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(Health-NewsWire.Net, November 18, 2021 ) According to the new market research report Veterinary Dental Equipment Market is projected to reach USD 500 million by 2026 from USD 334 million in 2021, at a CAGR of 8.4% during the forecast period.
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Growth in the global companion animal population, rising incidence of veterinary dental problems, and growth in the number of veterinary practitioners and their income levels in developed economies are the primary drivers for the veterinary dental equipment market. However, the increasing cost of pet care is expected to restrain the growth of this market to a certain extent. This problem will be further exacerbated by the low animal health awareness and a shortage of skilled veterinarians in emerging markets.
Based on animal type, the veterinary dental equipment market is segmented into small companion animals and large animals. The small companion animals segment accounted for the largest market share in the forecast period. The large share of this segment can be attributed to the growing companion animal population, increasing pet care expenditure, and the high prevalence of dental diseases in companion animals.
By product, the global market is segmented into dental equipment, Hand instruments, consumables and Adjuvants. The equipment segment accounted for the largest share in the forecast year. The large share of this segment can be attributed to the high cost of dental equipment and the rising income level of veterinarians, which is resulting in the higher adoption of dental equipment.
Opportunity: Untapped emerging markets
Companion animal ownership has grown significantly across the globe. This is particularly evident in the emerging markets across APAC and Latin America due to urbanization and increase in disposable incomes, which have expanded access to animal healthcare and also enabled owners to spend more on pet care. Historically, the adoption of veterinary dental equipment in these countries has been comparatively less than that in developed markets. However, currently, the number of veterinarians in emerging markets is on the rise. Several veterinary practices in developing regions are adopting technologically advanced solutions commonly used by veterinarians in developed economies. With a surge in the companion animal population, growing demand for veterinary dental services from the livestock industry, and the growing companion animal health expenditure, emerging countries across APAC and Latin America are expected to offer significant growth opportunities for players operating in the veterinary dental equipment market.
Challenge : Low animal healthcare awareness in emerging markets
Emerging economies such as India, China, Brazil, and some Southeast Asian countries are home to large companion and farm animal populations. However, animal health expenditure in these countries is relatively lower as compared to developed countries across North America and Europe. This is mainly due to a lack of awareness among pet owners and veterinarians. In addition, animal health expenditure in the farm animals’ segment in these countries is focused on therapeutic treatment only. Veterinary dentistry is not widely used in large-animal practices in these countries.
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The veterinary dental equipment market in North America accounted for the largest market during the forecast period. The large share of North America in this market is attributed to the increasing number of companion animals and rising companion animal healthcare expenditure in the region. However, the Asia Pacific market is estimated to grow at the highest CAGR during the forecast period owing to factors such as the increasing pet adoption, rising awareness about animal health, progressive urbanization, and the growing per capita animal health expenditure in several APAC countries.
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Mr. Aashish Mehra
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raviraj.tak@marketsandmarkets.com
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