Asia Pacific Veterinary Equipment And Disposables Market Share and Business Opportunity to 2028

Asia Pacific Veterinary Equipment And Disposables Industry Overview

The Asia Pacific veterinary equipment and disposables market size was valued at USD 345.3 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 9.3% from 2021 to 2028.

Rising research activities, pet population, and a number of vet visits are factors expected to boost market growth in the region. The increase in pet population is supported by factors such as high aging population in countries like Japan, Australia, and South Korea; increasing single-member households; and rising disposable income.  The livestock population is also on a growth trend due to the rising demand for medical research and meat-& livestock-derived products.

The COVID-19 outbreak restricted the growth of the market for veterinary equipment and disposables due to a reduction in patient volume in veterinary clinics as well as hospitals and cancellation or delayed animal-based research projects. A 2020 survey by the UN FAO on the Impact of COVID-19 on the delivery of veterinary animal disease reporting and services, indicated a negative impact on veterinary services across the globe including the Asia Pacific region. Survey participants reported a decrease in procedure volume and activities in laboratory diagnostics, visits to livestock farms, supply chain challenges, and others thus lowering the demand for veterinary equipment and disposables.

Gather more insights about the market drivers, restrains and growth of the Asia Pacific Veterinary Equipment And Disposables Market

Japan veterinary equipment and disposables market size, by product 2018 - 2028 (USD Million)

According to a January 2021 article published in the Frontieres Media S.A. online journal, the restrictions on human movement and curbs on social gatherings created angst and fear across the Australian society regarding the manner of implementation thus affecting all Australian sectors that care for animals. Research and teaching institutions using animals implemented staffing processes to continue animal welfare while most research was either canceled or continued under modified conditions, as required by Australian laws and Animal Ethics Committees (AECs). There was also a decrease in breeding for animal colonies, wherever appropriate. The COVID-19 Animal Welfare Response Reference Group (COVAWRRG) was created in March 2020, as a national and multisectoral response to the pandemic.

Several initiatives by the government and private sector are other factors indirectly fueling the growth of the market for veterinary equipment and disposables. For instance, in May 2019, a fundraising round led by BitRock Capital in China invested over USD 30 million in OneDegree-a Hong Kong-based pet insurance company. In addition, in its Budget 2021, the Indian government reduced custom duties on some raw materials and inputs used by the domestic animal husbandry industry, to promote domestic manufacturing. These initiatives by public and private players are expected to drive the market for veterinary equipment and disposables.

According to Animal Medicines Australia, household expenditure on veterinary services has been increasing in the country. Australians were estimated to have spent over USD 2.6 billion on veterinary services in 2019. The top reasons for vet visits are general checkups, vaccination, illness/injury, de-sexing, dental concerns, surgery, pathology and lab tests, X-ray and imaging, and hospitalization.

Research is another area where the use of animals and related equipment and disposables is growing. In fact, as per Cruelty Free International, China, Japan, Australia, and South Korea are among the top 10 animal testing countries across the globe. The COVID-19 pandemic led to a global surge in R&D activities for vaccines and other treatment options. This also impelled the demand for lab animals for research in clinical trials, creating opportunities for veterinary equipment and disposables manufacturers.

Harbin Veterinary Research Institute (HVRI), in China, is among the many entities involved in the development of vaccines and other treatments for diseases including African swine fever. In March 2020, HVRI announced that it would be testing its potential vaccine candidate in a clinical trial, involving 10 to 20,000 pigs. Veterinary equipment and disposables market players can leverage such initiatives by supplying necessary products for R&D.

Browse through Grand View Research’s Animal Health Industry Research Reports.

  • Pet Services Market: The global pet services market size was valued at USD 23.0 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 9.1% from 2022 to 2030.
  • Canine Orthopedics Market: The global canine orthopedics market size was valued at USD 221.7 million in 2021 and is estimated to expand at a compound annual growth rate (CAGR) of 8.4% from 2022 to 2030.

Market Share Insights

  • March 2021: Midmark Corporation launched an in-clinic veterinary anesthesia simulation training through Midmark Academy. The company also provides a wide portfolio of veterinary equipment and disposables.
  • May 2019: A fundraising round led by BitRock Capital in China invested over USD 30 million in OneDegree-a Hong Kong-based pet insurance company.

Key Companies profiled:

Some of the prominent players in the Asia Pacific veterinary equipment and disposables market include:

  • Smiths Medical
  • Nonin
  • Braun Melsungen AG
  • Kshama Equipments
  • Vetland Medical Sales & Services
  • Midmark Corporation
  • Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
  • Dispomed Ltd.

Order a free sample PDF of the Asia Pacific Veterinary Equipment And Disposables Market Intelligence Study, published by Grand View Research.

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