According to FutureWise analysis the market for veterinary rapid diagnostic tests in 2023 is US$ 0.63 billion, and is expected to reach US$ 1.19 billion by 2031 at a CAGR of 8.3%.
A veterinary rapid diagnostic test is a quick and simple medical diagnostic test. Presumptive diagnosis is less accurate than veterinary rapid diagnostic tests, which can be done at home. The findings of a veterinary rapid diagnostic test are available in roughly 15 minutes, allowing medication to begin without waiting for microscopic results. It does not require the purchase of any costly or difficult equipment. Within hours, people can learn how to use fast diagnostic tests for their pets. Depending on the antigens, many types of veterinary rapid diagnostic tests are available. After replacing the previous microscopy, clinical, and presumptive diagnosis, veterinary diagnostic tests are now used. It provides test kits for canine and feline heartworm, rabies, canine distemper virus, feline leukaemia virus, swine, and avian influenza, among other viruses. The market is expected to rise due to the potential application of veterinary diagnostic tests in the diagnosis and management of animal disease. The overall market will be driven by rising healthcare expenditure, increased pet adoption rates, increased demand for animal products, and an increase in the number of veterinary practitioners. However, the lack of reimbursements and lack of diagnostics infrastructure hinders the market's expansion.
FutureWise Market Research has instantiated a report that provides an intricate analysis of Veterinary Rapid Diagnostic Tests Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of this market.
According to the research study conducted by FutureWise research analysts, the Veterinary Rapid Diagnostic Tests Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.