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(Health-NewsWire.Net, August 27, 2021 ) The Key Growth Elements in Detailed?
The Veterinary equipment and disposables are used in monitoring, surgeries, and the treatment of diseases in animals. Rising animal health expenditure and growing demand for pet insurance, increasing number of veterinary practitioners in developed regions, and growth in the companion animals market are the primary drivers for the global veterinary equipment market and veterinary disposables market during the forecast period.
Worldwide Growth Opportunities in Terms of Revenue:
The Veterinary Equipment and Disposables Market is expected to reach USD 2.40 Billion, at a CAGR of 8.0% during the forecast period.
Growth in the companion animal population;
The adoption of companion animals has grown globally due to the positive health benefits associated with them—reduced cardiac arrhythmias, normalization of blood pressure, decreased anxiety, greater psychological stability, and improved wellbeing. According to the APPA National Pet Owners Survey 2017–2018, the canine population in the US increased from 69.9 million in 2012 to 89.7 million in 2016, while the feline population increased from 74.05 million in 2012 to 94.2 million in 2016. According to the European Pet Food Industry Federation (FEDIAF), the canine population in Germany increased from 5.30 million in 2012 to 8.66 million in 2016, whereas the feline population increased from 8.20 million in 2012 to 13.40 million in 2016.
Emerging markets such as Brazil, China, India, and Mexico are also witnessing growth in animal ownership. According to the India International Pet Trade Fair (IIPTF), the number of pets increased from 11 million in 2014 to 15 million in 2016. Approximately 600,000 pets are adopted every year in India. Such trends are expected to support the growth of the animal health industry, which, in turn, will drive the growth of dependent industries such as veterinary equipment market and veterinary disposables market.
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Regional Growth, Development and Demand Analysis:
North America is estimated to hold the largest share of the veterinary equipment and disposables market during the forecast period, followed by Europe and the Asia Pacific. Factors such as the increasing number of companion animals, rising companion animal healthcare expenditure, rise in the 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 responsible for the region’s large share in the global veterinary disposables market.
Major Key Players Mentioned in the research report are:
The prominent players in the veterinary equipment market are Mindray Medical International Limited (China), Smiths Group plc (UK), Nonin Medical (US), Digicare Biomedical Technology, Inc. (US), B. Braun Melsungen AG (Germany), Henry Schein (US), Vetland Medical Sales and Services, LLC (US), Hallowell Engineering & Manufacturing Corporation (US), Infiniti Medical, LLC (US), DRE Veterinary (US), and Midmark Corporation (US).
Recent Developments in Veterinary Equipment and Disposables Market;
- In 2017, Vetland Medical (US) launched the Harmony 5 Electronic and the LAS-3000 manual ventilation system under the anesthesia system segment.
- In 2016, Midmark (US) acquired VSSI, Inc. (US) to bring early-stage design and planning expertise, and integrated, built-in equipment solutions to the animal health practice.
- In 2015, Mila International (US) signed an agreement with Cook Medical (US) to offer Cook’s Medical devices for sale to veterinary clinics and veterinary schools in the US.
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