(PharmaNewsWire.Com, June 17, 2021 ) The 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.
Expected Revenue Surge: The veterinary equipment and disposables 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
The veterinary clinics are estimated to hold the largest share of the veterinary equipment and disposables 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.
By 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.
Geographically; 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 disposables market.
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).
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