March 28, 2020

Veterinary equipment and disposables market to exhibit lucrative growth during the forecast period

The latest market report published by Credence Research, Inc. “Veterinary Equipment and Disposables Market : Growth, Future Prospects, and Competitive Analysis 2019 – 2027”

The veterinary equipment and disposables market was valued at US$ 1,318.4 Mn in 2018 and expected to reach US$ 2,374.4 Mn by 2027 at a CAGR of 6.8% during the forecast period from 2019 to 2027. 

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Market Insights :

Veterinary Equipment and Disposables Market

The global veterinary equipment and disposables market indicates active growth in applications for respiratory support, anesthetic medication, temperature management, and fluid management during the 2019 to 2027 forecast period accredited to increase. Increasing animal health expenditure, increasing the number of veterinary specialists, and advancing technology in new surgical instruments, including its physical properties, along with increased expenditure on animal care, are major drivers of overall growth.

Healthcare and animal care organizations internationally have been issuing significant amounts of funds for financing awareness campaigns and providing assistive care to the companion animals. Over the last decades, there has been a significant rise in the count of pet owners, number of livestock animals, and increase in the diversity of infections related with these animals. High cost of equipment, lack of clear diagnostic & testing procedure, less awareness, deficiency of well-equipped veterinary clinics, and strict regulatory scenario on import of advanced products in the emerging nations are the factors restraining the market growth during the forecast period. 

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The European Medical Agency (EMA) is responsible for the expedited approval of veterinary products and implementation of the most descriptive regulatory guidelines primarily focusing on animal health. The European market has been the harbinger in technology pertaining to veterinary products; pioneering companies are mostly present in the Western Europe region. Asia Pacific will be the fastest growing region due to key drivers such as increasing demand for pet insurance and the presence of humid subtropical climate favoring the rampant growth of infectious diseases in farm animals. In addition, the flourishing e-commerce industry in China and India will further bolster the market growth for veterinary orthopedic implant products. 

Key Market Movements: 

  • Globally, the veterinary equipment and disposables market remains to show a dynamic growth with a CAGR of 6.8% for the period from 2019 to 2027
  • Many of the advanced equipment used by the veterinarian professionals include photo-biotherapy machines, cold laser treatment machines, surgical lasers, and other machines for monitoring and diagnosis.
  • Growing number of small scale equipment manufacturers, private players, and availability of customized products with enhanced applications will contribute the growth of the veterinary equipment and disposables market
  • Globally, the demand for medical assistance for animals and professional programs especially for dogs and cats is increasing significantly through veterinary clinics. Furthermore, pet clinics and social organizations have also involved themselves in training professionals with respect to how to treat the animals under supervision or post-surgery.
  • Major players in this vertical are Medtronic Plc, Vetland Medical Sales and Services LLC, Mila International, Inc., 3M Company, Smiths Medical, Digicare Biomedical Technology, Inc., Midmark Corporation, DRE Veterinary, Hallowell Engineering and Manufacturing Corporation, B. Braun Melsungen AG, Infiniti Medical, LLC, Nonin Medical, Inc. and others.

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