Veterinary Rapid Test 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. The increasing prevalence of zoonotic diseases among companion and livestock animals and the growing need for the rapid detection of these diseases are the major factors driving the growth of this market. The growing companion animal population and the rising demand for animal-derived food products are the other major factors driving market growth.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=117784882

Browse in-depth TOC on "Veterinary Rapid Test Market”

162 – Tables

30 – Figures

181 – Pages

Key Market Players

Players in the veterinary rapid tests market, such as Zoetis, Inc. (US), IDEXX Laboratories, Inc. (US), Heska Corporation (US), Biopanda Reagents Ltd. (UK), Fassisi GmbH (Germany), Virbac (France), BioNote, Inc. (South Korea), SWISSAVANS AG (Switzerland), MEGACOR Diagnostik GmbH (Austria), and Woodley Equipment Company (UK) are focusing on increasing their presence in this high-growth market through both organic as well as inorganic growth strategies, such as product launches, expansions, agreements, collaborations, and acquisitions. Due to the intense competition in this market, major market players are increasingly focusing on expanding their geographic presence in the high-growth emerging markets and strengthening their competitiveness in the market by acquiring smaller players with desired manufacturing capabilities or geographic presence.

IDEXX Laboratories (US) was the leading player in the veterinary rapid tests market and accounted for the largest share in 2018. The company has a diversified product portfolio, which includes a wide range of rapid test products. IDEXX’s position in the market can be attributed to its active RD activities and wide distribution footprint across the world. To garner a larger share of the veterinary rapid tests market, the company continuously focuses on product developments and launches. For instance, in 2016, the company launched its Rapid Visual Pregnancy Test for cattle. Similarly, in 2015, IDEXX launched the Point-of-care SNAP Lepto Test for dogs.

Zoetis, Inc. (US) held the second-largest share of the veterinary rapid tests market. Its dominance in the market can be attributed to its wide range of product offerings and its strong geographical footprint through strategic acquisitions and partnerships. In 2018, the company acquired Abaxis, Inc. (US), a pioneer in the veterinary point-of-care diagnostics industry for USD 2.0 billion. The company also focuses on RD activities to develop its animal health solutions that meet the customers’ demands. In this regard, the company invested USD 376 million, USD 382 million, USD 432 million in RD activities for the discovery and development of new point-of-care diagnostics, chemical biological entities, and product lifecycle in 2016, 2017, and 2018, respectively.

Request Sample Pages:https://www.marketsandmarkets.com/requestsampleNew.asp?id=117784882

“North America to hold the largest regional market share in 2019.”

North America is expected to account for the largest share of the veterinary rapid tests market in 2019, followed by Europe. The large share of North America can be attributed to the increasing companion animal population, rising animal healthcare expenditure, increasing awareness about animal diseases, growing number of veterinary practitioners, and the growing pet insurance market. In addition, the rise in the prevalence of zoonotic diseases and the need for the rapid detection of these diseases is further expected to propel the market in the coming years.

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=117784882

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their pain points around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 Micro Quadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA: +1-888-600-6441

Email: [email protected]

Research Insight: https://www.marketsandmarkets.com/ResearchInsight/veterinary-rapid-test-market.asp

Visit Our Website: https://www.marketsandmarkets.com/

Content Source: https://www.marketsandmarkets.com/PressReleases/veterinary-rapid-test.asp