Veterinary Equipment and Disposables Market | Growth in Companion Animal Population | Growing at a CAGR of 8.0%

PUNE, India, 2020-Apr-17 — /EPR Network/ —

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.

[265 Pages Report] The Veterinary Equipment and Disposables Market is expected 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 (2018–2023).

Market Dynamics:-

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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Market Segmentation in Detailed:

Based on type, the veterinary disposables market consists of critical care consumables used for the treatment of animals. It accounted for the largest share in the market in 2017. The large share of consumables can be attributed to a large number of consumables used with single capital equipment, and their high utilization in almost every veterinary care provided ranging from wound management to fluid therapy.

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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North America would continue to dominate the market in the forecast period.

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 large share of the market in North America.

Key Market players:

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). Some of the major strategies adopted by these players include new product launches; agreements, and collaborations; and acquisitions.