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Veterinary Rapid Tests Market Size

Report ID: GMI3455
Published Date: May 2023
Report Format: PDF

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Veterinary Rapid Tests Market Size

Veterinary Rapid Tests Market size was valued at more than USD 740.9 million in 2022 and is poised to register over 8.9% CAGR between 2023 and 2032. The growing preference for at-home and farm testing, rising veterinary health awareness and increasing global animal health expenditure, and rising demand for animal-derived food products are driving the global market expansion.

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Veterinary rapid tests are defined as the tests that are used for screening of animals like cats, dogs, cattle, and bovine. These tests are done by placing a sample of specimen on device. The results are obtained once when antibody-antigen interact with each other then there is formation of a visible indicator as a result on the device. Veterinary rapid tests are easy to perform and quick. These tests are more accurate as compared to other testing and can be done at home.

Veterinary Rapid Tests Market Report Attributes
Report Attribute	Details
Base Year:	2022
Veterinary Rapid Tests Market Size in 2022:	USD 740.9 Million
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	8.9%
2032 Value Projection:	USD 1.7 Billion
Historical Data for:	2018 to 2022
No. of Pages:	335
Tables, Charts & Figures:	577
Segments covered:	Product type, Test type, Application, Animal type, Sample type, End-user and Region
Growth Drivers:	Growing number of companion animal population Increasing prevalence of zoonotic diseases in animals Rising demand for rapid test diagnosis over other tests Increasing pet ownership
Pitfalls & Challenges:	Limited number of infrastructures for veterinary diagnosis Lack of awareness for veterinary health in underdeveloped countries Increasing cost of animal healthcare

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Veterinary rapid tests give immediate result which results into immediate treatment. During the COVID-19 pandemic, more attention was given to the development of veterinary diagnostics tools for identifying diseases in animals which led to a positive growth in veterinary rapid tests despite the COVID-19 pandemic's ongoing negative effects on worldwide markets. Hence, favourable regulatory scenarios and availability of research funding for effective veterinary rapid tests during the COVID-19 created significant market growth opportunities. Presence of substantial number of veterinary rapid tests market participants as well as emerging players will surge the demand for veterinary rapid tests.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

Global market for veterinary rapid tests was more than USD 740.9 million in 2022 and will register over USD 1.7 billion by 2032.

Veterinary rapid tests industry from the viral application will record massive growth by 2032 owing to increasing viral infection outbreaks in animals and the risk of viral infections in humans.

North America market for veterinary rapid tests is estimated to grow by 2032 due to factors like the presence of well-established veterinary medical infrastructure and ongoing technological advancements.

IDEXX Laboratories, Inc., Thermo Fisher Scientific Inc., Heska Corporation, BioNote, Inc., MEGACOR Diagnostik GmbH, Swissavans AG, and Virbac are some of the leading companies in the global veterinary rapid tests industry.