As per Zion Market Research, the global veterinary rapid tests market is predicted to surpass USD 900 million by 2025 with a CAGR of 9.3% from USD 583 million in 2019.
The report covers forecast and analysis for the Veterinary Rapid Test market on a global and regional level. The study provides historic data from 2016 to 2018 along with a forecast from 2019 to 2025 based on revenue (USD Million). The study includes drivers and restraints for the Veterinary Rapid Test market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the Veterinary Rapid Test market on a global level. In order to give the users of this report a comprehensive view on the Veterinary Rapid Test market we have included competitive landscape and analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein product type, animal type, application, and regional segments are benchmarked based on their market size, growth rate and general attractiveness.
The study provides a decisive view on the Veterinary Rapid Test market by segmenting the market based on Device Type, Type of Manufacturing, Services, applications and regions. All the segments have been analyzed based on present and future trends and the market is estimated from 2019 to 2027. Based on the product type, the market is segmented into Rapid test kits and Rapid test readers. Based on the animal type, the market is segmented into Canine, Feline, Cattle and Others. The application segment is segmented into Viral diseases, Bacterial diseases, Parasitic diseases and Others. The segment of viral illnesses is expected to account for the biggest market share of veterinary rapid tests market in 2019. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa with its further bifurcation into major countries such as US, Canada, Germany, UK, France, China, Japan, India, GCC countries, Brazil.
Expenditure on R&D is growing year on year. This is likely to hamper the development of the market for animal health care. According to estimates by the American Society for the Prevention of Cruelty to Animal, the annual price of owning a dog is roughly US$ 1,843. Therefore, growing animal health maintenance costs are expected to fuel market growth during the forecast period. The absence of adequate animal health care facilities makes it hard to carry medications and vaccines along with a restricted amount of labs in most developing markets to conduct animal health tests. Some sections of the world are expected to lack properly educated and trained veterinarian to curb the fast veterinary test market during the forecast era. More technological advancements and more rapid tests on uncurbed veterinary diseases can act as opportunities for the veterinary rapid tests market.
Key players within global Veterinary Rapid Test market include Dutch Diagnostics, Fassisi, Zoetis, Abaxis, CorisBioconcept, BioNote, SafePath Laboratories, Chembio Diagnostic Systems, LifeAssays, Biosynex, and NTBIO Diagnostics amongst others.
The report segments global Veterinary Rapid Test market as follows:
Global Veterinary Rapid Test Market: Product Type Segment Analysis
Global Veterinary Rapid Test Market: Animal Type Segment Analysis
Global Veterinary Rapid Test Market: Application Segment Analysis
Global Veterinary Rapid Test Market: Regional Segment Analysis