Veterinary Equipment Market: Opportunities and Challenges

Veterinary Equipment Market Veterinary Equipment Market

CITY, Country, 2019-Nov-15 — /EPR Network/ —  The Global Veterinary Equipment 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.

How will the untapped emerging markets provide opportunities for growth for players in the veterinary equipment and disposables market in the coming years?

Companion animal ownership has grown significantly across the globe. This is particularly evident in emerging markets in APAC and Latin American countries due to urbanization and the increase in disposable incomes—which have expanded access to animal healthcare and also enabled owners to spend more on pet care.

APAC countries like India and China have robust livestock markets. Emerging countries across Latin America, such as Brazil and Argentina, are also one of the largest beef and poultry meat exporters to global markets; these countries also serve as major competitors to the US export market.

Historically, the adoption of veterinary equipment and disposables among veterinary practices in these countries has been comparatively less than that in developed markets such as the US and some European countries. Currently, the number of veterinarians in emerging markets is on the rise. Moreover, many veterinary practices in the region are adopting technologically advanced solutions commonly used by veterinarians in developed economies. Thus, with the surge in the companion animal population, the growing demand for veterinary services from the livestock industry, and rising companion animal health expenditure, emerging countries across APAC and Latin America are expected to offer significant growth opportunities.

Many players from international markets are focusing on investing in emerging countries to expand their presence there to ensure long-term revenue growth.

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Is the shortage of veterinarians in emerging markets expected to continue to challenge market growth?

The global animal healthcare industry is marked by a shortage of veterinarians. This is particularly evident in emerging APAC and Latin American markets. According to the World Animal Health Information Database, there were 70,767 veterinary professionals in India in 2016 (much less than the required 110,000–120,000 professionals). In addition, at least one veterinary doctor is required for every 5,000 animals. According to the FAO 2015 and Livestock Census 2012, India’s total cattle and buffalo population was approximately 300 million head in 2012 and 400 million in 2014. This translates into a requirement of around 60,000 veterinarians catering to bovine animals alone. The demand will rise further if poultry, sheep, goats, pigs, and other animals are considered. Similar shortages are observed in developing countries such as Brazil and China.

A majority of veterinarians across the globe work in private practices dedicated to companion animals, which leads to a shortage of resources for farm animals or food-producing animals. This is expected to challenge the growth of the animal health industry as a whole and by extension, that of related markets, such as the veterinary equipment and disposables market.

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