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.
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.
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.
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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.
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.
Veterinary Rapid Test – Segmentation
The Veterinary Rapid Test can be bifurcated on the basis of:
- Product Type
- Animal Type
Veterinary Rapid Test Segmentation – By Product Type
Depending on the product type, the Veterinary Rapid Test can be divided into:
- Rapid test kits
- Rapid test readers
Veterinary Rapid Test Segmentation – By Animal Type
On the basis of the Animal type, the Veterinary Rapid Test can be fragmented into:
Veterinary Rapid Test Segmentation – By Application
On the basis of the application, the Veterinary Rapid Test can be fragmented into:
- Viral diseases
- Bacterial diseases
- Parasitic diseases
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.