(PharmaNewsWire.Com, June 21, 2021 ) According to the new market research report "Veterinary Dental Equipment Market by Product (dental equipment, Hand instruments, consumables and Adjuvants), Animal type (Small companion and large animal), End User (Hospitals, Clinics, Academic institute) - Global Forecast to 2026", published by MarketsandMarkets™, the market is projected to reach USD 500 million by 2026 from USD 334 million in 2021, at a CAGR of 8.4% during the forecast period.
The Growth in the global companion animal population, rising incidence of veterinary dental problems, and growth in the number of veterinary practitioners and their income levels in developed economies are the primary drivers for the veterinary dental equipment market. However, the increasing cost of pet care is expected to restrain the growth of this market to a certain extent. This problem will be further exacerbated by the low animal health awareness and a shortage of skilled veterinarians in emerging markets.
By product, the equipment segment is expected to account for the largest share of the veterinary dental equipment market
By product, the global market is segmented into dental equipment, Hand instruments, consumables and Adjuvants. The equipment segment accounted for the largest share in the forecast year. The large share of this segment can be attributed to the high cost of dental equipment and the rising income level of veterinarians, which is resulting in the higher adoption of dental equipment.
On the basis of animal type, small companion animal segment expected to grow at the highest CAGR in the market in the forecast period
Based on animal type, the veterinary dental equipment market is segmented into small companion animals and large animals. The small companion animals segment accounted for the largest market share in the forecast period. The large share of this segment can be attributed to the growing companion animal population, increasing pet care expenditure, and the high prevalence of dental diseases in companion animals.
On the basis of end user, veterinary hospital segment holds the highest market share in the Veterinary Dental Instruments Market
Based on end user, the veterinary dental equipment market is segmented into veterinary clinics, veterinary hospitals, and academic institutes. Veterinary hospitals are the major end users in the market during the forecast period. The large share of this segment can primarily be attributed to the growing number of veterinarians, the increasing number of veterinary practices, and the increasing need for complete treatment under one roof. The rising awareness among pet owners regarding routine and preventive care and improving government initiatives for veterinary practices are also expected to propel the growth of this segment in the coming years.
North America to dominate the veterinary dental equipment market during the forecast period
The Veterinary Dental Instruments Market in North America accounted for the largest market during the forecast period. The large share of North America in this market is attributed to the increasing number of companion animals and rising companion animal healthcare expenditure in the region. However, the Asia Pacific market is estimated to grow at the highest CAGR during the forecast period owing to factors such as the increasing pet adoption, rising awareness about animal health, progressive urbanization, and the growing per capita animal health expenditure in several APAC countries.
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