Veterinary Rapid Test Global Market Report 2024

The veterinary rapid test market size has grown rapidly in recent years. It will grow from $0.72 billion in 2023 to $0.8 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The growth observed in the historical period can be attributed to several factors, including the expansion of veterinary rapid tests, an increase in demand for rapid test diagnosis over other testing methods, a rise in the adoption of pet insurance, heightened demand for animal-based protein sources, and an increase in the number of veterinarians and veterinary visits.

The veterinary rapid test market size is expected to see rapid growth in the next few years. It will grow to $1.24 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%. The anticipated growth in the forecast period is expected to stem from factors such as the rising trend of pet ownership, heightened consumer awareness regarding scientific animal nutrition, the increase in industrialized livestock production, growing utilization of diagnostic testing for livestock diseases, and the escalating prevalence of zoonotic diseases in animals. Significant trends projected for this period encompass product innovation, advancements in biotechnology, the demand for quick and accurate diagnostic solutions, the emergence of innovative veterinary diagnostics, and technological advancements in diagnostic technologies.

The uptick in pet ownership is poised to drive the expansion of the veterinary rapid test market in the foreseeable future. Pet ownership entails assuming responsibility for the care, well-being, and upkeep of a pet animal. This rise in pet ownership can be attributed to various social trends, urbanization, and an increase in young adults delaying parenthood. Veterinary rapid tests play a crucial role by providing pet owners with prompt and accurate diagnostic information, facilitating proactive management of their animals' healthcare and ultimately promoting their companions' health, well-being, and longevity. For instance, according to The American Pet Products Association (APPA), a US-based organization, pet ownership in the United States increased from 67% of households owning a pet in 2021-2022 to 70%. Furthermore, from 2023 to 2024, 66% of U.S. households owned a pet, amounting to 86.9 million households. Thus, the rising trend of pet ownership propels the veterinary rapid test market.

Key players in the veterinary rapid test market are focusing on developing advanced solutions such as AI-based rapid tests to enhance diagnostic accuracy and overall efficiency in veterinary healthcare. AI-based rapid tests represent a significant leap forward in veterinary diagnostics, providing veterinarians with powerful tools to expedite the diagnostic process, improve accuracy, and ultimately elevate the standard of care for animals. For example, in November 2023, Micron Agritech, an Ireland-based sustainable health company, introduced the Micron Kit Fluke Test, an innovative AI-powered rapid test for liver fluke in livestock. This groundbreaking solution enables farmers and veterinarians to swiftly conduct on-site tests using their smartphones for both liver fluke (Fasciola hepatica) and rumen fluke (Calicophoron daubneyi) infections.

In June 2022, Zoetis Inc., a US-based pharmaceutical company, completed the acquisition of Basepaws for an undisclosed sum. Through this acquisition, Zoetis aligns itself with the growing trend of pet owners investing billions in their pets' health and the increasing popularity of at-home animal genetic testing. Basepaws, a US-based company, offers rapid veterinary tests, including genetic screening tests for dogs and cats.

Major companies operating in the veterinary rapid test market are Thermo Fisher Scientific Inc., Zoetis Inc., bioMérieux SA, IDEXX Laboratories Inc., Sysmex Corporation, Bio-Rad Laboratories Inc., QIAGEN GmbH, Virbac Corp., Neogen Corporation, Antech Diagnostics Inc., Heska Corporation, Ring Biotechnology Co Ltd., Woodley Equipment Company Ltd., Prometheus Biosciences Inc., BioChek, Bionote Usa Inc., Agrolabo S.p.A., Shenzhen Bioeasy Biotechnology Co. Ltd., Fassisi GmbH, MEGACOR Diagnostik GmbH, Biopanda Reagents Ltd., Boster Biological Technology Co. Ltd., Swissavans AG, Secure Diagnostics Pvt. Ltd., Eurolyser Diagnostica GmbH.

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.

The countries covered in the veterinary rapid test market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A veterinary rapid test serves as a diagnostic instrument utilized in veterinary medicine to swiftly identify specific pathogens, diseases, or conditions in animals. These tests are engineered to deliver rapid and precise results, often within minutes to a few hours, facilitating prompt decision-making in the treatment and management of animal health. Veterinary rapid tests play a pivotal role in animal healthcare by facilitating early diagnosis and treatment, enhancing outcomes, and aiding in the control and prevention of disease transmission within animal populations.

The primary product categories of veterinary rapid tests include rapid test kits and rapid test readers. Veterinary rapid test kits are specialized devices employed for screening animals such as cats, dogs, cattle, and bovines, by analyzing a specimen sample placed on the device. These tests cater to various animal types including companion animals and production animals, utilizing diverse technologies such as immunoassays and polymerase chain reaction (PCR). They are utilized across a spectrum of applications encompassing viral diseases, bacterial diseases, parasitic diseases, allergies, among others, and are employed by diverse end-users including veterinary hospitals and clinics, home care settings, among others.

The veterinary rapid test market research report is one of a series of new reports that provides veterinary rapid test market statistics, including veterinary rapid test industry global market size, regional shares, competitors with a veterinary rapid test market share, detailed veterinary rapid test market segments, market trends, and opportunities, and any further data you may need to thrive in the veterinary rapid test industry. This veterinary rapid test market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The veterinary rapid test market consists of sales of canine tests, feline tests, equine tests, and livestock tests. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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