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“The veterinary rapid tests market is projected to grow at a CAGR of 8.3%.”
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% during the forecast period. Growth in this market is driven by the increasing prevalence of zoonotic diseases among companion and livestock animals and the growing need for the rapid detection of these diseases.
“By application, the viral diseases segment accounted for the largest market share of the market.”
On the basis application, the veterinary rapid tests market has been segmented into viral diseases, bacterial diseases, parasitic diseases, allergies, and other applications. The viral diseases segment is excepted to account for the largest share of the veterinary rapid tests market in 2019. The large share of this segment can be attributed to the rising incidence of zoonotic diseases, growing prevalence of infectious diseases in farm animals, and growing pet health awareness among owners.
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“The companion animals segment is expected to grow at the highest CAGR during the forecast period.”
On the basis of animal type, the veterinary rapid tests market is segmented into companion and livestock animals. The companion animals segment is expected to witness the highest CAGR, owing to the increasing companion animal ownership, growing awareness about animal health among pet owners, and rising pet healthcare expenditure. The companion animals segment is further segmented into dogs, cats, horses, and other companion animals, such as rabbits, birds, and reptiles. In 2019, the market for dogs accounted for the largest share of the veterinary rapid tests market for companion animals.
“APAC is projected to witness the highest growth during the forecast period.”
North America is expected to account for the largest share of the global veterinary rapid tests market in 2019. On the other hand, the Asia Pacific market is expected to witness the highest growth during the forecast period, primarily due to the rapidly increasing animal population, growing adoption of veterinary diagnostic products, and rising demand for animal-derived food products.
The breakdown of primary participants was as mentioned below:
- By Company Type: Tier 1–35%, Tier 2–40%, and Tier 3–25%
- By Designation: C-level–35%, Director Level–25%, and Others–40%
- By Region: North America–35%, Europe–30%, Asia Pacific–15%, Latin America–10%, Middle East & Africa – 10%
The report analyzes the various veterinary rapid test products and their adoption pattern. It aims at estimating the market size and future growth potential of the global veterinary rapid tests market for different segments such as products, applications, animal type, and region. The report also includes an in-depth competitive analysis of the key players in this market along with their company profiles, product offerings, and recent developments.
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The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share. Firms purchasing the report could use one or any combination of the below-mentioned five strategies for strengthening the market.
This report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the global veterinary rapid tests market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the global veterinary rapid tests market
- Market Development: Comprehensive information on the lucrative emerging regions by product, application, end user, and region
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the global veterinary rapid tests market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and products of leading players in the global veterinary rapid tests market