Veterinary equipment and consumables are used in animal hospitals and clinics for various applications, such as anesthetic medication, respiratory support, temperature management, and fluid management. Veterinary equipment is also used in basic biomedical and medical research.
Rising animal health expenditure and the growing demand for pet insurance, the increasing number of veterinary practitioners in developed regions, and growth in the companion animals’ market are the primary drivers for the global Veterinary Equipment Market during the forecast period.
What the Market Looks Like?
Predicted to grow at a CAGR of 8.0% during the forecast period, the global Veterinary Equipment and Disposables Market is estimated to reach USD 2.40 billion by the end of 2023.
On the basis of type, the critical care consumables segment accounted for the largest share of the global Veterinary Equipment Market. The large share of consumables can be attributed to the large number of consumables required and consumed in almost every veterinary care process, as opposed to the one-time cost of capital equipment.
Based on animal, the small companion animal’s segment will dominate the market in 2023. The large share of this segment can be attributed to the high adoption of companion animals and rising expenditure on animal health.
Based on end user, veterinary clinics are estimated to hold the largest share of the Veterinary Equipment Market in 2023. The large share of this segment can be attributed to the growing number of patient visits along with the increasing number of private clinical practices and increasing practice revenues.
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What Drives the Market?
The growth of the global market for Veterinary Equipment and Disposables is primarily influenced by the following factors:
- Growth in Companion Animal Population
- Rising Demand for Pet Insurance with Growing Animal Health Expenditure
- Growth in the Number of Veterinary Practitioners and Income Levels in Developed Economies
- However, the increasing cost of pet care and a focus on alternatives to animal testing are expected to restrain the growth of this market to a certain extent.
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Geographical growth scenario of Veterinary Equipment and Disposables Market:
Geographically, the market has been studied for North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is estimated to hold the largest share of the Veterinary Equipment Market during the forecast period, followed by Europe and the Asia Pacific. Factors such as the increasing number of companion animals, rising companion animal healthcare expenditure, rise in the number of livestock animals in North America (primarily due to the increasing consumption of meat and dairy products), and growth in the pet insurance market are responsible for the region’s large share in the global market.
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Leading market players and strategies adopted:
The prominent players in the Veterinary Equipment and Disposables Market include Mindray Medical International Limited (China), Smiths Group plc (UK), Nonin Medical (US), Digicare Biomedical Technology, Inc. (US), B. Braun Melsungen AG (Germany), Henry Schein (US), Vetland Medical Sales and Services, LLC (US), Hallowell Engineering & Manufacturing Corporation (US), Infiniti Medical, LLC (US), DRE Veterinary (US), and Midmark Corporation (US).
Rising animal health expenditure and the growing demand for pet insurance will drive the Veterinary Equipment Market, the increasing number of veterinary practitioners in developed regions, and growth in the companion animals' market are the primary drivers for the global market during the forecast period.
According to a new market research report "Veterinary Equipment Market by Product (Consumables, Anesthesia Machines, Ventilators, Patient Monitoring, Oxygen Masks, Infusion Pumps), Animal (Cats, Dogs, Equines, Bovines), End User (Hospitals, Clinics) - Global Forecast to 2023", published by MarketsandMarkets™.
The Global Veterinary Equipment and Disposables Market is projected to reach USD 2.40 billion by 2023, at a CAGR of 8.0% during the forecast period.
The large share of consumables can be attributed to the large number of consumables required and consumed in almost every veterinary care process, as opposed to the one-time cost of capital equipment.
Based on animal, the small companion animals' segment will dominate the market in 2023.
The large share of this segment can be attributed to the high adoption of companion animals and rising expenditure on animal health.
The latest analysis conducted by Market Research Future (MRFR) states that the Global Animal Health Market had reached the value of USD 38,500 million in 2017.
On top of that, the heightened production of food products for animals has resulted in a considerable price reduction, thereby facilitating convenient access to this food at cheap prices.
Plus, the animal health market benefits from the continuous advancements in technology in veterinary healthcare, presenting numerous growth opportunities soon.
To illustrate, as per the data furnished by the American Pet Products Association (APPA), the total expenditure in the pet industry in 2016 had reached the valuation of USD 66.75 billion.
On the upside, growing government initiatives for the promotion of veterinary products will bring lucrative results for the animal health market, in addition to the factors mentioned above.
The vaccines segment will be representing the highest growth rate in the coming years.
