Market Trends of Global Veterinary Rapid Test Industry
This section covers the major market trends shaping the Veterinary Rapid Test Market according to our research experts:
Rapid Test Kits is Expected to Witness High Growth Over the Forecast Period
Rapid Test Kits is affordable, speedy, and easy to use in the field or laboratory setting without the need for a microscope or electricity, and it quick (5-10 minutes) results. Rapid Test Kits are found to hold the largest share which can be attributed to the flexibility to perform single or multiple tests so that the test is performed as needed to make the right clinical decisions and avoid wasted time and money. Rapid test kits are convenient to store at room temperature for an extended period of time where the results are obtained faster and the specificity of these rapid tests ranges from 90% to 100%. In comparison, sensitivity ranges from 85% to 90% in a given rapid test kit. Such accurate testing will lead to an early diagnosis and treatment which will boost the segment demand.
According to a 'Journal on Evaluation of a rapid immunochromatographic test kit to the gold standard fluorescent antibody test for diagnosis of rabies in animals in Bhutan', published in June 2020, the rapid kits have significantly improved the ability to deliver a rapid response to suspected rabies cases and decreased further rabies spread in both animals and people in resource-constrained nations like Bhutan. To quickly identify and eradicate rabies virus circulation in animal populations, sensitivity surveillance must be improved as Bhutan is on the verge of eliminating dog-mediated human rabies. Such rapid diagnostic result will increase the demand of rapid test boosting the segment growth.
North America is Expected to Dominate the Veterinary Rapid Test Market
North America is expected to dominate the market owing to factors such as high prevalence of livestock animals and zoonotic diseases coupled with the rising pet ownership in the region. After the 2020 Covid-19 pandemic, the United States and other states in the region have taken extraordinary steps to cope with the pandemic situation for improved human healthcare was tremendous. The development of preventive diagnostic tools also contributes to the increasing veterinary visits and preventive care. In April 2021, Intech Diagnostics, a part of Mars Veterinary Health, released new data that shows that all cats from a retrospective review of 730,000 veterinary visits received improved preventive care following a positive or negative RenalTech. RenalTech predicts chronic kidney disease (CKD) in cats two years before it occurs. The data shows that the predictive diagnostic tool increased veterinary visits by as much as 31%. Such studies and the development of predictive diagnostics tools are also driving the market growth in the country.
In contrast to the decline in sales, as per the reports of the Society for the Prevention of Cruelty to Animals, Los Angeles, the rate of adoption of pet animals was doubled in June 2020. The report suggests daily adoptions of pet animals were about 10 to 13 per day. According to American Pet Products Association's (APPA) National Pet Owners Survey (2021-2022) 70% of households in the United States reported as pet owners. North American Pet Health Insurance Association (NAPHIA), State of the Industry Report for 2021 show the total number of pets insured in 2020 reached 3.1 million, up from 2.5 million in 2019. This report also states that dogs continue to be the major insured pets with 82.9% and cats for 17.1%. The rising adoption of pets and their health concern by the owner may drive the growth of veterinary rapid test in the longer term.
Therefore, owing to the aforesaid factors the growth of the studied market is anticipated in the North America Region.
