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(Health-NewsWire.Net, October 08, 2021 ) According to the new market research report “Veterinary Equipment Market by Product (Consumables, Anesthesia Machines, Ventilators, Patient Monitoring, Oxygen Masks, Infusion Pumps), Animal (Cats, Dogs, Equines, Bovines), End User (Hospitals, Clinics) – Global Forecast“, published by MarketsandMarkets™, the global veterinary equipment and disposables market is projected to reach USD 2.40 billion by 2023 from USD 1.63 billion in 2018, 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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Geographically; 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.
The prominent players in the veterinary equipment and disposables 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).
Henry Schein is one of the world’s largest providers of business, clinical, technology, and supply chain solutions to enhance the efficiency of office-based dental, animal health, and medical practitioners. The company also serves dental laboratories, government and institutional healthcare clinics, and other alternate care sites. Henry Schein operates through a centralized and automated distribution network. The company offers more than 120,000 branded products, as well as more than 180,000 additional products available as special-order items. In 2017, the company recorded net sales of ~USD 12.5 billion, up 7.7% from the prior year. Internal sales increased by 5.1%, which is in line with its goal of growing 1–2% points faster than its end-markets.
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The companion animals segment will continue to dominate the veterinary equipment and disposables market during the forecast period
Based on the type of animal, the veterinary equipment market is categorized into small companion animals, large animals, and others which comprise zoo animals, aquatic animals, and exotic animals. Increasing adoption of companion pets, increased focus on safety and efficiency in livestock production, increased expenditure on animal health and preventative care, aging pet population, and advancements in animal health products are the major factors driving the growth of the veterinary disposables market. Extensive marketing programs sponsored by companion animal health and veterinary supply companies are also expected to contribute to the growth of this market during the forecast period.
The veterinary clinics segment will continue to dominate the veterinary equipment and disposables market during the forecast period
Based on end user, the market is segmented into veterinary clinics, veterinary hospitals, and research institutes. The veterinary clinics segment is estimated to account for the largest share of the market in 2018. The large share of this segment can be attributed to the growing number of patient visits along with the increasing number of private clinical practices and growing practice revenues
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MarketsandMarkets™
Mr. Aashish Mehra
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raviraj.tak@marketsandmarkets.com
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