Global Veterinary Rapid Test Market to garner a CAGR of ~8% over 2022 – 2031; Market Growth likely to be Propelled by the Increasing Prevalence of Zoonotic Diseases Globally

New York, May 23, 2022 (GLOBE NEWSWIRE) — Zoonotic diseases are infectious diseases transferred from animals to humans or vice versa. A report by the World Health Organization (WHO), stated that over 200 types of zoonoses have been recorded by scientists. Globally, about 1 billion cases of illnesses caused by zoonoses are reported every year. Moreover, 60% of emerging infectious diseases that are reported globally are zoonoses. The coronavirus pandemic in 2020-21, which was caused by the deadly SARS-COV-2 virus, was also a zoonotic disease. As of May 2022, there have been 520,372,492 confirmed cases of COVID-19, including 6,270,232 deaths, reported to WHO.    

Research Nester has published a detailed market report on ‘Global Veterinary Rapid Test Market’ for the forecast period of 2022 – 2031 which includes the ongoing industry innovations and recent trends being adopted by the major industry players to achieve their business targets. Apart from that, the inclusive data on market size, growth rate, market revenue share, growth opportunities, and challenges for the market players along with a worldwide analysis of five major regions – North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa has been provided in the report.

The global veterinary rapid test market is estimated to garner a sizeable revenue by growing at a CAGR of ~8% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the rising prevalence of zoonotic diseases, including, rabies, Rift Valley fever, SARS, pandemic influenza H1N1, Yellow fever, Avian Influenza (H5N1) and (H7N9), West Nile virus, and the Middle East respiratory syndrome coronavirus (MERS-CoV), reported in the recent past. According to the data by the WHO, rabies causes an estimated expenditure of USD 8.6 billion per year. Moreover, more than 29 million people worldwide every year receive a post-bite rabies vaccination. Similarly, a report sourced from the U.S. National Center for Biotechnology Information, the 2014 Ebola epidemic was responsible for 11,316 deaths and USD 2.2 billion in economic losses. Moreover, the growth in the pharmaceutical industry is also expected to boost the market growth. In 2020, approximately USD 1.25 trillion in revenue was generated by the pharmaceutical industry. In addition to this, growing government initiatives to prevent the losses caused by zoonotic diseases is anticipated to boost the market growth. The US Center for Diseases Control and Prevention created the One Health Zoonotic Disease Prioritization Tool to help countries across the world identify zoonotic diseases.   

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The global veterinary rapid test market is segmented on the basis of application into viral, bacterial, parasite, and allergies. Out of these segments, the viral segment is anticipated to garner a significant revenue share in the market over the forecast period, as viral infections tend to spread at an alarming rate. For instance, the majority of the zoonotic disease outbreaks were caused by viruses, such as coronavirus, arbovirus, Ebola, hantavirus, Hendra virus, Nipah virus, and others. United Nations published a report stating that the global economy is expected to lose nearly USD 8.5 trillion by the end of 2022 due to the COVID-19 pandemic. The heavy economic losses incurred due to viral zoonotic diseases is estimated to boost the growth of the segment in the upcoming years.

Further, the global veterinary rapid test market is also divided by product type, into rapid test kit, and rapid test readers, out of which the rapid test kits segment is assessed to gain the largest share during the forecast period. This can be accredited to the high flexibility offered by these kits for performing single or multiple tests as needed to make the right clinical decisions. The demand for rapid test kits is also bound to surge, as the cases of zoonotic infections are increasing, backed by growing interaction between humans and animals. It was observed that approximately 480 million dogs and roughly 375 million cats were kept as pets worldwide, in 2018. Moreover, the growing expenditure on pet care is anticipated to boost the segment growth. For instance, in the U.S., approximately USD 160 was spent on a per capita basis on pet care in 2019. Similarly, consumers on average spent USD 95 per capita in Britain, USD 88 per capita in France, and USD 40 per capita in Japan in 2019.   

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Regionally, the global veterinary rapid test market is segmented into five major regions; North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Among these, the market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of the rapidly growing pet population in the developing countries, along with the high cases of diseases, such as rabies in the low- and middle- income regions. For instance, China had the 3^rd largest dog population and the 6^th largest cat population in the world, as of 2019. Moreover, rising awareness levels regarding animal wellbeing in the region is also estimated to encourage the market growth.

Furthermore, the market in the North America region is anticipated to hold the largest market share over the forecast period, owing to the growing occurrence of zoonotic diseases, coupled with the higher health awareness and availability of advanced treatment facilities in the region. As per the data by the Center for Disease Control and Prevention (CDC), 3 out of every 4 new or emerging infectious diseases in people come from animals. Moreover, 1 in every 6 Americans gets sick from eating undercooked meat or eggs, or unpasteurized milk and dairy products.

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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).

The global veterinary rapid test market is also segmented on the basis of animal type.

Global Veterinary Rapid Test Market, Segmentation by Animal Type

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Some of the prominent players and their company profiling mentioned in the global veterinary rapid test market research report include Zoetis, Inc., IDEXX Laboratories, Inc., Heska Corporation, Biopanda Reagents Ltd., Fassisi, Society for Veterinary Diagnostics and Environmental Analysis mbH, BioNote, Inc., SWISSAVANS AG, MEGACOR Diagnostik GmbH, Woodley Equipment Company Ltd., and Virbac S.A.

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