(PharmaNewsWire.Com, August 15, 2020 ) The global veterinary rapid tests market is projected to reach USD 854 million by 2024 from USD 573 million in 2019, at a CAGR of 8.3% during the forecast period. The increasing prevalence of zoonotic diseases among companion and livestock animals and the growing need for the rapid detection of these diseases are the major factors driving the growth of this market. The growing companion animal population and the rising demand for animal-derived food products are the other major factors driving market growth.
Players in the veterinary rapid tests market, such as Zoetis, Inc. (US), IDEXX Laboratories, Inc. (US), Heska Corporation (US), Biopanda Reagents Ltd. (UK), Fassisi GmbH (Germany), Virbac (France), BioNote, Inc. (South Korea), SWISSAVANS AG (Switzerland), MEGACOR Diagnostik GmbH (Austria), and Woodley Equipment Company (UK) are focusing on increasing their presence in this high-growth market through both organic as well as inorganic growth strategies, such as product launches, expansions, agreements, collaborations, and acquisitions. Due to the intense competition in this market, major market players are increasingly focusing on expanding their geographic presence in the high-growth emerging markets and strengthening their competitiveness in the market by acquiring smaller players with desired manufacturing capabilities or geographic presence.
IDEXX Laboratories (US) was the leading player in the veterinary rapid tests market and accounted for the largest share in 2018. The company has a diversified product portfolio, which includes a wide range of rapid test products. IDEXX’s position in the market can be attributed to its active R&D activities and wide distribution footprint across the world. To garner a larger share of the veterinary rapid tests market, the company continuously focuses on product developments and launches. For instance, in 2016, the company launched its Rapid Visual Pregnancy Test for cattle. Similarly, in 2015, IDEXX launched the Point-of-care SNAP Lepto Test for dogs.
Zoetis, Inc. (US) held the second-largest share of the veterinary rapid tests market. Its dominance in the market can be attributed to its wide range of product offerings and its strong geographical footprint through strategic acquisitions and partnerships. In 2018, the company acquired Abaxis, Inc. (US), a pioneer in the veterinary point-of-care diagnostics industry for USD 2.0 billion. The company also focuses on R&D activities to develop its animal health solutions that meet the customers’ demands. In this regard, the company invested USD 376 million, USD 382 million, USD 432 million in R&D activities for the discovery and development of new point-of-care diagnostics, chemical & biological entities, and product lifecycle in 2016, 2017, and 2018, respectively.
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