Veterinary Rapid Test Market to reach USD 2870 Million by 2034 | Future Market Insights, Inc.

Factors contributing to the growth of this market include the increasing prevalence of zoonotic diseases among companion and livestock animals and the growing need for the rapid detection of these diseases. USA Veterinary Rapid Test Market to grow at 12.1% CAGR, reach USD 511.4 Million by 2034. Pet insurance and disease prevalence drive demand

NEWARK, Del., May 8, 2024 /PRNewswire/ -- According to Future Market Insights (FMI), the worldwide veterinary rapid test market is estimated to reach USD 942.3 million in 2024 and USD 2870 million by 2034. The market is projected to rise at a CAGR of 11.8% by 2034.

The growing prevalence of zoonotic diseases in developed and developing regions is projected to surge demand for rapid disease diagnostics and veterinary rapid test kits. Increasing demand for animal products in developing economies is a key factor projected to propel the veterinary rapid test market.

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Intensified livestock farming is pushing the demand for veterinary rapid tests as densely packed environments heighten disease risks. These tests offer immediate results, enabling quick intervention to prevent disease spread, ensure animal welfare, and uphold food safety.

Technological advancements in biotechnology, nanotechnology, and digital health are set to fuel growth in the veterinary rapid test market. Furthermore, government incentives and environmental consciousness are projected to spur growth in terms of veterinary rapid test adoptions. 

Key Takeaways from the Veterinary Rapid Test Market Report:

• The veterinary rapid test market is set to reach a valuation of USD 2870 million by 2034.
• The market is projected to surge at a CAGR of 11.8% by 2034.
• China's veterinary rapid test market is expected to grow at a CAGR of 12.6% by 2034.
• The United States is projected to reach a valuation of USD 511.4 million in 2034.
• Based on end-use, the veterinary hospital & clinic segment accounted for a market share of 65% in 2023. 

"Regulatory requirements for veterinary diagnostics, including pregnancy test kits, are evolving, necessitating manufacturers to adhere to standards for product quality and safety. Digital solutions, such as smartphone apps and cloud-based platforms, are further enhancing data management and accessibility, augmenting growth." opines Sabyasachi Ghosh Associate Vice President at Future Market Insights (FMI).

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Competitive Landscape:

Zoetis, IDEXX Laboratories, Inc., Virbac, Heska Corporation, Thermo Fisher Scientific, Inc., and Neogen Corporation are key veterinary rapid test manufacturers listed in the report. The market is dominated by global, regional, and local players offering diverse products for pet and livestock animal diagnosis.

Leading companies are investing in research and development and product innovation to remain competitive in the industry. Vendors are forming partnerships with pet care service providers and organizations to gain market traction and increase their presence.

For instance,

• In 2023, Biostone Animal Health, a United States-based company, released AsurDxTM Leptospira Antibodies Kits.
• In June 2023, Neogen Corporation, a United States-based company, launched My CatScan 2.0, an updated and improved version of the cat genetic screening test.

Leading Veterinary Rapid Test Brands

• Prometheus Bio Inc.
• Fassisi GmbH
• Biopanda Reagents Ltd.
• Boster Biological Technology

Key Segments of Market Report:

By Product:

The industry includes two leading products, namely, rapid test kits and rapid test readers.

By Testing Category:

The leading testing categories are virology, parasitology, bacteriology, clinical chemistry, and others.

By Technology:

Prominent technologies in the industry include immunoassays and PCR.

By Animal Type:

In terms of animal type, the report is bifurcated into companion animals and production animals. To get a broad view of the sector, the companion animal category is further classified into dogs, cats, horses, and others, and production animals into cattle, poultry, swine, and others.

By End-user:

Key end-users in the industry are veterinary hospitals and clinics, home care settings, and others.

By Region:

Analysis of the target industry has been carried out in key countries of North America, Latin America, Western Europe, South Asia, East Asia, Eastern Europe, and the Middle East and Africa.

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Author By:

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

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Veterinary Pain Management Drugs Market Overview: The market for Veterinary Pain Management Drugs was worth USD 1.37 billion in 2022 and is predicted to be worth USD 2.79 billion by 2032, growing at a 7.2% CAGR from 2022 to 2032.

Veterinary Auto-immune Therapeutics Market Forecast: The global veterinary auto-immune therapeutics market is projected to be appraised at USD 71,720.6 million by 2033, up from USD 42,815.7 million in 2023, advancing at a CAGR of 5.3% from 2023 to 2033.

Equine Veterinary Therapeutics Market Trends: The global equine veterinary therapeutics market is expected to expand significantly and generate revenue of USD 2,671.9 million by 2033 from USD 1,378.7 million in 2023. This increase in revenue is made with an impressive CAGR value of 6.8%.

Veterinary Ultrasound Scanner Market Strategies: The veterinary ultrasound scanner market is set for significant expansion, with an anticipated valuation of USD 198.1 million by 2023. The market displays a significant trend, featuring a CAGR of 3.7%, to achieve an impressive valuation of USD 284.8 million by 2033.

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SOURCE Future Market Insights