Veterinary Rapid Diagnostic Tests Market to Reach $1.1 Billion by 2030

Veterinary Rapid Diagnostic Tests Market by Product (Kits, Readers), Condition (Viral, Parasitic, Bacterial Infections), Animal (Companion [Dogs, Cats], Livestock), and End User (Clinics & Hospitals, Reference Labs, Home Testing) - Global Forecast to 2030

Meticulous Research^®—a leading global market research company, published a research report titled ‘Veterinary Rapid Diagnostic Tests Market by Product (Kits, Readers), Condition (Viral, Parasitic, Bacterial Infections), Animal (Companion [Dogs, Cats], Livestock), and End User (Clinics & Hospitals, Reference Labs, Home Testing) - Global Forecast to 2030’.

According to this latest publication from Meticulous Research^®, the veterinary rapid diagnostic tests market is expected to grow at a CAGR of 8.1% from 2023 to reach $1.10 billion by 2030. The growth of this market is driven by the increasing prevalence of zoonotic diseases, the advantages of rapid tests over other testing methods, the growing preference for at-home and farm testing, rising awareness regarding veterinary health and increasing global animal health expenditure, and the increasing demand for animal-derived food products.

However, the lack of reimbursements and the preference for certain traditional diagnostic methods restrain the growth of this market. Additionally, emerging markets and increasing pet ownership are expected to create growth opportunities for the stakeholders in this market. However, the inadequate diagnostic infrastructure in developing countries and farmers’ lack of awareness regarding animal health are major challenges to market growth.

Key Players

The key players operating in the veterinary rapid diagnostic tests market are IDEXX Laboratories, Inc. (U.S.), Zoetis Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Woodley Equipment Company Ltd. (U.K.), Virbac (France), Heska Corporation (U.S.), Biopanda Reagents Ltd (U.K.), Fassisi GmbH (Germany), MEGACOR Diagnostik GmbH (Austria), and BioNote, Inc. (South Korea).

Veterinary Rapid Diagnostic Tests Market: Future Outlook

The global veterinary rapid diagnostic tests market is segmented by Product (Rapid Test Kits and Rapid Test Readers), Condition (Viral Diseases, Bacterial Diseases, Other Conditions), Animal Type (Companion [Dogs, Cats, Other Companion Animals], Livestock), End User (Reference Laboratories, Veterinary Hospitals & Clinics, At-home/Farm Testing), and Geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on product, the rapid test kits segment is expected to account for the largest share of the veterinary rapid diagnostic tests market in 2023. The segment’s large share is mainly attributed to the high prevalence of diseases in companion and livestock animals, the high prevalence of diseases in animals, and farmers’ increasing preference for at-home/farm animal testing options.

Based on disease, the viral diseases segment is estimated to account for the largest share of this market in 2023. Factors contributing to the segment’s large share include the increased prevalence of viral infections among animals and the risk of viruses crossing the species barrier and infecting humans.

Based on animal type, in 2023, the companion animals segment is estimated to account for the largest share of the veterinary rapid diagnostic tests market. The primary factors responsible for the segment's large share are the high prevalence of diseases in pets, a large population of pets, and the wide availability of rapid tests for common diseases occurring in companion animals.

Based on end user, the veterinary hospitals & clinics segment is estimated to account for the largest share of the veterinary rapid diagnostic tests market in 2023.

Geographic Review

This research report analyzes major geographies and provides a comprehensive analysis of the veterinary rapid diagnostic tests market in North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and RoE), Asia-Pacific (Japan, China, India, and RoAPAC), Latin America, and the Middle East & Africa. North America is expected to dominate the veterinary rapid diagnostic tests market in 2023, followed by Europe and Asia-Pacific. Technological advancements in veterinary diagnostics, increasing awareness about animal disease diagnosis, the rising number of veterinarians, increased spending on the health care of farm animals & pets, and the well-established healthcare system are expected to support North America’s largest share.

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Key Questions Answered in the Report-

What is the current revenue generated through the sale of veterinary rapid diagnostic test products across the globe?
At what rate is the demand for veterinary rapid diagnostic test products projected to grow over the next 5–7 years?
What is the historical market size and growth rate of the global veterinary rapid diagnostic tests market?
What are the major factors impacting the growth of this market at the global and regional levels? What are the major opportunities for existing market players and new entrants in the market?
Which segments in terms of product, condition, animal type, and end user are creating major traction for the vendors in this market?
What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the vendors operating in the global veterinary rapid diagnostic tests market?
Who are the major players in the global veterinary rapid diagnostic tests market? And what are their specific rapid test kit/rapid test reader offerings in the veterinary rapid diagnostic tests market?
What are the recent strategic developments in the global veterinary rapid diagnostic tests market, and what are the impacts of these developments on the global market?

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