LONDON, Nov 09, 2021 (GLOBE NEWSWIRE) – According to The Business Research Company’s research report on the Veterinary Devices Market, the mandatory microchip requirements for farm animals and pets are expected to serve as the drivers for the Veterinary Devices Market during the forecast period . A microchip is a small chip the size of a grain of rice that is placed directly under the skin of animals. This chip is linked to a database that contains the details of the owner and pet and can be scanned by veterinarians and authorized scanners to reunite lost pets and their owners. Several countries in Europe have mandated the use of microchips on pets.
In 2020, for example, it became mandatory for owners of horses, ponies and donkeys in Great Britain to microchip their animals and register their data in a central database. The mandatory system of identification and reunification has proven beneficial. The increasing legal mandate for microchips would increase the demand for various medical devices and thus drive the market in the forecast period.
The global veterinary device market is expected to be driven by $ 1.77 billion in 2020 to $ 2.08 billion in 2021 at an average annual growth rate (CAGR) of 17.5%. The growth is mainly due to companies reorganizing their operations and recovering from the effects of COVID-19, which previously resulted in restrictive containment measures involving social distancing, remote working and the closure of commercial activities that created operational challenges. The veterinary equipment market is expected to reach $ 2.65 billion in 2025 at a CAGR of 6%.
The company research firm’s report, titled Veterinary Medical Equipment Global Market Report 2021 – By Type (Animal Diagnostic Equipment, Veterinary Anesthesia Equipment, Veterinary Patient Monitoring Equipment, Other Veterinary Equipment), By Product (Instruments / Equipment, Disposable), COVID-19 Impact, And Recovery covers large companies for Veterinary Devices, Veterinary Device Market Share by Company, Veterinary Device Manufacturer, Veterinary Device Market Size, and Veterinary Device Market Forecast. The report also covers the global Veterinary Devices Market and its segments.
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Growing awareness of pet vaccinations is also a driver for the veterinary equipment market over the forecast period. Veterinary vaccines are the vaccines that are mainly used to increase the immunity of animals. They help improve animal health and prevent the transmission of diseases from animals to humans. The increased level of awareness was also due to various organizations that carried out vaccination campaigns. For example, in 2020, in recognition of World Rabies Day, MSD Animal Health announced the launch of a global campaign to raise awareness among veterinarians, dog owners and volunteers who are committed to the elimination of rabies through ongoing dog vaccination. Hence, the increasing awareness of pet vaccinations would increase the demand for veterinary equipment and thus drive market growth in the future.
North America was that largest region in the global veterinary equipment market and account for 51.9% the total in 2020. Western Europe, Asia-Pacific, South America, and then the other regions followed. In the future the fastest growing regions in the veterinary equipment market South America and the middle East where the growth will be CAGRs of 7.6% and 6.4% This is followed by North America and Africa, respectively, where markets are expected to grow at CAGRs of 6.2% and 5.5% respectively over the period 2020-2025.
The global veterinary equipment market is highly concentrated with a large number of small players. the Top ten competitors on the market up to 58.54% of the total market in 2020. Major players in the market include Covetrus Inc., IDEXX Laboratories Inc., Integra LifeSciences Corporation, Mindray Medical International Limited, and Midmark Corporation.
Global Veterinary Devices Market Report 2021 – COVID-19 Impact And Recovery is one of a series of new reports from The Business Research Company that forecast Veterinary Devices market overview, Veterinary Devices market analysis, and forecast market size and growth for the whole market, market segments and regions for Veterinary Equipment, Veterinary Equipment Market Trends, Veterinary Equipment Market Drivers, Veterinary Equipment Market Restrictions, Revenue, Profiles, and Market Shares of Leading Veterinary Equipment Competitors in 1,000+ Industry Reports Covering 2,500+ Markets Segments and 60 Regions.
The report also includes an in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 records, extensive desk research and exclusive insights from interviews with industry leaders. A very experienced and competent team of analysts and modelers provides market analyzes and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and the approaches of leading competitors.
Here is A List of similar reports from the corporate research firm:
Global Veterinary Anesthesia Equipment Market Report 2021 – By Type (Standalone Anesthesia Machines, Portable Anesthesia Machines), By End-User (Veterinary Clinics, Veterinary Clinics, Emergency Service Centers, Veterinary Home Care Facilities), By Animal Type (Small, Large), COVID-19 Impact, And Recovery
Veterinary Clinics and Clinics Market – By Type of Service (Consulting, Surgery, Medicine, Miscellaneous (Including Pet Food)), By Species (Farm Animals, Companion Animals), & By Region, Opportunities and Strategies – Global Forecast to 2023
Veterinary medicine market – by type of medicine (veterinary drugs, feed additives), by type of additives (antibiotics, amino acids and antioxidants, vitamins, acidulants, enzymes, others), by animal species (cattle (dairy and meat purposes), poultry, other farm animals, Dogs and cats, other companion animals), by drug type (brand, generic), by type of prescription (OTC, prescription), by route of administration (oral, intravenous, subcutaneous, other), by distribution channel (veterinary services, online, other), according to Degree of regulation (highly regulated countries, weakly regulated countries) and by region, opportunities and strategies – global forecast to 2030
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