DUBLIN--(BUSINESS WIRE)--The "Veterinary Rapid Test Market by Product (Rapid Test Kit, Rapid Test Readers), Application (Viral, Bacterial, Parasite, Allergies), and Animal Type (Companion (Cat, Dog, Horse), Livestock (Cattle, Swine, Poultry)) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The global veterinary rapid tests market is projected to reach USD 854 million by 2024 from USD 573 million in 2019, at a CAGR of 8.3% during the forecast period.
Growth in this market is driven by the increasing prevalence of zoonotic diseases among companion and livestock animals and the growing need for the rapid detection of these diseases.
By application, the viral diseases segment accounted for the largest market share of the market.
On the basis application, the veterinary rapid tests market has been segmented into viral diseases, bacterial diseases, parasitic diseases, allergies, and other applications. The viral diseases segment is excepted to account for the largest share of the veterinary rapid tests market in 2019. The large share of this segment can be attributed to the rising incidence of zoonotic diseases, growing prevalence of infectious diseases in farm animals, and growing pet health awareness among owners.
The companion animals segment is expected to grow at the highest CAGR during the forecast period.
On the basis of animal type, the veterinary rapid tests market is segmented into companion and livestock animals. The companion animals segment is expected to witness the highest CAGR, owing to the increasing companion animal ownership, growing awareness about animal health among pet owners, and rising pet healthcare expenditure. The companion animals segment is further segmented into dogs, cats, horses, and other companion animals, such as rabbits, birds, and reptiles. In 2019, the market for dogs accounted for the largest share of the veterinary rapid tests market for companion animals.
APAC is projected to witness the highest growth during the forecast period.
North America is expected to account for the largest share of the global veterinary rapid tests market in 2019. On the other hand, the Asia Pacific market is expected to witness the highest growth during the forecast period, primarily due to the rapidly increasing animal population, growing adoption of veterinary diagnostic products, and rising demand for animal-derived food products.
Due to the intense competition in this market, major market players are increasingly focusing on expanding their geographic presence in the high-growth emerging markets and strengthening their competitiveness in the market by acquiring smaller players with desired manufacturing capabilities or geographic presence.
The prominent players in this market are
- Zoetis, Inc. (US)
- IDEXX Laboratories, Inc. (US)
- Heska Corporation (US)
- Biopanda Reagents Ltd. (UK)
- Fassisi GmbH (Germany)
- Virbac (France)
- BioNote, Inc. (South Korea)
- SWISSAVANS AG (Switzerland)
- MEGACOR Diagnostik GmbH (Austria)
- Woodley Equipment Company (UK)
For more information about this report visit https://www.researchandmarkets.com/r/wp4yjc
