Veterinary Rapid Test Market is projected to reach US$ 1,291.69 million by 2028; COVID-19 Impact and Global Analysis by The Insight Partners

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Sep 30, 2021, 07:30 ET

PUNE, India, Sept. 30, 2021 /PRNewswire/ -- According to The Insight Partners study on "Veterinary Rapid Test Market to 2028 – Global Analysis and Forecast – by Product, Application, and Animal Type," the market is projected to reach US$ 1,291.69 million by 2028 from US$ 733.87 million in 2021; it is expected to grow at a CAGR of 8.4% during 2021–2028. The growth of the market is attributed to increasing incidence of zoonotic diseases and rising initiatives by governments and animal welfare associations in different countries.

In 2021, North America dominated the global veterinary rapid test market. The growth of the market in the US can be attributed to growing adoption of dogs, increasing prevalence of zoonotic diseases, and growing pet health expenditure. Increasing number of pet owners and rising concerns about maintaining the health of pets are prime factors for market growth. For instance, as per Animal Health Institute (AHI), more than 67% of American households own pets, totaling nearly 400 million pets, including dogs, cats, horses, birds, fishes, and horses.

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Based on product, the veterinary rapid test market is segmented into rapid test kits and rapid test readers. The rapid test kits segment is the largest shareholder in the market and is expected to register the highest CAGR during the forecast period. By application, the veterinary rapid test market is segmented into viral diseases, bacterial diseases, parasitic diseases, allergies, and other applications. The viral diseases segment is the largest shareholder in the market and is estimated to register the highest CAGR in the market during the forecast period. By animal type, the veterinary rapid test market is segmented into companion animals and livestock animals. The companion animals' segment is sub segmented into dogs, cats, horses, and others. The livestock animals' segment is further divided into cattle, poultry, swine, and others. The livestock animals segment holds the largest share of the veterinary rapid test. However, the companion animals' segment is anticipated to register the highest CAGR in the market during the forecast period.

Increasing Initiatives by Governments and Animal Welfare Associations of Different Countries Fuel Veterinary Rapid Test Market Growth

At present, the veterinary sector is significantly improving, owing to initiatives led by governments of various countries and animal welfare associations worldwide. To increase the adoption of veterinary testing services, governments are directly taking part by raising awareness among the population concerning animal diseases and the privatization of animal healthcare services. One such scheme in Europe is Livestock Insurance, which was implemented to increase the efficiency and effectiveness of animal healthcare systems. Another case that can be considered is the World Organization for Animal Health (OIE), which is the intergovernmental organization in charge of improving animal health worldwide. Moreover, in the UK, the Cattle Health and Welfare Group (CHAWG) addresses important cattle health and welfare issues. In addition, in the US, there are associations, such as Winter Haven, where the veterinary healthcare associates support the human-animal bond and provide high-quality diagnostic services for any situation.

Similarly, the 2020 Healthy Pets Healthy Families Initiative (HPHF) was launched by the Veterinary Public Health Program (VPH) at the Los Angeles County Department of Public Health to improve both animal and human health.

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Veterinary Rapid Test Market: Segmental Overview

Based on animal type, the companion animals' segment is anticipated to register the highest CAGR in the veterinary rapid test market during the forecast period.

Veterinary Rapid Test Market: Competitive Landscape and Key Developments

IDEXX Laboratories, Inc.; Zoetis, Inc.; Virbac; Heska Corporation; Biopanda Reagents, Ltd.; Fassisi GmbH; BioNote, Inc.; SWISSAVANS AG; MEGACOR Diagnostik GmbH; and Woodley Equipment Company are among the key companies operating in the veterinary rapid test market. Leading players are focusing on the new product launch, expansion and diversification of their market presence, and acquisition of a new customer base for tapping the prevailing business opportunities.

Company Profiles

IDEXX Laboratories, Inc.
Zoetis, Inc.
Virbac
Heska Corporation
Biopanda Reagents, Ltd.
Fassisi GmbH
BioNote, Inc.
SWISSAVANS AG
MEGACOR Diagnostik GmbH
Woodley Equipment Company

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In September 2021, MEGACOR Diagnostik GmbH received approval for the rapid antigen test for the CAT. The FASTest SARS-CoV-2 Ag (official approval no. FLI-C 089) shows 100% sensitivity and high specificity (90.47%) SARS-CoV-2 antigen from nasal and/or throat secretions.

In October 2020, Bionote USA added the first and only in-clinic, in vitro diagnostic test kit for the quantitative measurement of NT-proBNP concentration in canine serum, to its Vcheck product line. The Vcheck diagnostics line includes immunoassay analyzers and tests for the veterinary marketplace.

In January 2020, Fassisi GmbH launched a new test to detect Anaplasma phagocytophilum antibodies, Borrelia burgdorferi antibodies, and Ehrlichia Canis antibodies in dogs.

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