Veterinary Rapid Test Market Competitive Insights 2022-28

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The latest report by Precision Business Insights, titled “Veterinary Rapid Test Market” covers complete information on market size, share, growth, trends, segment analysis, key players, drivers, and restraints.

The global veterinary rapid test market size was valued at USD 672.07 million in 2021 and is poised to grow at a significant CAGR of 8.2% during the forecast period 2022-28. Veterinary diagnostics refers to a variety of tests used to identify the presence of diseases in animals. They are carried out by testing blood, excrement, and tissue samples from livestock, wild, and domestic animals. Polymerase chain reaction (PCR), real-time polymerase chain reaction (RT-PCR), in situ hybridization (ISH), immunohistochemistry (IHC), and gene sequencing are all used in these tests. Screening tests, which are used to detect disease in healthy species, and confirmatory tests, which are used to assess disease status in a clinically afflicted animal, are the two main test groups. As a result, pathology, bacteriology, toxicology, nutrition, and virology testing labs frequently use them.

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New product launches, increased veterinary health awareness, increased strategic alliances between distributors as well as manufacturers, increased pet ownership, and an increase in the prevalence and incidence of zoonotic illnesses are driving the global veterinary quick test market. Lack of reimbursement, a lack of understanding about animal health in low-income nations, and inadequate infrastructure in many parts of the world are all factors limiting the global market. During the projected period, an increase in the frequency of zoonotic illnesses in established and emerging regions is predicted to drive demand for rapid diagnostic of diseases, which will drive demand for the veterinary rapid test market. According to International Livestock Research, zoonotic illnesses are a key impediment to one billion livestock keepers getting out of poverty. During the forecast period, the market for veterinary fast tests is anticipated to be driven by rising demand for effective test kits and other goods.

The global veterinary rapid test market segmentation:
1) By Product: Rapid Test Kit and Rapid Test Readers.
2) By Application: On-Trade (Viral, Bacterial, Parasite, and Allergies),
3) By Animal Type: Companion Animals and Livestock Animals)   

Due to an increase in pet ownership and increased focus on veterinary health, as well as increasing government initiatives to promote veterinary health in the region's developing countries, Asia Pacific is expected to present profitable positions in the veterinary rapid test market throughout the forecast period. According to estimates, the number of pets in nations like China has expanded significantly, making it nearly difficult to determine the exact number of pets in the country. According to data from the China Pet Industry 2018, a collaborative study published by Goumin.com, and the Pet Fair Asia online pet community, China's urban areas have roughly 93 million dogs and cats as pets.

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Some of the major key players in the Veterinary Rapid Test Market are Zoetis, Inc., Heska Corporation, Fassisi GmbH, Virbac, IDEXX Laboratories, Inc., Biopanda Reagents Ltd.

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