Asia Pacific Veterinary Rapid Test Market

Market Introduction

Asia Pacific veterinary rapid test market is analyzed based on the five major countries such as China, Japan, India, Australia, South Korea, and the rest of Asia Pacific. The Asia Pacific region is expected to be the fastest-growing region among all other regions. The growth of the market is expected to be fastest in countries such as China, India, and Australia. The growth of the market in these countries is expected to be fastest due to factors such as the rapid rise in livestock population, increasing awareness about animal health, and rising initiatives by governments and animal welfare associations are the significant factors driving the growth of the Asia-Pacific veterinary rapid test market. In addition, the Chinese government has adopted new strategies and has taken actions to deal with the challenges of veterinary diseases, including the establishment of disease reporting systems, issuing of laws and regulations, implementation of special projects for main infectious diseases, foreign disease surveillance, and health education. Further, presence of strong player in the region. For instance, Zoetis Inc. in April 2018 expanded its Animal Vaccine Research and Manufacturing in Suzhou, China. This new facility will focus on development and production of quality vaccines for swine, cattle, fish and companion animals that help protect against the strains of diseases prevalent in China. These strategies and measures can act as a major factor in the growth of the veterinary rapid test market in the country during the forecast period. Requirement for advanced diagnostics solutions to improve veterinary disease diagnosis is the major factor driving the growth of the APAC veterinary rapid test market.

The outbreak of COVID-19 has impacted all the industries including veterinary sector. There was an increase in pet adoption reported due to social isolation. For instance, shelters, nonprofit rescues, private breeders all reported high consumer demand during COVID 19 in the US. Most of the consumers in the market grappled with the onset of the pandemic. The retail e-commerce platforms witnessed high growth due to several restrictions on the brick-and-mortar stores and the disruption of the overall supply channel. Sales have spiked for pet care products at home, driven by the closure of veterinary clinics. Also, the pet population has increased in the region because of lockdown and people wanting a companion. Home isolation have driven the short-term pet fostering programs that may translate into long-term pet population growth in the future. Despite some disruptions caused by COVID-19 containment measures, the long-term growth potential of the sector remains intact. Also, the COVID-19 pandemic has highlighted the adaptability and response by veterinary diagnosticians to an emerging infectious disease and their role in maintaining animal health and protecting human public health. In addition, the market players have witnessed rise in sales. For instance, IDEXX’s companion animal group (CAG) diagnostics revenue increased by 23% in Q3 2020 as compared to last year. The recent surge in ownership, driven by an increase in adoption and fostering by people confined to their homes, offers lucrative opportunities for the growth of the market.

Asia Pacific Veterinary Rapid Test Strategic Insights

Strategic insights for the Asia Pacific Veterinary Rapid Test provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

Asia Pacific Veterinary Rapid Test Report Scope

Asia Pacific Veterinary Rapid Test Regional Insights

The geographic scope of the Asia Pacific Veterinary Rapid Test refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.

The veterinary rapid test market in APAC is expected to grow from US$ 164.61 million in 2021 to US$ 299.03 million by 2028; it is estimated to grow at a CAGR of 8.9% from 2021 to 2028. An increase is zoonotic diseases is likely to drive the veterinary rapid test market. Animals can sometimes carry harmful germs that can spread to people and cause illness; these are known as zoonotic diseases or zoonoses. Zoonotic diseases are caused by harmful germs like bacteria, viruses, parasites, and fungi. These germs can cause many different types of illnesses in people and animals, ranging from mild to severe illness and even death. As per CDC, it estimates that more than six out of every ten known infectious diseases in people can be spread from animals and three out of every four new or upcoming infectious diseases in people come from animals. Outbreaks such as severe acute respiratory syndrome (SARS) and avian influenza have shown once again the potential of microorganisms from animal reservoirs to adapt to human hosts. During the past decades, many earlier unknown human infectious diseases have emerged from animal reservoirs, from agents such as Ebola virus, human immunodeficiency virus (HIV), Nipah virus, West Nile virus, and Hantavirus. More than three-quarters of the human diseases that are new, emerging, or re-emerging at the beginning of the 21st century are caused by pathogens which are originated from animals or products of animal origin. According to WHO, it is estimated that, some 60% of emerging infectious diseases that are reported are zoonoses and about one billion cases of illness and millions of deaths occur every year from zoonoses. Over 30 new human pathogens have been detected in the last three decades, 75% of which have originated in animals. Hence, emerging, and re-emerging zoonotic diseases will become a progressively more significant factor in the demand for veterinary rapid testing and has triggered companies to produce advanced diagnostic kits, which is contributing to the growth of the overall market for veterinary rapid testing.

Key Market Segments

The APAC veterinary rapid test market is segmented on the bases of product, application, animal type, and country. Based on product, the market is segmented into rapid test kits and rapid test readers. The rapid test kits segment dominated the market in 2020 and is expected to be the fastest growing during the forecast period. On the basis of application, the veterinary rapid market is segmented into viral diseases, bacterial diseases, parasitic diseases, allergies, and other applications. The viral diseases segment dominated the market in 2020 and is expected to be the fastest growing during the forecast period. On the basis of animal type, the veterinary rapid test market is segmented into livestock animals and companion animals. The livestock animals segment dominated the market in 2020 and companion animals segment is expected to be the fastest growing during the forecast period. The livestock animals segment is further bifurcated into cattle, poultry, swine, and others. Similarly, the companion segment is segmented into dogs, cats, horses, and others.

Major Sources and Companies Listed

A few major primary and secondary sources referred to for preparing this report on the veterinary rapid test market in APAC are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are HESKA CORPORATION; IDEXX LABORATORIES, INC.; Virbac; Woodley Equipment Company Ltd; and Zoetis Inc. are among others.

Reasons to buy report

• To understand the APAC veterinary rapid test market landscape and identify market segments that are most likely to guarantee a strong return
• Stay ahead of the race by comprehending the ever-changing competitive landscape for APAC veterinary rapid test market
• Efficiently plan M&A and partnership deals in APAC veterinary rapid test market by identifying market segments with the most promising probable sales  
• Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form APAC veterinary rapid test market
• Obtain market revenue forecast for market by various segments from 2021-2028 in APAC region.

APAC Veterinary Rapid Test Market Segmentation

APAC Veterinary Rapid Test Market -By Product

• Rapid Test Kits
• Rapid Test Readers

APAC Veterinary Rapid Test Market -By

Application

• Viral Diseases
• Bacterial Diseases
• Parasitic Diseases
• Allergies
• Other Applications

APAC Veterinary Rapid Test Market -By Animal Type

• Livestock Animals
• Companion Animals

APAC Veterinary Rapid Test Market -By Country

• China
• India
• Japan
• Australia
• South Korea
• Rest of APAC

APAC Veterinary Rapid Test Market -

Company Profiles

• Bionote Inc.
• HESKA CORPORATION
• IDEXX LABORATORIES, INC.
• Virbac
• Woodley Equipment Company Ltd
• Zoetis Inc.