Veterinary Rapid Test Market Trends

Growth Drivers

• Integration of Growth Strategies by Market Players - Growth strategies include new product launches, mergers and acquisitions, obtaining investments from prominent companies to provide consumers with innovative and safe products and strengthen our product offering, expanding our customer base, and expanding our market reach. This includes strengthening our presence and expanding our geographic footprint. They are currently seeing an increasing trend in the market towards these strategies.
• Increasing Demand for Animal Derived Food Products - Recently, it has been recognized that the demand for foods of animal origin, such as meat, dairy products, and eggs, is increasing. The Food and Agriculture Organization of the United Nations predicts that to feed the world's 9.3 billion people by 2050 he will need to produce 60% more food. If people tried to do this through conventional farming, the resources we have would be overwhelmed. Furthermore, resource scarcity, particularly the decline in arable land, has significantly contributed to the recent decline in agricultural productivity. This has increased the demand for animal products around the world. Moreover, an increase in the number of cattle due to the increased demand and consumption of goods obtained from animals may result in a zoonotic outbreak. The adoption of quick testing is expected to drive the market for swift and rapid disease identification and treatment.

Challenges

• Lack of Animal Care Infrastructure in Developing Countries - Livestock provides many important benefits for healthy nutrition and survival. This is especially true in developing countries where there are few other nutritious food options. To maintain food system sustainability, the development of rapid veterinary testing methods for livestock welfare must be coordinated with animal food production. Most livestock live in developing countries, where a large portion of the animal's diet is also produced. Nevertheless, high-income countries are more represented than low-income countries in research to develop rapid testing technologies for livestock welfare.
• Lack of Awareness is Expected to Hamper the Market Growth in the Forecast Period
• High Cost of Veterinary Care is Anticipated to Pose Limitation on the Market Expansion in the Projected Period