The Global Veterinary Equipment Market in terms of revenue was estimated to be worth $2.2 billion in 2023 and is poised to reach $3.2 billion by 2028, growing at a CAGR of 7.1% from 2023 to 2028. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The primary factors driving growth for the veterinary equipment supplies market during the projected period are advancements in veterinary technology, an increase in the population of pets and their owners, increasing demand for livestock veterinary products, rise in the need for pet insurance, an increase in the expense of animal health care, and an increase in the prevalence of diseases in animals.
The development of the market will be negatively impacted by the high cost of veterinary equipment, growing pet care expenditures, lack of knowledge about animal health, and the scarcity of qualified veterinarians in developing countries.
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Veterinary Equipment Supplies Market Dynamics
Driver: Surge in demand pet insurance and rise in animal health expenditure
The veterinary equipment business is driven mostly by rising pet insurance prices and increasing expenses related to animal health. The growing market need for veterinary supplies and equipment is helping manufacturers of veterinary equipment, who are consequently developing new and cutting-edge products to fulfil the needs of customers. Portable veterinary equipment, which allows veterinarians to treat patients at home, is becoming more and more in demand as pet insurance becomes growing in popularity. The demand for high-quality veterinary equipment is growing as a result of rising disposable incomes and greater awareness of animal welfare.
Restraint: Rising pet care costs will negatively impact the veterinary equipment business
There is a decrease in the demand for veterinary equipment because pet owners find it more and more challenging to cover expenses for veterinary treatment, particularly the cost of veterinary equipment, due to rising costs associated with pet ownership. Considering the perspective from veterinary practitioners, A veterinarian may buy a less expensive ultrasound equipment even if it is not as high quality as a more expensive machine in order to keep the cost of veterinary care affordable for their clients. Also, If a pet owner cannot afford the cost of the yearly checkup, they may decide to postpone the pet's checkup. This may cause health issues for the animal and reduce the need for veterinarian equipment.
Opportunity: Emerging market with untapped opportunities
In emerging markets, the number of pets is rising significantly. Many factors are responsible for increasing pets such as urbanization, increased disposable incomes, and shifting lifestyles. The demand for veterinary services and equipment rises along with the number of pets. Countries in Southeast Asia are attractive markets for the veterinary equipment business. These countries have growing middle classes, rising rates of pet ownership, and rising disposable incomes. The veterinary equipment business has a lot of opportunity in emerging markets. Veterinary equipment companies may take advantage of this potential and see substantial growth by learning about the demands of these markets and creating and promoting solutions that address those needs.
Challenge: Shortage of veterinary practitioners in developing countries
The number of veterinary practitioners in the country is strongly corresponding to the demand for veterinary equipment. The need for veterinary equipment will decline if there are not enough veterinary professionals.
Developing countries frequently lack the facilities such as veterinary clinics, hospitals, and diagnostic equipment which are necessary for maintaining veterinary practice. As a result, veterinarians find it challenging to offer their services. A shortage of veterinarians makes it more difficult for manufacturers of veterinary equipment to reach their target market and may result in higher equipment costs. However, such challenges can be overcome by government initiatives for veterinary practitioners in developing countries. Also, Veterinary equipment manufacturers can develop new technologies to support veterinary practice in developing countries, such as portable diagnostic equipment and other telemedicine platforms.
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Critical care consumables segment accounted for the largest share of 72.3% of the veterinary equipment industry
The significant share of the veterinary equipment market of the consumables segment may be attributed to the frequent utilization of consumables when combined with a single piece of capital equipment, as well as the high utilization of these supplies in the delivery of veterinary care, including wound treatment and fluid therapy. Expanding adoption of companion animals, expanding prevalence of diseases, a growing understanding of animal welfare and well-being, and rising costs associated with animal healthcare are some of the primary factors driving the need for critical care consumables.
Anesthesia machines segment accounted for 56.5% of the veterinary equipment industry in 2022
Animals undergoing surgery or other operations can be put unconscious by administering a combination of oxygen and anesthetic gases to them via anesthesia machines. This prevents animals from injury and keeps them from discomfort and suffering. Veterinary anesthesia machines are also becoming increasingly sophisticated, with new features being added all the time. Manufacturers' development of cutting-edge features including graphical panels, clear picture providing loops, and new ventilation modes in anesthesia machines is anticipated to propel the market's growth. According to forecasts, the market for veterinary anesthesia machines would be attributed to growing pet adoption trends, pet-human connection, and rising veterinary care product consumption.
Veterinary clinics are the major end users in the veterinary equipment industry in 2022
For animal owners, clinics are the initial point of contact. Therefore, veterinarian equipment and supplies in clinics are essential. The need for veterinary supplies and equipment is primarily being driven by the rise in patient visits, the number of private clinical practices, and the income of veterinary clinics. The growing veterinary practitioner base across developed countries is one of the major factors responsible for increasing the adoption of veterinary equipment in the coming years.
North America is expected to account for the largest share of the veterinary equipment market in 2022
In 2022, North America dominated the veterinary equipment 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 supplies market in North America.
Key Players:
Covetrus Inc. (US), B. Braun Vet Care GmbH (Germany), BD Animal Health (US), ICU Medical, Inc. (US), Midmark Corporation (US), Cardinal Health (US), Neogen Corporation (US), Integra LifeSciences (US), Shenzhen Mindray animal medical technology co., ltd. (China), Masimo Corporation (US), Avante Animal Health (US), RWD life science co., ltd (China), Eickemeyer (Germany), Bionet America, Inc (South Korea), Jorgensen Laboratories (US), 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), Vetronic Services Ltd (UK), Advances Veterinary (UK), New Gen Medical Systems (India), Dispomed (Canada)
Recent Developments of Veterinary Equipment Industry
In Aug 2023, ICU Medical received 510(k) regulatory clearance from the U.S. Food and Drug Administration (FDA) for the Plum Duo infusion pump with LifeShield infusion safety software. The Plum Duo pump and LifeShield software will be available to customers in the U.S. in early 2024.
In October 2022, Clayton, Dubilier & Rice (CD&R) and TPG Capital completed acquisition of Covetrus Inc. Covetrus became a private corporation as a result of this transaction, and its shares are no longer listed or traded publicly.
In January 2022, Smiths Medical (US) was acquired by ICU Medical Inc., who declared its completion. Syringe and ambulatory infusion devices, vascular access, and vital medical supplies are all part of Smiths Medical's veterinary product portfolio, which has strengthened ICU Medical's product line.
In December 2021, Covetrus Inc. (US) has successfully acquired the technological platform and infrastructure of VCP. With the help of this purchase, Covetrus will have new opportunities to give veterinarians the resources they need to improve healthcare and build closer relationships with their pet parent clients.
Report Link (Veterinary Equipment and Supplies Market)
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