(PharmaNewsWire.Com, May 06, 2020 ) Veterinary equipment and disposables are used in monitoring, surgeries, and the treatment of diseases in animals. Rising animal health expenditure and growing demand for pet insurance, 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 and veterinary disposables market during the forecast period.
[265 Pages Report] The veterinary equipment market is expected to reach USD 2.40 Billion by 2023 from USD 1.63 Billion in 2018, at a CAGR of 8.0% during the forecast period (2018–2023).
Veterinary Equipment and Disposables Market Recent Developments:
In 2017, Vetland Medical (US) launched the Harmony 5 Electronic and the LAS-3000 manual ventilation system under the anesthesia system segment.
In 2016, Midmark (US) acquired VSSI, Inc. (US) to bring early-stage design and planning expertise, and integrated, built-in equipment solutions to the animal health practice.
The adoption of companion animals has grown globally due to the positive health benefits associated with them—reduced cardiac arrhythmias, normalization of blood pressure, decreased anxiety, greater psychological stability, and improved wellbeing. According to the APPA National Pet Owners Survey 2017–2018, the canine population in the US increased from 69.9 million in 2012 to 89.7 million in 2016, while the feline population increased from 74.05 million in 2012 to 94.2 million in 2016. According to the European Pet Food Industry Federation (FEDIAF), the canine population in Germany increased from 5.30 million in 2012 to 8.66 million in 2016, whereas the feline population increased from 8.20 million in 2012 to 13.40 million in 2016.
Market Segmentation in Detailed:-
Based on the type of animal, the veterinary equipment market and veterinary disposables market is categorized into small companion animals, large animals, and others which comprise zoo animals, aquatic animals, and exotic animals. Increasing adoption of companion pets, increased focus on safety and efficiency in livestock production, increased expenditure on animal health and preventative care, aging pet population, and advancements in animal health products are the major factors driving the growth of the veterinary equipment and disposables market. Extensive marketing programs sponsored by companion animal health and veterinary supply companies are also expected to contribute to the growth of this market during the forecast period.
Based on end user, the market is segmented into veterinary clinics, veterinary hospitals, and research institutes. The veterinary clinics segment is estimated to account for the largest share of the market in 2018. 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 growing practice revenues
North America would continue to dominate the market in the forecast period.
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 large share of the market in North America.
Key Market players:
The prominent players in the veterinary equipment and disposables market are 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). Some of the major strategies adopted by these players include new product launches; agreements, and collaborations; and acquisitions.
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