The global veterinary rapid tests market is projected to reach USD 854 million by 2024 from USD 573 million in 2019, at a CAGR of 8.3%. Factors contributing to the growth of this market include the increasing prevalence of zoonotic diseases among companion and livestock animals and the growing need for the rapid detection of these diseases.
The APAC region is expected to grow at the fastest rate during the forecast period
The global veterinary rapid tests industry in APAC is expected to grow at the highest CAGR during the forecast period. A majority of the growth is driven by significant changes owing to factors such as growth in pet adoption, increasing awareness about animal health, and growing per capita animal health expenditure, especially in India and China. Furthermore, the demand for animal-based products, such as meat and milk, is increasing in emerging APAC markets. In this scenario, ensuring the health of animals and maintaining their productivity gains added importance, which has driven the uptake of rapid test products in this region.
Key Market Players
The prominent players in the global veterinary rapid tests market are Zoetis, Inc. (US), IDEXX Laboratories, Inc. (US), Heska Corporation (US), Biopanda Reagents Ltd. (UK), Fassisi GmbH (Germany), Virbac (France), BioNote, Inc. (South Korea), SWISSAVANS AG (Switzerland), MEGACOR Diagnostik GmbH (Austria), and Woodley Equipment Company (UK).
IDEXX Laboratories (US) is the leading player in the veterinary rapid tests market and accounted for the largest share in 2018. IDEXX is engaged in the development, manufacture, marketing, and distribution of a variety of diagnostic products & services for companion animals & livestock. To sustain its leading position in the market, the company focuses on launching new and innovative products. IDEXX has launched various rapid test products between January 2014 and February 2019. The company has a strong presence across the globe, and approximately 66% to 68% of its revenue is generated from the North American region. Emerging markets such as Asia Pacific and Latin America offer lucrative growth opportunities for the company.
Zoetis, Inc. (US) held the second-largest share of the veterinary rapid tests market. In order to sustain its strong position in the veterinary rapid tests market, the company adopts various organic and inorganic growth strategies. The company’s R&D activities focus on a wide range of animal species and therapeutic areas. Apart from this, the company provides grants to students from different universities and organizations to discover new diagnostic products, medicines, and vaccines for animals. The company directly markets its products in around 60 countries across North America, Europe, Asia, Australia, and Latin America, and sells its products through distributors in more than 100 countries.
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