Veterinary Rapid Tests Market by Animal Type and Geography - Forecast and Analysis 2020-2024
- November 2019 •
- 145 pages •
- Report ID: 5831860 •
- Format: PDF
This veterinary rapid tests market analysis considers sales from companion animals and livestock types. Our study also finds the sales of veterinary rapid tests in Asia, Europe, MEA, North America, and ROW. In 2019, the companion animal segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as growing pet ownership and rising pet insurance will play a significant role in the companion animal segment to maintain its market position. Also, our global veterinary rapid tests market report looks at factors such as increasing prevalence of zoonotic diseases, rising number of new product launches, and growing mergers and acquisitions. However, intense competition among vendors, presence of substitutes, and low awareness about animal health in developing and underdeveloped countries may hamper the growth of the veterinary rapid tests industry over the forecast period.
Global Veterinary Rapid Tests Market: Overview
Increasing prevalence of zoonotic diseases
A zoonotic disease is a disease that can spread from an animal to the human population via virus, bacteria, fungi, or parasite. For example, roundworms and hookworms that commonly infect young animals such as puppies and kittens can spread to the human population. In addition, factors such as the lack of appropriate facilities for human and animal health, frequent contact with animals, and the consumption of livestock products have increased the prevalence of zoonotic diseases across the world. To protect both human and pet populations from such infectious diseases and to maintain the health of their pets, the demand for the veterinary rapid tests is expected to increase. This will lead to the expansion of the global veterinary rapid tests market at a CAGR of almost 7% during the forecast period.
Growing adoption of companion animals
The rise in pet ownership indicates the scope of growth of the global veterinary rapid tests market. Vendors are observing a rise in the sales of their companion animal segment in developed countries. A significant number of companion animals are adopted from animal shelters. Dogs and cats are considered the most preferred pets and account for the largest pet owners in the UK. Owing to the rise in pet adoption, vendors are investing in cloud technologies to enhance pet care services. For instance, rVetLink is a comprehensive referral management solution developed by IDEXX for specialty care hospitals. It is expected to streamline the referral process between a primary care veterinarian and specialty care veterinarian, thereby enabling the provision of advanced care to veterinary patients. This development is expected to have a positive impact on the overall market growth.
With the presence of several major players, the global veterinary rapid tests market is fragmented. This robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading veterinary rapid tests manufacturers, that include BioNote Inc., Biopanda Reagents Ltd., Fassisi, Society for Veterinary Diagnostics and Environmental Analysis mbH, Heska Corp., IDEXX Laboratories Inc., MEGACOR Diagnostik GmbH, SWISSAVANS AG, Virbac SA, Woodley Equipment Co. Ltd., and Zoetis Inc.
Also, the veterinary rapid tests market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.