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Chicago, July 07, 2022 (GLOBE NEWSWIRE) — According to the new market research report “Veterinary Equipment and Supplies Market by Type (Consumables, Patient Monitors, Anesthesia, Infusion Pumps), Application (Surgical (Gynecology, Dental), Diagnosis), Animal (Companion, Bovines), End User (Hospitals, Clinics) – Global Forecast to 2027”, published by MarketsandMarkets™, the global veterinary equipment market is projected to reach USD 2.9 Billion by 2027 from USD 2.0 Billion in 2022, at a CAGR of 8.1% during the forecast period. The rising animal health expenditure, growing demand for pet insurance, an increasing number of veterinary practitioners in developed, and growth in the companion animal regions segment are the major growth factors for this market.
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The emerging markets, such as India and China, and growing companion animal ownership in the APAC region are also expected to offer significant growth opportunities for players in the veterinary supplies market. However, low animal health awareness and the high costs of veterinary equipment are factors expected to restrain the markets growth to a certain extent.
The impact of the COVID-19 pandemic and the lockdowns it triggered is visible in various markets, including the veterinary equipment and supplies market. In 2020 and early 2021, the overall growth of various sectors was heavily impacted, specifically in countries with a high incidence rate of COVID-19, such as India, Brazil, China, the US, and several European countries (including Russia, Italy, the UK, and Spain).
The COVID-19 pandemic is expected to negatively impact the veterinary equipment market or its growth during the forecast period. The outbreak of COVID-19 originated from a meat market in Wuhan (China), which has negatively affected the consumption of food products derived from animal sources. Unfavorable changes in regulations and guidelines are hampering the growth of this market. The closing down of manufacturing facilities due to lockdowns, disruptions in supply chains, and recruitment challenges for clinical trials have further impacted the overall market growth. Furthermore, trade barriers in various regions are also expected to restrain the markets growth.
The critical care consumables segment accounted for the largest share during the forecast period.
By type, the veterinary equipment and supplies market is categorized into critical care consumables, anesthesia equipment, fluid management equipment, temperature management equipment, rescue & resuscitation equipment, research equipment, and patient monitoring equipment.
The critical care consumables segment accounted for the largest share of the global veterinary supplies market. The large share of this segment can be attributed to the increasing use of consumables in the monitoring & treating of animals owing to the growing incidence of diseases.
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The dogs segment accounted for the largest share of small companion animals during the forecast period
The small companion animals segment includes dogs, cats, and other small companion animals. The veterinary equipment and supplies market for dogs accounted for the largest share in 2021. The increasing adoption of dogs and the rising prevalence of chronic diseases are the key factors driving the growth of the veterinary equipment market for dogs.
The surgical application segment accounted for the largest share in the veterinary equipment and supplies market
By application, the veterinary supplies market is categorized into surgical application and diagnosis, monitoring, and therapy. The surgical application segment accounted for the largest share of the global veterinary equipment market. Factors such as the increasing number of pet owners and growing animal healthcare expenditure are leading to improvements in veterinary healthcare infrastructure across the globe, thus encouraging the use of surgical equipment.
The veterinary clinics accounted for the largest share of the global veterinary equipment and supplies market
By end user, the veterinary supplies market is categorized into veterinary clinics, veterinary hospitals, and veterinary research institutes. The veterinary clinics accounted for the largest share of the global market. The large share of this segment can be attributed to the growing number of patient visits and the increasing number of private clinical practices.
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APAC is expected to grow at the highest growth rate in 2021
The Asia Pacific market is projected to grow at the highest CAGR during the forecast period. Factors such as the growing population of companion & livestock animals and rising per capita income in these countries are driving the growth of this regional segment. The APAC countries, especially India and China, represent the highest growth potential for veterinary equipment and supplies. Livestock farming is a major source of income in these countries. Furthermore, the demand for animal-based products, such as meat and milk, is increasing in the emerging APAC markets.
Key players in the Veterinary Equipment and Supplies Market:
- B. Braun Vet Care GmbH (Germany),
- Covetrus Inc. (US),
- BD Animal Health (US),
- Cardinal Health (US),
- ICU Medical, Inc. (US),
- Neogen Corporation (US),
- Integra Life Sciences (US),
- Midmark Corporation (US),
- Jorgensen Laboratories (US),
- Shenzhen Mindray Animal Medical Technology Co., Ltd. (China),
- Nonin Medical (US),
- Digicare Animal Health (US),
- Hallowell Engineering And Manufacturing Corporation (US),
- Grady Medical (US),
- Mila International Inc. (US),
- Burton’s Medical Equipment Ltd (UK),
- Bionet America, Inc (South Korea),
- Masimo Corporation (US),
- Vetronic Services Ltd (UK),
- Advancis Veterinary (UK),
- New Gen Medical Systems (India),
- Dispomed (Canada),
- Eickemeyer (Germany),
- J & J Instruments (US), and
- Avante Animal Health (US).
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