The Global Veterinary Equipment and Supplies Market is projected to reach USD 2.9 Billion by 2027 from USD 2.0 Billion in 2022, at a CAGR of 8.1% during the forecast period. Veterinary equipment and supplies are used in surgeries and the monitoring & treatment of diseases in animals. Growth in the companion animal population, growing demand for pet insurance and rising animal health expenditure, and the increasing prevalence of diseases in animals are the primary growth drivers for the global veterinary equipment and supplies market during the forecast period.
Key Players:
B. Braun Vet Care GmbH (Germany), Covetrus Inc. (US), BD Animal Health (US), Cardinal Health (US), ICU Medical, Inc. (US), Neogen Corporation (US), Integra LifeSciences (US), Midmark Corporation (US), Jorgensen Laboratories (US), Shenzhen Mindray Animal Medical Technology Co., Ltd. (China), Nonin Medical (US), Digicare Animal Health (US), Hallowell Engineering And Manufacturing Corporation (US), Grady Medical (US), Mila International Inc. (US), Burtons Medical Equipment Ltd (UK), Bionet America, Inc (South Korea), Masimo Corporation (US), Vetronic Services Ltd (UK), Advancis Veterinary (UK), New Gen Medical Systems (India), Dispomed (Canada), Eickemeyer (Germany), J & J Instruments (US), and Avante Animal Health (US).
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Driver: Growth in of companion animal population
A surge in the overall companion animal population and adoption rate has been witnessed on a global scale. According to several studies, keeping a companion animal is associated with positive health benefits, such as reduced cardiac arrhythmias, normalization of blood pressure, decreased anxiety, greater psychological stability, and improved well-being. Emerging markets such as Brazil, China, India, and Mexico are also witnessing growth in animal ownership. The increasing pet population is expected to drive the demand for pet care products and services, which, in turn, will support the growth of dependent industries such as veterinary equipment and supplies.
Restraint: High cost of veterinary equipment
Most veterinary practices are small or mid-sized, with strict budgetary constraints; the high cost of these systems and the initial layout associated with the purchase and the maintenance and servicing of costs is a major market restraint. Moreover, this has also affected the adoption of veterinary equipment, which has grown at a lower-than-expected rate. There are constantly new advances and discoveries in veterinary products. Research is actively conducted by various universities and companies around the world. COVID- 19 worsened this in 2020 with certain products and equipment becoming less available or increased in price.
Untapped emerging markets
Companion animal ownership has grown significantly worldwide. This is particularly evident in emerging markets in the Asia Pacific and Latin American countries due to urbanization and rising disposable incomes-which has expanded access to animal healthcare and enabled owners to spend more on pet care.
Historically, the adoption of veterinary equipment and supplies among veterinary practices in these countries has been comparatively less than that in developed markets such as the US and some European countries. Currently, the number of veterinarians in emerging markets is on the rise. Moreover, many veterinary practices in the region are adopting technologically advanced solutions commonly used by veterinarians in developed economies. Thus, with the surge in the companion and livestock animal population, the growing demand for veterinary services from the livestock industry, and rising animal health expenditure, emerging countries across APAC and Latin America are expected to offer significant growth opportunities.
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Lack of animal healthcare awareness in emerging countries
Emerging economies such as India, China, Brazil, and some Southeast Asian countries are home to a large companion and farm animal population. However, animal health expenditure in these countries is relatively lower compared to developed countries across North America and Europe. This is mainly due to a lack of awareness among pet owners and veterinarians about the healthcare services available for animals. In addition, animal health expenditure in the farm animals segment for these countries is largely focused on therapeutic treatment. Veterinary equipment is not widely used in large animal practices in these countries.
In 2021, North America dominated the veterinary equipment and supplies market with the largest share. Factors such as the increasing number of companion animals, rising companion animal healthcare expenditure, rising 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 some of the key factors responsible for the large share of the veterinary equipment and supplies market in North America.
Frequently Asked Questions (FAQ):
· What are emerging trends in the veterinary equipment and supplies market?
· Which geographical region is growing at the highest rate in the veterinary equipment and supplies market?
· What are technological advancements in the veterinary equipment and supplies market?
· Which is the leading surgical application segment with the largest share in veterinary equipment and supplies market?
· Which is the largest animal type segment in veterinary equipment and supplies market?
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