Global Veterinary Rapid Test Kits Outlook Report 2023-2028: Market to Surge at 8.53% CAGR, Propelled by Advancements in Point of Care Testing and Expanding Pet Ownership - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Veterinary Rapid Test Kits Market - Global Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The veterinary rapid test kits market is exhibiting considerable growth, with projections to expand at a compelling CAGR of 8.53% between 2022 and 2028. This upsurge is attributed to several key trends and opportunities that are fostering innovation and adoption within the industry.

The veterinary rapid test kits market is a testament to the advancing frontiers in animal health diagnostics. With the integration of technological innovation, industry collaborations, and an ever-expanding market reach, the future contours of this market are poised to redefine pet and livestock healthcare on a global scale. The insights provided aim to equip stakeholders with a comprehensive understanding of the market dynamics, enabling informed decision-making and strategic positioning in a competitive environment.

Industry leaders like Zoetis Services and IDEXX Laboratories lead with substantial market shares, investing in R&D to finesse the product landscape. A diverse array of other prominent market players also contributes to the competitive ecosystem, offering a suite of diagnostic solutions that address the ever-evolving needs within veterinary healthcare.

Mergers and Acquisitions Shape Competitive Landscape

A significant number of mergers and acquisitions have characterized the market landscape, contributing to the expansion of product portfolios, enhancement of revenue streams, and consolidation of market presence among key industry players. These strategic moves are instrumental in harnessing technological advancements and extending geographical reach within the sector.

Point of Care Testing Spurs Early Diagnosis in Animals

The shift toward point-of-care testing (POCT) in diagnosing and preventing animal diseases is revolutionizing animal healthcare, especially for rural and lower-income settings. This trend signifies an important step toward enhancing animal health and well-being across diverse communities.

Addressing Non-Infectious Animal Health Issues

The market is stretching beyond infectious diseases, with a growing focus on non-infectious conditions such as diabetes, cancer, and allergies in animals. The prevalence of these conditions in pets like cats and dogs globally is prompting the need for specialized veterinary rapid test kits.

Investment in Animal Health Reflects Rising Concern for Animal Well-Being

Increased spending on animal health is a response to the threat of zoonotic diseases and the role of livestock animals as essential food sources. The growing human-animal bond, particularly with pets, is also a significant driver for the industry’s growth, translating to heightened investments in animal well-being.

Pet Adoption Rates Propel Demand

Rapidly soaring pet ownership rates are catalyzing the demand for veterinary rapid test kits. The emotional attachment between humans and their pets, reinforced during the pandemic, underscores the need for comprehensive health care for these animals, with pet owners prioritizing access to veterinary services.

Scope of the Report

Insightful Market Segmentation

• Companion Animals
• Livestock Animals

Viral, bacterial, and parasite diseases remain predominant health concerns addressed by the market offerings:

• Viral Diseases
• Bacterial Diseases
• Parasite Diseases

Veterinary reference laboratories emerge as a dominant end-user segment alongside:

• Veterinary Hospitals
• Veterinary Clinics

Geographically, North America remains at the helm, with APAC regions identified as pivotal growth frontiers.

Key Attributes:

Market Opportunities & Trends

• Recent Mergers & Acquisitions Changed Market Landscape
• Shift Toward POCT in Animals for Early Disease Diagnosis & Prevention
• Expansion of Veterinary RDTs for Non-Infectious Diseases

Market Growth Enablers

• Rise in Expenditure on Animal Well-Being
• Burden of Zoonotic Diseases
• Rapid Growth in Pet Ownership

Market Restraints

• Vaccination & Care Programs for Animals
• Limitations Associated with Veterinary RDT
• Available Alternative Testing & Diagnosis Methods

A selection of companies mentioned in this report includes

• IDEXX
• Zoetis
• Thermo Fisher Scientific
• 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

For more information about this report visit https://www.researchandmarkets.com/r/jydd0g.

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com

For E.S.T. Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900