Global Veterinary Rapid Test Market Size

Veterinary Rapid Test Market Analysis

The veterinary rapid test market is expected to register a CAGR of 8.7% over the forecast period.

There were a few cases of SARS-CoV-2 infection in animals during the COVID-19 pandemic, especially in animals that had direct contact with COVID-19-infected people. More attention is being paid to the development of veterinary diagnostics tools for identifying diseases in animals which led to a positive growth in veterinary rapid tests despite the COVID-19 pandemic's ongoing negative effects on worldwide markets. There have been cases of COVID-19 infections in cats and dogs in a several countries, including the United States. For instance, according to a report National Veterinary Services Laboratories (NVSL) of the United States Department of Agriculture (USDA), published on June 2020, the first confirmed case of SARS-CoV-2 (the virus that causes COVID-19) infection in a pet dog (German shepherd) in the state of New York. The first dog to test positive for SARS-CoV-2 in the US. Similarly, according to the National Veterinary Services Laboratories (NVSL) of the United States Department of Agriculture (USDA) and the Centers for Disease Control and Prevention (CDC) in April 2020, announced confirmed cases of SARS-CoV-2 (the virus that causes COVID-19) infection in two pet cats. These cats got infected by the virus after their owner tested positive for COVID-19. For instance, in November 2021, the Louisiana Animal Disease Diagnostic Laboratory (LADDL) partnered with the Louisiana Office of Public Health and the Centers for Disease Control (CDC) on a project to provide free COVID-19 testing for dogs and cats in Louisiana through December 31, 2021. Also, the increasing pet adoption during the pandemic has contributed to the market's growth. For instance, according to the People's Dispensary for Sick Animals (PDSA) PAW report published in June 2021, 2 million people in the United Kingdom acquired pets between March 2020 to May 2021. This trend has positively impacted the market growth during the COVID-19 pandemic.

Increasing consumer awareness regarding scientific animal nutrition, increase in industrialized livestock production, and the increasing demand for animal-based protein sources are the factors augmenting the growth of the market studied. Meat, milk, and eggs are among the foods whose demand has surged recently. Due to declining agricultural productivity as a result of depleting resources and a shortage of cultivated land, the consumption of animal-derived foods is rising. Foods derived from animals are a key source of protein and eating a diet high in protein is crucial for maintaining good health. According to Food and Agriculture Organization Corporate Statistical Database, in 2020, animal protein consumption in wealthy nations is steady (between 44 and 55 g / capita / day), whereas consumption is rising in developing nations. For instance, according to USDA Foreign Agricultural Service, published in August 2022, the U.S. accounted for about 21% of the world's beef consumption in 2020. Asia consumed 19,656.46 thousand tons of beef and veal in 2020, and that number is projected to rise to 21,467.08 thousand tons by 2026. In order to meet the rising demand for meals derived from animals, farmers are anticipated to boost livestock production. Livestock diseases are contributing to a set of problems within the livestock production systems, including productivity losses, uncertain food security, and loss of income, adversely affecting human health. Thus, increasing diagnostic testing of livestock diseases are the major factors driving the growth of the market.

Therefore, the factors mentioned above are attributed collectively to the studied market growth over the forecast period. However inadequate veterinary diagnostics infrastructure in developing countries are expected to hinder the market growth over the forecast period.