According to Arizton’s latest research report, the veterinary rapid test kits market will grow at a CAGR of 8.53% from 2022 to 2028.
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Veterinary Rapid Test Kits Market Report Scope
|Market Size (2028)
|USD 1.18 Billion
|Market Size (2022)
|USD 726.50 Million
|Animal Type, Application, End-user, and Geography
|North America, Europe, APAC, Latin America, and Middle East & Africa
The global veterinary rapid test kits market has witnessed several significant mergers and acquisitions in recent years, positively impacting market growth. Companies engaged in veterinary diagnostics continuously implement strategies that aid in high development, revenue generation, product expansion, high market penetration, and increased geographical presence. For vendors, acquisitions offer a huge revenue growth opportunity by strengthening their market expansion and product and services portfolio extension.
Apart from vendors, animal health authorities also partner and collaborate with various animal care organizations. In 2021, the Louisiana Animal Disease Diagnostic Laboratory partnered with the Louisiana Office of Public Health & CDC to provide free COVID-19 testing for cats and dogs.
Expansion of Veterinary RDTs for Non-infectious Diseases Creating Huge Market Opportunities
The widening application of rapid veterinary test kits for the diagnosis of various health conditions offers high market growth opportunities. For example, several vendors provide veterinary RDTs for allergy detection. For instance, the ACON Laboratories company, a pioneer in manufacturing veterinary rapid test kits, offers blood glucose and ketone-detecting veterinary rapid test kit strips that deliver results in 5 to 10 seconds. This development can help to detect diabetes in dogs and cats. Cats are highly prevalent for diabetes. Currently, the estimated prevalence of diabetes in cats is around 1 in 200 cats. Even though the majority has been lower in recent years, the increasing pet ownership for cats is expected to deliver revenue growth opportunities. On the other hand, the diabetes prevalence in dogs has reached 23.6 canine cases per 10,000 in 2023. Diabetes is more common in female dogs.
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Market Trends & Drivers
Rising Expenditure on Animal Well-being
Animals are highly prevalent for zoonotic disorders that can increase severe health impacts on human beings. Livestock animals are a source of food and essential nutrients. On the other hand, pets are considered part of families. Both factors result in increased expenditure on animal well-being. Furthermore, the increasing support from the government for livestock animal healthcare and well-being positively influences the veterinary rapid test kits industry growth.
Rapidly Growing Pet Ownership
Among pet animals, dogs and cats are highly popular and most adopted by people. In the past three decades, pet ownership has increased significantly. During the COVID-19 pandemic, people spent more time at home and got bored more deeply with their pets. Dogs and cats have become a part of families in several geographies. According to the Human Animal Bond Research Institute survey in recent years, pet ownership is overwhelming by 86% worldwide, and owners ready to pay for their pets need extensive veterinary care. Further, millennial households, which are smaller families, prominently increase pet ownership. In addition, the expanding middle class in emerging markets is increasing the pet population. Most pet owners stated that pets improve heart health, reduce depression and anxiety, and have many advantages.
Leading market players such as IDEXX and Zoetis Services are headquartered in the US and have a high market penetration for veterinary rapid test kits. Zoetis Services states that it accounted for 54% of its revenue in the US in 2022, of which the diagnosis segment accounted for around $174 million revenue for the diagnosis business segment. The acceptance of veterinary rapid test kits in the country is significantly high. Furthermore, the rapid assay product (rapid test kits) segment of IDEXX shows more than 30% of its revenue in the US. These two companies accounted for a share of 30% to 40% of the global veterinary rapid test kits in the US.
In recent years, vendors have partnered with pet care service providers and pet care organizations to gain traction among pet owners and increase their presence in the market. Furthermore, vendors are focusing on developing and commercializing innovative veterinary rapid test kits to remain competitive and gain a significant presence in the market. Vendors are also engaged in mergers & acquisitions as part of their inorganic growth strategy to improve sales and profit margins. For instance, in July 2018, Zoetis Services acquired Abaxis, further strengthening its overall market position.
- Due to the rapidly growing pet ownership, vendors have high opportunities in the US, China, India, Brazil, South Korea, the UK, and Spain. Moreover, in these countries, the high attention toward infectious disease control and prevention among livestock animals offers new revenue growth opportunities in the livestock animals veterinary rapid test kits market.
- Middle Eastern countries, such as UAE and Saudi Arabia, have a high cat pet population. Moreover, this cat pet population is expected to increase rapidly. Thus, vendors can focus on cat veterinary rapid test kits for various infectious diseases. Moreover, the dog pet population is growing slowly, so domestic vendors can promote veterinary rapid test kits, particularly for dogs.
- Government programs for livestock animals are rapidly growing in emerging countries, where vendors can increase their focus to collaborate with government entities that work for animal welfare. They offer opportunities to increase awareness and revenue growth for veterinary rapid test kits.
- E-commerce will be the new opportunity to increase the sale of veterinary rapid test kits where vendors can increase their attention. In developed markets, e-commerce channels are highly familiar where pet owners can increase their veterinary rapid test kits sales.
- Livestock animals are majorly impacted by seasonal infectious diseases, where vendors have opportunities to connect with veterinary doctors to increase the sale of veterinary rapid test kits.
Veterinary Rapid Test Kits Market Dynamics
Rise in Expenditure on Animal Well-being
Burden of Zoonotic Diseases
Rapid Growth in Pet Ownership
Recent Mergers & Acquisitions Changed Market Landscape
Shift toward POCT in Animals for Early Disease Diagnosis & Prevention
Expansion of Veterinary RDTs for Non-infectious Diseases
Vaccination & Care Programs for Animals
Limitations Associated with Veterinary RDT
Available Alternative Testing & Diagnosis Methods
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Key Company Profiles
- Thermo Fisher Scientific
- Accuplex Diagnostics
- Biopanda Reagents
- Coris BioConcept
- Chembio Diagnostics
- Diatheva Srl
- Dutch Diagnostics BV
- Gold Standard Diagnostics
- Frenovo Biotech
- Heska Corporation
- Innovative Diagnostics
- Nanjing Poclight Biotechnology
- MEGACOR Diagnostik
- Randox Laboratories
- Rapid Labs
- RINGBIO (Ring Biotechnology Co., Ltd.)
- SafePath Laboratories LLC
- Secure Diagnostics
- Ubio Biotechnology Systems
- Vitrosens Biotechnology
- VetAll Laboratories
- Woodley Equipment Company
- Companion Animals
- Livestock Animals
- Viral Diseases
- Bacterial Diseases
- Parasite Diseases
- Veterinary Reference Laboratories
- Veterinary Hospitals
- Veterinary Clinics
- North America
- The US
- The UK
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
Key Questions Answered in the Report:
How big is the veterinary rapid test kits market?
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