(PharmaNewsWire.Com, April 20, 2021 ) 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 and Disposables Market during the forecast period.
Growth Drivers: Growth in the companion animal population;
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.
Emerging markets such as Brazil, China, India, and Mexico are also witnessing growth in animal ownership. According to the India International Pet Trade Fair (IIPTF), the number of pets increased from 11 million in 2014 to 15 million in 2016. Approximately 600,000 pets are adopted every year in India. Such trends are expected to support the growth of the animal health industry, which, in turn, will drive the growth of dependent industries such as veterinary equipment market and veterinary disposables market.
According to the new market research report “Veterinary Equipment and Disposables Market by Product (Consumables, Anesthesia Machines, Ventilators, Patient Monitoring, Oxygen Masks, Infusion Pumps), Animal (Cats, Dogs, Equines, Bovines), End User (Hospitals, Clinics) – Global Forecast” published by MarketsandMarkets™, 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.
Geographical Scenario in Depth:
North America is estimated to hold the largest share of the veterinary equipment and disposables 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 veterinary equipment market.
Leading Key-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).
Smiths Group is the leading player in the global veterinary equipment market. This is mainly attributed to its wide geographic presence and distribution network across the globe. The company primarily focuses on strengthening its extensive global sales network. It aims to grow by making customer satisfaction a priority and providing accurate and timely responses and resolutions to consumer needs. The company also provides clinical support to its customers with information pertaining to clinical aspects of veterinary products, which helps the company increase its customer base.
In addition, the company also offers clinical education for veterinary professionals, which helps increase the adoption of the company’s products among veterinary professionals. The company has a diversified revenue system that helps it sustain its leading position in the market.
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