Market Trends of Global Veterinary Rapid Test Industry
Rapid Test Kits Segment is Expected to Hold a Significant Market Share Over the Forecast Period
The rapid test is carried out by placing a sample on the specimen on the device. The results are obtained once the antigen-antibody interaction completes, resulting in a visible indicator on the device. These rapid test kits can efficiently detect pathogens in a short duration of around 5-10 minutes. Advancements in relation to the technological developments in rapid testing kits have led to an increase in the demand for veterinary rapid testing kits in the market.
The versatile benefits of rapid test kits for the detection of veterinary diseases are anticipated to increase their adoption, thereby contributing to market growth. For instance, according to a study published by the Journal of Veterinary Emergency and Critical Care in March 2024, rapid test kits represent a viable assessment tool for diagnosing septic cavitary effusions. They could be used in conjunction with other point-of-care diagnostics to support the rapid diagnosis of infection. Their benefits, such as effective diagnosis of sepsis, are anticipated to boost the demand for rapid test kits, thus boosting the segment’s growth.
An increasing number of initiatives taken by key market players, such as the launch of rapid test kits, may boost the demand for test kits, thereby propelling the market’s growth. For instance, in June 2023, Zoetis launched Vetscan Mastigram+, a rapid mastitis diagnostic kit that uses a simple flow dipstick test to detect gram-positive mastitis within just eight hours.
Therefore, the rising benefits of rapid detection veterinary kits and the strategic initiatives adopted by key market players are anticipated to foster the segment’s growth.
North America Holds a Significant Share of the Market and is Expected to Continue the Same During the Forecast Period
North America is expected to increase its market share in the future due to its well-established animal healthcare industry. The United States holds the majority of the market share in North America due to rising animal healthcare expenditures, the development of innovative solutions, and the awareness among the population regarding animal health.
In countries such as the United States and Canada, many people are adopting pets, and several facilities provide pet care services. Increasing animal health expenditures are also anticipated to boost market growth. For instance, as per the report published by the North American Pet Health Insurance Association (NAPHIA) in May 2023, the pet insurance sector of North America exceeded USD 6 billion by the end of 2022, and the industry witnessed double growth over the past four years. It also reported that the total premium volume for pet insurance in the United States was around USD 3.6 billion in 2022.
As per the same source, the total number of pets insured in the United States at the end of 2022 was 4 million, around 38.0% increase from 2021. Increasing animal healthcare expenditure may encourage many new and key players to enter the market, allowing them to increase their market shares over the forecast period.
The development of veterinary rapid tests in North America is anticipated to boost its adoption, thereby propelling the market's growth. For instance, in August 2023, scientists from the University of Calgary, Canada, developed a veterinary diagnostic rapid test kit, ViroSense, which detects a range of diseases in animals.
Therefore, the increasing adoption of pets and rising awareness among pet owners concerning their pet's health have created significant demand for veterinary rapid tests, which may lead to the market’s growth during the forecast period.
