Market Research Report
Veterinary Rapid Test Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product, Application, and Animal Type
|Veterinary Rapid Test Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product, Application, and Animal Type|
Published: September 21, 2021
The Insight Partners
Content info: 220 Pages
Delivery time: 1-2 business days
The veterinary rapid test market is projected to reach US$ 1,291.69 million by 2028 from US$ 733.87 million in 2021; it is expected to grow at a CAGR of 8.4% from 2021 to 2028.
The growth of the market is primarily attributed to increasing incidence of zoonotic diseases and rising initiatives by governments and animal welfare associations in different countries. Moreover, the escalating number of product launches is expected to foster market growth during the forecast period. However, the limited number of skilled professionals in veterinary diagnostics and the elevating costs of veterinary care are likely to hinder the market growth. Medical practices worldwide continue to adapt to the challenges of COVID-19. European countries such as Italy and Spain have registered the maximum number of deaths due to COVID-19. However, the animal health industry in European countries is minimally affected. In many countries, millennials are increasingly seeing pets as an alternative to children, which is driving pet adoption. For instance, the demand for dogs and cats has surged in Germany due to the pandemic. According to the German Kennel Club (VDH), in 2020, around 20% more dogs were purchased than the previous year. This is offering lucrative opportunities for the growth of the market in the coming years.
Based on product, the veterinary rapid test market is segmented into rapid test kits and rapid test readers. The rapid test kits segment is the largest shareholder in the market and is expected to register the highest CAGR during the forecast period. By application, the veterinary rapid test market is segmented into viral diseases, bacterial diseases, parasitic diseases, allergies, and other applications. The viral diseases segment is the largest shareholder in the market and is estimated to register the highest CAGR in the market during the forecast period. By animal type, the veterinary rapid test market is segmented into companion animals and livestock animals. The companion animals segment is sub segmented into dogs, cats, horses, and others. The livestock animals segment is further divided into cattle, poultry, swine, and others. The livestock animals segment holds the largest share of the veterinary rapid test. However, the companion animals segment is anticipated to register the highest CAGR in the market during the forecast period.
Animal Health Institute, Pet Food Manufacturer Association, and National Office of Animal Health are among the primary and secondary sources referred to while preparing the report on the veterinary rapid test market.
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the veterinary rapid test market.
Highlights key business priorities in order to assist companies to realign their business strategies.
The key findings and recommendations highlight crucial progressive industry trends in the global veterinary rapid test market, thereby allowing players across the value chain to develop effective long-term strategies.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.