Rapid test market anticipated to surpass $1.2 Billion in next 7 years
by Katie Pfaff
The worldwide market for rapid test in veterinary medicine is forecast to grow at CAGR of 8.4% with the period beginning this year and ending in 2028. The market is expected to reach a value of $1,291.69 by that time, according to a report from market analyst firm, The Insight Partners. The current valuation of the market is $733.87 million in 2021.
The market report encompasses test kits and readers for parasites, viruses, bacteria, and even allergens in pets and food animals. Currently, viral tests and the respective kits take the largest share of the market and are predicted to grow at the greatest percentage. Similarly, companion animals eat up the largest portion of the market and are also expected to continue to grow at the highest rate.
Rapid testing is expected to continue to grow as a sector on several fronts, including engagement by world governments as well as local organizations in managing animal disease, an overall increase in the number of cases of animal disease, and a growing number of adopted pets in some geographies.
Countries, like some in Europe, have taken up the issue of zoonotic disease and have offered livestock insurance, intended to bolster the overall health of food animals. Such efforts are expected to manage health on several fronts, including control of disease through rapid testing.
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