Shibuya-ku, Tokyo, Japan, Japan, May 19, 2021, 10:50 /Comserve / -- Growth in Veterinary Rapid Test 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.
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.
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“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.
“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%
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Research Coverage:
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.
Reasons to Buy the Report
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
TABLE OF CONTENTS
1 INTRODUCTION 18
1.1 OBJECTIVES OF THE STUDY 18
1.2 MARKET DEFINITION 18
1.3 MARKET SCOPE 18
1.3.1 MARKETS COVERED 19
1.3.2 YEARS CONSIDERED FOR THE STUDY 20
1.4 CURRENCY 20
1.5 LIMITATIONS 20
1.6 STAKEHOLDERS 21
2 RESEARCH METHODOLOGY 22
2.1 RESEARCH DATA 22
2.1.1 SECONDARY DATA 23
2.1.1.1 Key data from secondary sources 23
2.1.2 PRIMARY DATA 24
2.1.2.1 Key data from primary sources 25
2.1.2.2 Break down of primary sources 25
2.2 MARKET SIZE ESTIMATION 26
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 27
2.4 MARKET SHARE ESTIMATION 28
2.5 ASSUMPTIONS FOR THE STUDY 28
3 EXECUTIVE SUMMARY 29
4 PREMIUM INSIGHTS 33
4.1 VETERINARY RAPID TESTS: MARKET OVERVIEW 33
4.2 VETERINARY RAPID TESTS MARKET: GEOGRAPHIC GROWTH OPPORTUNITIES 34
4.3 REGIONAL MIX: VETERINARY RAPID TESTS MARKET (2019–2024) 35
4.4 VETERINARY RAPID TESTS MARKET: DEVELOPED VS. DEVELOPING MARKETS,
2019 VS. 2024 36
5 INDUSTRY INSIGHTS 37
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