CHICAGO, Nov. 15, 2023 /PRNewswire/ -- Veterinary Equipment and Supplies 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 according to a new report by MarketsandMarkets.
The major driving factors for the growth of veterinary equipment and supplies market include growing demand for pet insurance, development in the veterinary equipment technologies, rise in the animal health expenditure. The growing demand for meat and dairy products is eventually increase in the number of livestock animals. The veterinary equipment market will be increasing in the emerging economies such as India and China due to increase in the population of companion animals and hence it offers a significant growth opportunity for players in the veterinary equipment and supplies market.
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Veterinary Equipment and Supplies Market Scope:
Report Coverage | Details |
Market Revenue in 2023 | $2.2 billion |
Estimated Value by 2028 | $3.2 billion |
Growth Rate | Poised to grow at a CAGR of 7.1% |
Market Size Available for | 2021-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Type, Application, Technology level, Animal Type, End user, and Region |
Geographies Covered |
|
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Emerging market with untapped opportunities |
Key Market Drivers | Surge in demand pet insurance and rise in animal health expenditure |
Basic equipment in technology segment accounted for the largest share of the global veterinary equipment and supplies market
Basic technology in veterinary equipment usually includes basic anesthesia machines, Oxygen tank, Vaporizer, basic patient monitoring and temperature monitoring equipment. Basic technology is typically inexpensive, making it accessible to veterinary clinics and shelters of all sizes. It is essential for performing routine tasks such as physical examinations, vaccinations, and wound care. Basic technology is expected to continue to play a significant role in this market by providing safe and effective care to animals with affordable cost.
Ventilators segment to register highest CAGR in Global veterinary anesthesia equipment market
Ventilators used in veterinary anaesthesia are becoming increasingly advanced, with innovative features constantly introduced. As an example, certain veterinary anaesthesia ventilators are now equipped with integrated patient monitoring systems that allow individuals to monitor the animal's vital signs and change the ventilator's settings as necessary. Also, such ventilators are used to control the respiration of animals during surgery and other medical procedures. They are essential for keeping animals safe and comfortable during anesthesia.
Large-volume infusion pumps segment accounted for the fluid management equipment market
The Large-Volume Infusion Pumps accounted for the largest share of the global veterinary equipment and supplies market. Large volume infusion pumps are used to deliver large volumes of fluids to animals, during surgery and blood transfusions. These are necessary to give animals a life-saving medical treatment. They are also used to enhance the standard of living for animals suffering from chronic medical conditions. Continuous developments in infusion technology have resulted in the availability of a wide range of large-volume pumps in the market.
Asia Pacific is expected to grow at a significant CAGR during the forecast period
In the coming years, there is a large forecast of growth for the veterinary equipment business in the Asia Pacific region. Increased pet ownership rates, a rise in the need for advanced veterinary care, the growing number of livestock animals, and developments in technology are some of the drivers that will push the market in this region. many veterinary equipment companies on this region are investing in research and development to develop innovative veterinary equipment. Also, there is an increase in the demand of advanced veterinary care for the pets as pet owners become more aware of the importance of animal health and welfare in Asia Pacific region.
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Veterinary Equipment and Supplies Market Dynamics:
Drivers:
1. Surge in demand pet insurance and rise in animal health expenditure
Restraints:
1. Rising pet care costs will negatively impact the veterinary equipment business
Opportunities:
1. Emerging market with untapped opportunities
Challenge:
1. Shortage of veterinary practitioners in developing countries
Key Market Players of Veterinary Equipment and Supplies Industry:
The prominent players in the veterinary equipment and supplies market are 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), Shenzhen Mindray animal medical technology co., ltd. (China), Masimo Corporation (US), Vetronic Services Ltd (UK), Advances Veterinary (UK), New Gen Medical Systems (India), Dispomed (Canada)
Following is a list of the major players (supply-side) in the Veterinary equipment and supplies Market that this study refers to:
By Company Type: Tier 1- 34%, Tier 2- 46%, and Tier 3- 20%
By Designation: C-level- 35%, Director Level-25%, and Others- 40%
By Region: North America-30%, Europe-45%, Asia Pacific-20%, Latin America- 3%, and Middle East and Africa-2%
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Recent Developments:
- 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.
Veterinary Equipment and Supplies Market - Key Benefits of Buying the Report:
The report will help the market leaders or new entrants in this market with information on the closest approximations of the revenue numbers for the overall veterinary equipment and supplies market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
Analysis of key drivers (Growth in the companion animal population, Growing demand for pet insurance and rising animal health expenditure, Growing number of veterinary practitioners), restraints (Rising pet care costs) opportunities (Untapped emerging economies), and challenges (Lack of animal healthcare awareness in emerging countries, Shortage of veterinary practitioners in developing countries) influencing the growth of the Veterinary equipment and supplies market.
Product Development/innovation: Comprehensive details on new technologies, R&D initiatives, and product and service launches for Veterinary equipment and supplies market.
Market Development: Comprehensive data on attractive markets, and the research analyzes the global Veterinary equipment and supplies market.
Market Diversification: Detailed information on emerging products and services, unexplored regions, current trends, and investments in the Veterinary equipment and supplies market.
Competitive Assessment: Comprehensive analysis of market shares, growth plans, and service offerings of major companies operating in the Veterinary equipment and supplies market like 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)
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