Veterinary Rapid Test Market - Introduction
Veterinary rapid tests are designed for preliminary screening of animals such as dogs, cats, bovine, and cattle. The test is carried out by placing a sample on the specimen well present on the device. The results are obtained once the antigen-antibody interaction completes, resulting in a visible indicator on the device. These rapid test kits are able to provide efficient detection of pathogens in a short duration of time; around 5 minutes to 10 minutes.
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Rapid test kits are individually controlled having a long shelf life and can be used at suitable temperature. Rapid tests are designed to detect either antibodies or antigens present in a given sample. Different types of sample used along with rapid test kits are serum, plasma, feces, whole blood plasma, conjunctiva swabs, urine, nasal fluid, and others. Veterinary rapid tests are highly specific and sensitive. The specificity of these rapid tests ranges from 90% to 100%, while sensitivity ranges from 85% to 90% in a given rapid test kit.
The global veterinary rapid test market is driven by new product launches, rise in awareness about veterinary health, increase in strategic alliances between distributors and manufacturers, surge in pet ownership, and rise in prevalence and incidence of zoonotic diseases. Factors restraining the global market are lack of reimbursement, less awareness about animal health in low income countries, and inadequate infrastructure in many parts of the globe.
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Veterinary Rapid Test Market – Competitive Landscape
IDEXX Laboratories, Inc.
IDEXX Laboratories provides veterinary diagnostic services, products to veterinarians present around the world. It was founded in in 1990 and is headquartered in Windsor, U.K. with approximately 8,000 employees as of 2018.IDEXX is the one of the leading players operating in diagnostic testing for livestock and poultry. The company has a well-established distribution network spread across more than 175 countries. Increasing adoption of expansion strategies has led to the overall strong positioning of the company in the U.S. For instance, on August 2018, IDEXX Laboratories, Inc. announced expansion of IDEXX-Direct service, for thousands of rural U.S. veterinary practices in Louisville, Kentucky.
MEGACOR Veterinary Diagnostics
MEGACOR Veterinary Diagnostics manufacturers and distributes in-vitro veterinary diagnostic product. The company serves veterinarians veterinary hospitals, and laboratories for diagnosis of viral, parasitic, and bacterial pathogens in small and big animals.
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Heska Corporation
Heska Corporation provides veterinary point of care veterinary diagnostic and specialty products for canine and feline in the U.S., Canada, Europe, and globally. Heska Corporation was founded in 1988 Loveland, Colorado, U.S. Prior to 1995 the company was known as Paravax, Inc. The company sell its product through field organization, a telephonic sales force, and third party distributors; and trade shows, and print advertising.
Veterinary Rapid Test – Dynamics
Rise in prevalence and incidence of zoonotic diseases to drive the market
Increase incidence of zoonotic diseases in developed and developing regions of anticipated to increase demand for rapid diagnostic of diseases is expected to drive demand for veterinary rapid test market during the forecast period. For instance, according International Livestock Research zoonotic diseases are major obstacles in the pathway out of poverty for one billion livestock keepers. There increasing demand for efficient test kits and other products is expected to drive the market for veterinary rapid test during the forecast period.
Asia Pacific is likely to present lucrative market opportunities due to increasing pet ownership
Asia Pacific is anticipated to present lucrative opportunities in the veterinary rapid test market during the forecast period owing to increase in pet ownership and rise in focus towards veterinary health, increasing government initiative to promote veterinary health in the developing countries of the region. According to estimates the number of pets has increased rapidly in countries like China thus making it almost impossible to establish the exact number of pets present in the country. According to reports published by the China Pet Industry 2018, a collaborative study issued Goumin.com, and Pet Fair Asia online pet community, there are approximately 92 million dogs and cats as pets in the urban areas of China.
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Increasing animal health expenditure is anticipated to drive the global veterinary rapid test market
R&D spending is increasing year-on-year. This is likely to hamper the growth of the animal health care market. It is estimated that the total American pet industry expenditure is anticipated to reach approximately US$ 69 billion by 2019, as compared to that of 2016 up from nearly US$ 67 billion. According to the American Society for Prevention of Cruelty to Animal estimates the annual cost of owning a dog is approximately US$ 1,843.Therefore increasing cost for maintenance of animal health is anticipated to drive the growth of the market during the forecast period.
Inadequate infrastructure in certain parts of the world is anticipated to restrain the market growth
The lack of proper infrastructure for animal healthcare management makes it difficult for the transportation of medicines and vaccines along with limited number of laboratories for conducting animal health tests in most emerging economies. There is lack of adequately educated and trained veterinarian in certain parts of the globe is anticipated to restrain the veterinary rapid test market during the forecast period.
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