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PUBLISHER: Mordor Intelligence Pvt Ltd | PRODUCT CODE: 1146382

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PUBLISHER: Mordor Intelligence Pvt Ltd | PRODUCT CODE: 1146382

Veterinary Rapid Test Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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The veterinary rapid test market is expected to register a CAGR of 8.7% over the forecast period.

There were a few cases of SARS-CoV-2 infection in animals during the COVID-19 pandemic, especially in animals that had direct contact with COVID-19-infected people. More attention is being paid 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. There have been cases of COVID-19 infections in cats and dogs in a several countries, including the United States. For instance, according to a report National Veterinary Services Laboratories (NVSL) of the United States Department of Agriculture (USDA), published on June 2020, the first confirmed case of SARS-CoV-2 (the virus that causes COVID-19) infection in a pet dog (German shepherd) in the state of New York. The first dog to test positive for SARS-CoV-2 in the US. Similarly, according to the National Veterinary Services Laboratories (NVSL) of the United States Department of Agriculture (USDA) and the Centers for Disease Control and Prevention (CDC) in April 2020, announced confirmed cases of SARS-CoV-2 (the virus that causes COVID-19) infection in two pet cats. These cats got infected by the virus after their owner tested positive for COVID-19. For instance, in November 2021, the Louisiana Animal Disease Diagnostic Laboratory (LADDL) partnered with the Louisiana Office of Public Health and the Centers for Disease Control (CDC) on a project to provide free COVID-19 testing for dogs and cats in Louisiana through December 31, 2021. Also, the increasing pet adoption during the pandemic has contributed to the market's growth. For instance, according to the People's Dispensary for Sick Animals (PDSA) PAW report published in June 2021, 2 million people in the United Kingdom acquired pets between March 2020 to May 2021. This trend has positively impacted the market growth during the COVID-19 pandemic.

Increasing consumer awareness regarding scientific animal nutrition, increase in industrialized livestock production, and the increasing demand for animal-based protein sources are the factors augmenting the growth of the market studied. Meat, milk, and eggs are among the foods whose demand has surged recently. Due to declining agricultural productivity as a result of depleting resources and a shortage of cultivated land, the consumption of animal-derived foods is rising. Foods derived from animals are a key source of protein and eating a diet high in protein is crucial for maintaining good health. According to Food and Agriculture Organization Corporate Statistical Database, in 2020, animal protein consumption in wealthy nations is steady (between 44 and 55 g / capita / day), whereas consumption is rising in developing nations. For instance, according to USDA Foreign Agricultural Service, published in August 2022, the U.S. accounted for about 21% of the world's beef consumption in 2020. Asia consumed 19,656.46 thousand tons of beef and veal in 2020, and that number is projected to rise to 21,467.08 thousand tons by 2026. In order to meet the rising demand for meals derived from animals, farmers are anticipated to boost livestock production. Livestock diseases are contributing to a set of problems within the livestock production systems, including productivity losses, uncertain food security, and loss of income, adversely affecting human health. Thus, increasing diagnostic testing of livestock diseases are the major factors driving the growth of the market.

Therefore, the factors mentioned above are attributed collectively to the studied market growth over the forecast period. However inadequate veterinary diagnostics infrastructure in developing countries are expected to hinder the market growth over the forecast period.

Key Market Trends

Rapid Test Kits is Expected to Witness High Growth Over the Forecast Period

Rapid Test Kits is affordable, speedy, and easy to use in the field or laboratory setting without the need for a microscope or electricity, and it quick (5-10 minutes) results. Rapid Test Kits are found to hold the largest share which can be attributed to the flexibility to perform single or multiple tests so that the test is performed as needed to make the right clinical decisions and avoid wasted time and money. Rapid test kits are convenient to store at room temperature for an extended period of time where the results are obtained faster and the specificity of these rapid tests ranges from 90% to 100%. In comparison, sensitivity ranges from 85% to 90% in a given rapid test kit. Such accurate testing will lead to an early diagnosis and treatment which will boost the segment demand.

According to a "Journal on Evaluation of a rapid immunochromatographic test kit to the gold standard fluorescent antibody test for diagnosis of rabies in animals in Bhutan", published in June 2020, the rapid kits have significantly improved the ability to deliver a rapid response to suspected rabies cases and decreased further rabies spread in both animals and people in resource-constrained nations like Bhutan. To quickly identify and eradicate rabies virus circulation in animal populations, sensitivity surveillance must be improved as Bhutan is on the verge of eliminating dog-mediated human rabies. Such rapid diagnostic result will increase the demand of rapid test boosting the segment growth.

North America is Expected to Dominate the Veterinary Rapid Test Market

North America is expected to dominate the market owing to factors such as high prevalence of livestock animals and zoonotic diseases coupled with the rising pet ownership in the region. After the 2020 COVID-19 pandemic, the United States and other states in the region have taken extraordinary steps to cope with the pandemic situation for improved human healthcare was tremendous. The development of preventive diagnostic tools also contributes to the increasing veterinary visits and preventive care. In April 2021, Intech Diagnostics, a part of Mars Veterinary Health, released new data that shows that all cats from a retrospective review of 730,000 veterinary visits received improved preventive care following a positive or negative RenalTech. RenalTech predicts chronic kidney disease (CKD) in cats two years before it occurs. The data shows that the predictive diagnostic tool increased veterinary visits by as much as 31%. Such studies and the development of predictive diagnostics tools are also driving the market growth in the country.

In contrast to the decline in sales, as per the reports of the Society for the Prevention of Cruelty to Animals, Los Angeles, the rate of adoption of pet animals was doubled in June 2020. The report suggests daily adoptions of pet animals were about 10 to 13 per day. According to American Pet Products Association's (APPA) National Pet Owners Survey (2021-2022) 70% of households in the United States reported as pet owners. North American Pet Health Insurance Association (NAPHIA), State of the Industry Report for 2021 show the total number of pets insured in 2020 reached 3.1 million, up from 2.5 million in 2019. This report also states that dogs continue to be the major insured pets with 82.9% and cats for 17.1%. The rising adoption of pets and their health concern by the owner may drive the growth of veterinary rapid test in the longer term.

Therefore, owing to the aforesaid factors the growth of the studied market is anticipated in the North America Region.

Competitive Landscape

The veterinary rapid test market is fragmented in nature due to the presence of several companies operating globally as well as regionally. The competitive landscape includes an analysis of a few international as well as local companies which hold the market shares and are well known include Zoetis, Inc., IDEXX Laboratories, Inc., Heska Corporation, Thermo Fisher Scientific Inc., Biopanda Reagents Ltd., Fassisi GmbH, Virbac, BioNote, Inc., SWISSAVANS AG, MEGACOR Diagnostik GmbH, and Woodley Equipment Company, among others.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support
Product Code: 92040

TABLE OF CONTENTS

1 INTRODUCTION

  • 1.1 Study Assumptions and Market Definition
  • 1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

  • 4.1 Market Overview
  • 4.2 Market Drivers
    • 4.2.1 Rise in Prevalence and Incidence of Zoonotic Diseases
    • 4.2.2 Increasing Demand for Animal-Derived Food Products
    • 4.2.3 Growth in Companion Animal Population
  • 4.3 Market Restraints
    • 4.3.1 Inadequate Veterinary Diagnostics Infrastructure in Developing Countries
    • 4.3.2 High in Pet Care Cost
  • 4.4 Porter's Five Force Analysis
    • 4.4.1 Threat of New Entrants
    • 4.4.2 Bargaining Power of Buyers/Consumers
    • 4.4.3 Bargaining Power of Suppliers
    • 4.4.4 Threat of Substitute Products
    • 4.4.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION (Market Size by Value - USD million)

  • 5.1 By Product
    • 5.1.1 Rapid Test Kits
    • 5.1.2 Rapid Test Readers
  • 5.2 By Application
    • 5.2.1 Viral Diseases
    • 5.2.2 Bacterial Diseases
    • 5.2.3 Parasitic Diseases
    • 5.2.4 Allergies
    • 5.2.5 Other Applications
  • 5.3 By Animal Type
    • 5.3.1 Companion Animals
    • 5.3.2 Livestock Animals
  • 5.4 Geography
    • 5.4.1 North America
      • 5.4.1.1 United States
      • 5.4.1.2 Canada
      • 5.4.1.3 Mexico
    • 5.4.2 Europe
      • 5.4.2.1 Germany
      • 5.4.2.2 United Kingdom
      • 5.4.2.3 France
      • 5.4.2.4 Italy
      • 5.4.2.5 Spain
      • 5.4.2.6 Rest of Europe
    • 5.4.3 Asia-Pacific
      • 5.4.3.1 China
      • 5.4.3.2 Japan
      • 5.4.3.3 India
      • 5.4.3.4 Australia
      • 5.4.3.5 South Korea
      • 5.4.3.6 Rest of Asia-Pacific
    • 5.4.4 Middle East and Africa
      • 5.4.4.1 GCC
      • 5.4.4.2 South Africa
      • 5.4.4.3 Rest of Middle East and Africa
    • 5.4.5 South America
      • 5.4.5.1 Brazil
      • 5.4.5.2 Argentina
      • 5.4.5.3 Rest of South America

6 COMPETITIVE LANDSCAPE

  • 6.1 Company Profiles
    • 6.1.1 Zoetis, Inc.
    • 6.1.2 IDEXX Laboratories, Inc.
    • 6.1.3 Heska Corporation
    • 6.1.4 Thermo Fisher Scientific Inc.
    • 6.1.5 Biopanda Reagents Ltd.
    • 6.1.6 Fassisi GmbH
    • 6.1.7 Virbac
    • 6.1.8 BioNote, Inc.
    • 6.1.9 MEGACOR Diagnostik GmbH
    • 6.1.10 Woodley Equipment Company

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

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