Veterinary Rapid Test Global Market 2024 To Reach $1.24 Billion By 2028 At Rate Of 11.6%

Veterinary Rapid Test Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033

LONDON, GREATER LONDON , UK, July 31, 2024 /EINPresswire.com/ -- The veterinary rapid test market has experienced robust growth in recent years, expanding from $0.72 billion in 2023 to $0.80 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The growth in the historic period can be attributed to growth in veterinary rapid tests, rise in demand for rapid test diagnosis over other tests, rise in pet insurance adoption, increased demand for animal-based protein source, and rise in numbers of veterinarians and veterinary visits.

Strong Future Growth Anticipated
The veterinary rapid test market is projected to continue its strong growth, reaching $1.24 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%. The growth in the forecast period can be attributed to increasing pet ownership, consumer awareness regarding scientific animal nutrition, industrialized livestock production, diagnostic testing of livestock diseases, and the prevalence of zoonotic diseases in animals.

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Growth Driver Of The Veterinary Rapid Test Market
The increasing pet ownership is expected to propel the growth of the growth of the veterinary rapid test market going forward. Pet ownership refers to the relationship in which an individual or household takes responsibility for a pet animal's care, welfare, and maintenance. The increase in pet ownership can be attributed to social trends, urbanization, and a rise in young adults delaying parenthood. Veterinary rapid tests provide pet owners with timely and accurate diagnostic information, facilitating proactive healthcare management and ultimately promoting their animal companions' health, happiness, and longevity.

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Veterinary Rapid Test Market Major Players² And Market Trends
Key players in the veterinary rapid test market include Thermo Fisher Scientific Inc., Zoetis Inc., bioMérieux SA, IDEXX Laboratories Inc., Sysmex Corporation, Bio-Rad Laboratories Inc.

Major companies operating in the veterinary rapid test market are developing advanced solutions such as AI-based rapid tests to enhance diagnostic accuracy and improve overall efficiency in veterinary healthcare. AI-based rapid tests represent a significant advancement in veterinary diagnostics, offering veterinarians powerful tools to expedite the diagnostic process, improve diagnostic accuracy, and ultimately enhance the quality of care provided to animals.

Veterinary Rapid Test Market Segments³:
1) By Product: Rapid Test Kits, Rapid Test Readers
2) By Animal Type : Companion Animal, Production Animal
3) By Technology: Immunoassays, Polymerase Chain Reaction(PCR)
4) By Application: Viral Diseases, Bacterial Diseases, Parasitic Diseases, Allergies, Other Applications
5) By End-User: Veterinary Hospitals And Clinics, Homecare Settings, Other End Users

Geographical Insights: North America Leading The Market
North America was the largest region in the veterinary rapid test market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the veterinary rapid test market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Veterinary Rapid Test Market Definition
A veterinary rapid test is a diagnostic tool used in veterinary medicine to quickly detect the presence of specific pathogens, diseases, or conditions in animals. These tests are designed to provide fast and accurate results, often within minutes to a few hours, allowing for timely decision-making in the treatment and management of animal health. Veterinary rapid tests play a crucial role in animal healthcare by enabling prompt diagnosis and treatment, improving outcomes, and aiding in controlling and preventing disease spread among animal populations.

Veterinary Rapid Test Global Market Report 2024 from The Business Research Company¹ covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Veterinary Rapid Test Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on veterinary rapid test market size, veterinary rapid test market drivers and trends, veterinary rapid test market major players, veterinary rapid test competitors' revenues, veterinary rapid test market positioning, and veterinary rapid test market growth across geographies. The veterinary rapid test market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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³ https://www.thebusinessresearchcompany.com/report/veterinary-rapid-test-global-market-report