North America's $454 Million Veterinary Rapid Test Kits Market Soars Amidst Global Mergers and Rising Pet Ownership- Arizton
Leading market research firm, Arizton Advisory & Intelligence, has added the veterinary rapid test kits research report, veterinary rapid test kits market research report - global outlook & forecast 2023-2028. This exclusive report encompasses major segments of the veterinary rapid test kits market, providing detailed insights, data-driven analysis, and expert forecasts to help businesses stay ahead in the highly competitive industry. The cutting-edge research presents crucial information on market size, trends, key players, and emerging opportunities.
To know more about the report, click: https://www.arizton.com/market-reports/veterinary-rapid-test-kits-market
The global veterinary rapid test kits market has witnessed several significant mergers and acquisitions in recent years, positively impacting market growth. Companies engaged in veterinary diagnostics continuously implement strategies that aid in high development, revenue generation, product expansion, high market penetration, and increased geographical presence. For vendors, acquisitions offer a huge revenue growth opportunity by strengthening their market expansion and product and services portfolio extension.
A high proportion of nuclear families has also increased pet ownership worldwide. People consider pet animals family members, and pet owners are extra cautious about their pets' health. This has led to an increase in regular diagnostic check-ups and situational check-ups. Arizton predicts that in the future, the demand for rapid veterinary test kits for companion animals will increase with the rise in pet ownership and growing awareness among owners about the availability of various diagnostic tests for diagnosing and treating diseases in cats and dogs. Moreover, the increasing awareness and the intake of diagnosis services are accelerating the use of veterinary rapid test kits for livestock animal testing.
Pet ownership increased in developed markets such as the US, China, Germany, and the UK. Moreover, the expenditure associated with pet healthcare is high among these countries as the revenue growth opportunities are high. Furthermore, livestock animals such as cattle, swine, buffaloes, sheep, and goats are commonly infected with several health conditions, accelerating the demand for diagnosis and treatments. Hence, it boosts the market opportunities for the vendors.
Pet ownership has grown substantially over the past few years with the positive influence of global trends. The awareness and adoption of cats and dogs in recent years is one of the leading factors propelling the demand for pet care in the country. Rising veterinary clinics are one of the top factors bolstering veterinary clinic visits for pets. The National Center for Biotechnology Information study report published in 2022 stated that awareness about pet-related health risks and their associated preventive measures has increased significantly in recent years, with most pet owners having good pet husbandry practices. Some pet owners receive care and diagnosis information from veterinarians and social media platforms.
More than $454.40 Million Opportunities in the North America Veterinary Rapid Test Kits Market
North America is leading the veterinary rapid test kits market due to the increasing pet population and associated expenditure. With the development and improvement in livestock animal breeding, the livestock population is also rising rapidly across the region, offering new market growth opportunities. Most leading vendors are present in the US, increasing access to veterinary rapid test kits. Livestock animals are a significant source of food production, which increases the demand for livestock animal testing and is expected to deliver high revenue growth opportunities in the future.
In 2023, across the US, 66% of US households own pets (86.9 million homes), which increased from 56% in 1988. Over 76% of cat owners and 85% of dog owners consider their pets family members.
In 2022, the US accounted for 91.30% of the North American veterinary rapid test kits market. The high expenditure on pets is a key factor driving the adoption of rapid test kits in companion animals’ diagnosis. The American Veterinary Medical Association Report 2022 shows that US households that own at least one dog increased from 38% to 45% in 2016 and 2022. Furthermore, cats have become more prevalent in recent years. Cat ownership increased from 25% to 26% from 2016 to 2022. It further increased to 29% in 2023. Behind all development in pet ownership, the only factor is economic development and high expenditure on dogs. In addition, pet owners are shifting toward pet insurance for pet health security.
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North America Dominates Viral Diseases Veterinary Rapid Test Kits Market Share, APAC Region Takes Lead in Growth Rate
Viral diseases are prevalent among companion and livestock animals. Most viral diseases are zoonotic diseases that affect billions of animals worldwide. They transfer from animals to humans, increasing the demand for regular check-ups and diagnoses of animals. In livestock animals, viral diseases are characterized as endemic or epidemic. In livestock animals, foot-and-mouth disease is highly prevalent. Across the world, this viral disease is considered a severe and highly contagious livestock animal disease that has a significant economic impact on livestock animal businesses. This disease is common in sheep, goats, swine, cattle, and other cloven-hoofed ruminants. Foot-and-mouth disease is estimated to spread in around 77% of the global livestock animal population in the Middle East, Asia, Africa, and some parts of South Africa.
Viral infection among pet animals is also highly prevalent, offering high market growth opportunities. Pet owners spend a lot on their pet health, diagnosis, and food. The importance of pets’ well-being in health and management led to increasing veterinary hospital visits of companion animals.
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