Meticulous Research® has released a new report titled ‘Veterinary Rapid Diagnostic Tests Market by Product (Kits, Readers), Condition (Viral, Parasitic, Bacterial Infections), Animal (Companion [Dogs, Cats], Livestock), and End User (Clinics & Hospitals, Reference Labs, Home Testing) - Global Forecast to 2030.’

According to the report, the veterinary rapid diagnostic tests market is projected to grow at a compound annual growth rate (CAGR) of 8.1% from 2023, reaching an estimated $1.10 billion by 2030. This growth is driven by several factors, including the rising incidence of zoonotic diseases, the benefits of rapid diagnostic tests compared to other methods, an increasing preference for at-home and farm testing, heightened awareness of veterinary health, growing global spending on animal health, and rising demand for animal-derived food products.

Challenges to market growth include a lack of reimbursement options and the continued reliance on traditional diagnostic methods. Nonetheless, emerging markets and growing pet ownership are expected to offer significant growth opportunities. Challenges such as inadequate diagnostic infrastructure in developing countries and a lack of awareness among farmers about animal health could impact market growth.

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Market Segmentation and Future Outlook:
• Product: The rapid test kits segment is expected to capture the largest market share in 2023. This is attributed to the high prevalence of diseases in both companion and livestock animals and the growing preference for at-home and farm testing.

• Condition: The viral diseases segment is projected to hold the largest share in 2023, driven by the high occurrence of viral infections among animals and the potential for viruses to cross species barriers.

• Animal Type: Companion animals are anticipated to dominate the market in 2023. The large population of pets, their high disease prevalence, and the availability of rapid tests for common conditions are key factors driving this segment.

• End User: Veterinary hospitals and clinics are expected to hold the largest market share in 2023.

Geographic Insights:
The report provides a detailed analysis of the veterinary rapid diagnostic tests market across various regions, including North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, India, and Rest of Asia-Pacific), Latin America, and the Middle East & Africa. North America is anticipated to lead the market in 2023, followed by Europe and Asia-Pacific. This dominance is supported by technological advancements in veterinary diagnostics, increased awareness about animal disease diagnosis, a growing number of veterinarians, higher spending on animal healthcare, and a well-established healthcare system.

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Key Players:
Key companies in the veterinary rapid diagnostic tests market include IDEXX Laboratories, Inc. (U.S.), Zoetis Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Woodley Equipment Company Ltd. (U.K.), Virbac (France), Heska Corporation (U.S.), Biopanda Reagents Ltd (U.K.), Fassisi GmbH (Germany), MEGACOR Diagnostik GmbH (Austria), BioNote, Inc. (South Korea).

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