Rising Demand for Pet Insurance With Growing Animal Health Expenditure will Drives the Veterinary Equipment Market

Pune, India, 2020-Feb-06 — /EPR Network/ —

Rising animal health expenditure and the growing demand for pet insurance will drive the Veterinary Equipment Market, the increasing number of veterinary practitioners in developed regions and growth in the companion animals’ market are the primary drivers for the global market during the forecast period.

According to a 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 to 2023“, published by MarketsandMarkets™.

The Global Veterinary Equipment and Disposables Market is projected to reach USD 2.40 billion by 2023, at a CAGR of 8.0% during the forecast period

Veterinary Equipment Market Segmentation:

On the basis of type, the critical care consumables segment accounted for the largest share of the global market. The large share of consumables can be attributed to a large number of consumables required and consumed in almost every veterinary care process, as opposed to the one-time cost of capital equipment.

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Based on animals, the small companion animals’ segment will dominate the market in 2023. The large share of this segment can be attributed to the high adoption of companion animals and rising expenditure on animal health.

Based on end-user, veterinary clinics are estimated to hold the largest share of the market in 2023. 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 increasing practice revenues.

Veterinary Equipment Market – Geographical Segmentation

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 market.

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Major Key Players in the Worldwide Market:

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).