detected early, it can lead to the death of the infected animals, leading to economic losses for farmers. Rapid test kits help in early diagnosis as the results are generated in a few minutes. Moreover, in centralized animal healthcare settings such as veterinary hospitals, clinics, and reference laboratories, either the animals must be brought in for testing or the samples must be sent for testing. This may cause inconvenience to farmers as transporting large animals is difficult, and there is also the risk of the samples getting damaged during transport, which may lead to false results. Moreover, the time taken to generate results through conventional testing methods is significantly more compared to rapid tests, which may further delay the treatment of animals. Rapid tests are portable kits or analyzers that farmers can use in a setting. These tests are simple to use and can be performed without professional training.
Companion animals or pets are considered a part of the family and treated as family members. There has been an increase in awareness regarding the importance of regular checkups of pets. Heartworm, parvovirus, and ringworm are diseases commonly found in dogs. Rapid test kits for diseases such as heartworm and feline leukemia are cheaper and more affordable than other testing methods. Frequent testing for these diseases with other methods, such as PCR, is expensive. Hence, simplicity, portability, and lower costs are factors boosting the adoption of rapid tests.
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The key players profiled in this market study are IDEXX Laboratories, Inc. (U.S.), Zoetis Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Woodley Equipment Company Ltd. (U.K.), Virbac (France), Heska Corporation (U.S.), SWISSAVANS AG (Switzerland), Fassisi GmbH (Germany), MEGACOR Diagnostik GmbH (Austria), and BioNote, Inc. (South Korea).
The global veterinary rapid diagnostic tests market is segmented by Product (Rapid Test Kits and Rapid Test Readers), Condition (Viral Diseases, Bacterial Diseases, Other Conditions), Animal Type (Companion [Dogs, Cats, Other Companion Animals], Livestock), End User (Reference Laboratories, Veterinary Hospitals & Clinics, At-home/Farm Testing), and Geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on product, the rapid test kits segment is expected to account for the largest share of the veterinary rapid diagnostic tests market in 2023. The segment’s large share is mainly attributed to the high prevalence of diseases in companion and livestock animals and farmers’ increasing preference for at-home/farm animal testing options. Rapid tests are easy to use portable tests that provide test results in a few minutes. Use of rapid tests helps farmers to avoid transport of large animals to veterinary healthcare facilities which is inconvenient or transport samples for tests to laboratories which may get damaged and alter the test results. Therefore the rapid tests are preferred by the farmers to diagnosis the disease early and rapidly preventing further loss.
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Based on condition, the viral infections segment is slated to register the highest CAGR during the forecast period. Factors contributing to the segment’s large share are the increasing prevalence of viral infections amongst animals authorities’ initiatives for monitoring and controlling viral diseases outbreaks to reduce the risk of viruses crossing the species barrier and infecting humans, and increasing awareness regarding animals health. Viral diseases in animals spread rapidly if not diagnosed and treated in early stages. The outbreaks of viral diseases is on the rise. For instance, according to the Food and Agriculture Organization’s Empres-i Global Animal Disease Information System, the pathogenic H5 avian influenza viruses caused 24 outbreaks in domestic poultry in countries such as Poland, Hungary, Slovakia, and Romania between 30th December 2019 and 18th January 2020.
Based on animal type, the companion animals segment is slated to register highest CAGR during the forecast period. This is due to the growing pet adoption globally, increasing prevalence of diseases in pets, the lower costs of rapid tests compared to other testing methods, wide availability of rapid tests for common diseases occurring in companion animals, and focus of companies on the launch of rapid tests for novel conditions. For instance, in 2021, Bellylabs Ltd (Finland) launched the first-ever rapid pregnancy test for dogs. This home-use rapid pregnancy test helps dog owners and breeders detect pregnancy in dogs early
Based on end user, the veterinary hospitals & clinics segment is estimated to account for the largest share of the veterinary rapid diagnostic tests market in 2023. The high preference to veterinary hospitals & clinics by farmers and pet owners and easy accessibility are the factors driving the growth of this segment.
The report also includes an extensive assessment of the product portfolios, geographic presence, and key strategic developments of the leading market participants over the past years. The veterinary rapid diagnostic tests market has recently witnessed several new product launches and acquisitions.
To gain more insights into the market with a detailed table of content and figures, click here: product/veterinary-rapid-diagnostic-tests-market-5287
Scope of the Report:
Veterinary Rapid Diagnostic Tests Market Assessment, by Product
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Rapid Test Kits
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Rapid Test Readers
Veterinary Rapid Diagnostic Tests Market Assessment, by Condition
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Viral Infections
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Bacterial Infections
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Parasitic Infections
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Other Conditions
(The other conditions segment majorly covers metabolic diseases and ailments, pregnancy tests, and optimum breeding time).
Veterinary Rapid Diagnostic Tests Market Assessment, by Animal Type
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Companion Animals
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Dogs
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Cats
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Other Companion Animals
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Livestock Animals
Veterinary Rapid Diagnostic Tests Market Assessment, by End User
Veterinary Rapid Diagnostic Tests Market Assessment, by Geography
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