Market Introduction
Europe consists of five major countries namely Germany, France, UK, Italy, and Spain. The market is also evaluated for the rest of countries in Europe. The market is driven by the factors such as increasing prevalence of zoonotic diseases among companion and livestock animals and the growing need for the rapid detection of these diseases, and the growing pet health expenditure. The growth of the market is majorly attributed due to rising incidences of zoonotic diseases and the growing adoption of pet animals. For instance, according to the Pet Food Manufacturer Association (PFMA) 2019 report, nearly 40% of the households in the UK had a pet in 2019. The government agencies are supporting the pharmaceutical industry in the country that is leading to the significant growth of pharmaceutical used for animals. For instance, since 1986, The National Office of Animal Health (NOAH) is representing the companies that research, develop, manufacture, and market licensed animal medicines in the UK. Also, increasing product launches are further driving market growth. For instance, in July 2019, Rapid Labs launched a series of rapid tests expanding their veterinary range. Their new veterinary rapid range include tests for some of the most common diseases in companion animals, such as canine parvovirus, heartworm, feline leukemia virus and infectious peritonitis. In addition, Rapid Labs have also launched several rapid tests for farm animals, including bovine brucella, foot & mouth disease and tuberculosis. Increasing initiatives by the governments and animal welfare associations of different countries is the major factor driving the growth of the Europe veterinary rapid test market.
The countries in Europe are highly affected due to the Covid-19 pandemic. The European countries such as Italy and Spain have registered the maximum number of deaths due to the coronavirus. However, the animal health industry in European countries is minimally affected. The rapid increase in pet care spending in developed markets such as the UK, Germany, and France has also been accompanied by a surge in demand from newer and more dynamic markets. In many countries, millennials are increasingly seeing pets as an alternative to children, driving pet adoption. For instance, demand for dogs and cats has surged in Germany due to the pandemic. According to the German Kennel Club (VDH), in 2020, around 20% more dogs were purchased than the previous year. This is offering lucrative opportunities for the growth of the market in the coming years. As the COVID-19 crisis unfolds, the increase in pet care spending will change. At present, the short-term effects of the pandemic have been mixed. Yet, the market has not witnessed a sharp decline in terms of growth. Also, as livestock species are not susceptible to COVID-19 infection, the disease had no direct impact on food producing animals. Nevertheless, the COVID-19 pandemic had short and medium-long term indirect impacts on the health and welfare of livestock such as changes in food demand and COVID-19 hotspots in slaughterhouses. Therefore, the pet care sector appears to be well-prepared to tackle the COVID-19 crisis, and its long-term growth potential remains intact.
Market Overview and Dynamics
The veterinary rapid test market in Europe is expected to grow from US$ 209.59 million in 2021 to US$ 361.67 million by 2028; it is estimated to grow at a CAGR of 8.1% from 2021 to 2028. The veterinary rapid test market is characterized by the presence of various small and big companies. The market players are adopting the strategies such as new product launch, regional expansion, and technological advancements to increase their market share. Rising demand for rapid tests, point of care testing, and portable instruments are encouraging the new product launches in veterinary rapid testing. Point-of-Care (PoC) testing enables rapid results in non-laboratory veterinary setting and also increases productivity. These tests are cost-effective and encompass a wide range of diseases. Moreover, the growing demand for point-of-care diagnostics products is further driving product innovations in the market. Market players are investing in R&D to develop advanced technologies and gain more revenue share.
Key Market Segments
The Europe 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 Europe are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Biopanda Reagents Ltd; Fassisi GmbH; HESKA CORPORATION; IDEXX LABORATORIES, INC.; MEGACOR Diagnostik GmbH; Swissavans AG; Virbac; Woodley Equipment Company Ltd ; and Zoetis Inc. are among others.
Reasons to buy report
Europe Veterinary Rapid Test Market Segmentation
Europe Veterinary Rapid Test Market -By Product
Europe Veterinary Rapid Test Market -By Application
Europe Veterinary Rapid Test Market -By Animal Type
Europe Veterinary Rapid Test Market -By Country
Europe Veterinary Rapid Test Market -Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 209.59 Million |
| Market Size by 2028 | US$ 361.67 Million |
| CAGR (2021 - 2028) | 8.1% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Product
|
| Regions and Countries Covered |
Europe
|
| Market leaders and key company profiles |
|
The Europe Veterinary Rapid Test Market is valued at US$ 209.59 Million in 2021, it is projected to reach US$ 361.67 Million by 2028.
As per our report Europe Veterinary Rapid Test Market, the market size is valued at US$ 209.59 Million in 2021, projecting it to reach US$ 361.67 Million by 2028. This translates to a CAGR of approximately 8.1% during the forecast period.
The Europe Veterinary Rapid Test Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe Veterinary Rapid Test Market report:
The Europe Veterinary Rapid Test Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Veterinary Rapid Test Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Veterinary Rapid Test Market value chain can benefit from the information contained in a comprehensive market report.
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