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
Veterinary Rapid Test Market: Key insights
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
12.1% |
|
Base Year Market Size (2024) |
USD 925.68 million |
|
Forecast Year Market Size (2037) |
USD 4.08 billion |
|
Regional Scope |
|
