Global Veterinary Rapid Test Kits Market Report 2023-2028 - Concentrated Industry Dominated by Leading Players Zoetis Services and IDEXX LABS, with Over 40% Market Share

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Dec 20, 2023, 10:45 ET

DUBLIN, Dec. 20, 2023 /PRNewswire/ -- The "Veterinary Rapid Test Kits Market - Global Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The global veterinary rapid test kits market is expected to grow at a CAGR of 8.53% from 2022 to 2028. The market has witnessed several significant mergers and acquisitions in recent years, positively impacting market growth. The companies engaged in veterinary diagnostics continuously implement strategies that aid in high development, revenue generation, product expansion, high market penetration, and increased geographical presence.

Shift Towards Point of Care Testing in Animals' Early Diagnosis and Prevention

Animal diagnosis and testing are becoming significant factors for animal well-being. In livestock (food) and companion animal disease diagnosis, point-of-care testing (POCT) has an increasing role, specifically in lower settings. It shows that improving animal health and well-being in rural communities in low-middle-income countries. The POCT increases access to animal testing in every area.

Expansion of Veterinary RDTs for Non-infectious Animal Health Diseases

Animals are prevalent for several diseases and health conditions. In recent years, it found that not only infectious diseases are impacting animal health, but also several health conditions such as diabetes, reproductive health system-associated diseases, cancer, and inflammatory diseases are severely impacting animal health. Globally, millions of cats and dogs are suffering from diabetes, cancer, and allergic reactions due to food and other environmental factors.

Rising Expenditure on Animal Well-being

Animals are highly prevalent for zoonotic disorders that can increase severe health impacts on human beings. Livestock animals are a source of food and essential nutrients. On the other hand, pets are considered part of families. Both factors are resulting in increased expenditure on animal well-being. Furthermore, the increasing support from the government for livestock animal healthcare and well-being positively influences the veterinary rapid test kits industry growth.

Rapidly Growing Pet Ownership

Among pet animals, dogs and cats are highly popular and most adopted by people. In the past three decades, pet ownership has increased significantly. During the COVID-19 pandemic, people spent more time at home and got bored more deeply with their pets. Dogs and cats have become a part of families in several geographies. According to the Human Animal Bond Research Institute survey in recent years, pet ownership is overwhelming by 86% worldwide, and owners ready to pay for their pets need extensive veterinary care. Further, millennial households, which are smaller families, prominently increase pet ownership. In addition, the expanding middle class in emerging markets is increasing the pet population. Most pet owners stated that pets improve heart health, reduce depression and anxiety, and have many advantages.

SEGMENTATION INSIGHTS

INSIGHTS BY ANIMAL TYPE

The rapidly increasing pet ownership and associated pet diagnosis expenditures are accelerating the veterinary rapid test kits market growth for companion animals' diagnosis. The companion animals' population has increased for many reasons over the last few years. As people consider pet animals family members, pet owners are extra cautious about their pets' health.

Common parasitic, viral, and bacterial infections such as heartworm, feline leukemia, and ringworm are prevalent in companion animals. To reduce the risk of these diseases in pets, pet owners have increased the adoption of rapid veterinary test kits as preventive measures. They contributed to the growth of veterinary rapid test kits. For example, Pashudhan Praharee (India) Report 2022 stated that the demand for companion animal diagnosis is increasing rapidly worldwide. In companion animals, heartworm, roundworm, parvovirus, and ringworm are diseases commonly found in dogs and cats. In 2020, in the U.S., around 34% of dogs were infected with gastrointestinal parasitic diseases. In companion animal diagnosis, veterinary rapid test kits for conditions such as feline leukemia and heartworm are cheaper than other testing methods. So, the frequent testing of these diseases with rapid test kits is highly affordable for pet owners. In addition, simplicity, portability, and affordable cost are the key elements accelerating the market growth. Further, some leading market players, such as IDEXX, Biopanda Reagents, and Zoetis, offer a comprehensive range of rapid test kits for heartworm, feline leukemia, and other diseases.

Segmentation by Animal Type

Companion Animals
Livestock Animals

INSIGHTS BY APPLICATION

The viral diseases application segment accounted for the highest share of the global veterinary rapid test kits market in 2022, accounting for over 41%. Viral infections such as Foot-and-mouth, rabies, influenza, and lumpy skin disease are common in livestock animals. Rabies, parvovirus, Felin Leukemia, and influenza are viral diseases commonly found in companion animals. Vendors can focus on the rapid development and distribution of veterinary test kits for these diseases. In most developed countries, pet animals are widely infected with heartworms, and roundworms are the most common parasitic diseases that drive high demand for diagnosis and are expected to drive segmental growth. In addition, rabies, parvovirus, foot-and-mouth (FMS), and influenza are severe viral infectious diseases in animals accounted for high diagnosis demand.

Segmentation by Application

Viral Diseases
Bacterial Diseases
Parasite Diseases
Others

INSIGHTS BY END-USERS

The global veterinary rapid test kits market by end-user is segmented into veterinary reference laboratories, veterinary hospitals, veterinary clinics, and others. The veterinary reference laboratories segment accounted for the highest market share in 2022. Veterinary reference laboratories are the first preference for testing animal health conditions. Also, many veterinary reference labs and the expansion of new veterinary reference labs in developed countries offer tremendous segmental growth opportunities. Veterinary hospitals and clinics are a growing segment in developing regions such as Latin American and Middle Eastern countries, and they are expected to drive high demand for rapid veterinary test kits in the upcoming years.

Segmentation by End-user

Veterinary Reference Laboratories
Veterinary Hospitals
Veterinary Clinics
Others

GEOGRAPHICAL ANALYSIS

North America holds the most prominent share of the global veterinary rapid test kits market in 2022. The region's growth is supported by increasing pet ownership, high expenditure on pet and livestock animals' health, and significant access to veterinary rapid test kits. Conversely, with the development and improvement in livestock animal breeding, the livestock population is also rising rapidly across the region, offering new market growth opportunities. Most leading vendors are present in the U.S., increasing access to veterinary rapid test kits.

APAC is a growing geography in the global veterinary rapid test kits market and is projected to witness the fastest CAGR during the forecast period. APAC's significant livestock population and rising companion animal ownership will boost market growth. Further, the significant pet population presence offers the region high market growth opportunities. APAC, China, India, Japan, Australia, South Korea, Singapore, Thailand, and others have witnessed an increasing pet population, associated ownership, and related expenditure.

Segmentation by Geography

North America
Europe
APAC
Latin America
Middle East & Africa

COMPETITIVE LANDSCAPE

The global veterinary rapid test kits market is witnessing the presence of global, regional, and local players offering diverse veterinary rapid test kit products for companion and livestock animals' diagnosis. The industry is concentrated, with leading players accounting for significant shares. The leading market players are Zoetis Services and IDEXX LABORATORIES, which accounted for more than 40% of the global veterinary rapid test kits market share. Global players focus on developing innovative products, several business expansion strategies, and expanding their product portfolio to remain competitive. They are investing extensively in R&D and product development to expand their portfolio. Manufacturers such as IDEXX LABORATORIES and Zoetis Services continuously adopt new technologies to improve their market presence.

Key Company Profiles

IDEXX
Zoetis
Thermo Fisher Scientific

Other Prominent Vendors

Ahlstrom
Accuplex Diagnostics
Bionote
Biopanda Reagents
BioGnost
Coris BioConcept
Chembio Diagnostics
Diatheva Srl
Dutch Diagnostics BV
Gold Standard Diagnostics
Fassisi
Frenovo Biotech
Heska Corporation
Innovative Diagnostics
Nanjing Poclight Biotechnology
MEGACOR Diagnostik
Randox Laboratories
Rapid Labs
RINGBIO (Ring Biotechnology Co. Ltd.)
SafePath Laboratories LLC
Secure Diagnostics
Ubio Biotechnology Systems
Vitrosens Biotechnology
VetAll Laboratories
Virbac
Woodley Equipment Company

KEY QUESTIONS ANSWERED:

1. How big is the veterinary rapid test kits market?
2. What is the growth rate of the global veterinary rapid test kits market?
3. Which region dominates the global veterinary rapid test kits market share?
4. What are the significant trends in the veterinary rapid test kits industry?
5. Who are the key players in the global veterinary rapid test kits industry?

Key Topics Covered

1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
5 Report Assumptions & Caveats
6 Premium Insights
7 Market at a Glance
8 Introduction
9 Market Opportunities & Trends
10 Market Growth Enablers
11 Market Restraints
12 Market Landscape
13 Animal Type
14 Application
15 End-user
16 Geography
17 North America
18 Europe
19 APAC
20 Latin America
21 Middle East & Africa
22 Competitive Landscape
23 Key Company Profiles
24 Other Prominent Vendors
25 Report Summary
26 Quantitative Summary
27 Appendix

For more information about this report visit https://www.researchandmarkets.com/r/gic6z3

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