08192017Headline:

U.S. Veterinary Infusion Pumps Market Growing Demand for Pet Insurance and Increasing Animal Healthcare Expenditure

The U.S. veterinary infusion pumps market is projected to reach USD 35.4 million by 2021 from an estimated USD 26.6 million in 2016, at a CAGR of 5.8% during the forecast period (2016–2021). The growing demand for pet insurance and increasing animal healthcare expenditure, rising demand for animal-derived food products, and growth in the number of veterinary practitioners and their income levels are the major factors driving the growth of the veterinary infusion pumps market in the U.S. According to the North American Pet Health Insurance Association (NAPHIA) 2015, pet owners are willing to buy pet health insurance and over 1.4 million pets were insured in North America in 2014. The North American pet health insurance market was valued at USD 504.1 million in 2012 and reached 660.5 million in 2014. Also, between this period, the annual insurance premium increased at a GWP (Gross Written Premium) of ~14.5%. These are positive indicators for the veterinary equipment market in the country and are expected to have a major impact on the demand for veterinary infusion pumps in the coming years. Animal-derived food products (including beef, veal, buffalo meat, mutton, lamb and goat meat, pork, poultry meat, milk and dairy products, and eggs) account for 33% of the global protein consumption; however, this figure varies across developed and developing countries. In the last five years, meat consumption in the U.S. has witnessed a notable growth. The consumption of pork meat increased from 20.806 Kg/capita in 2011 to 22.652 kg/capita in 2015. Similarly, poultry meat consumption increased from 46.400 Kg/capita in 2011 to 47.624 Kg/capita in 2015. The growing consumption of animal-derived food products necessitates the maintenance of health of food-producing animals. The U.S. Department of Agriculture, through its Animal and Plant Health Inspection Services, checks animal health status, conducts tests, and records test results for animals and animal products before they are exported. As infusion pumps are used to deliver fluids in the treatment of various animal diseases and during surgical procedures, the increasing focus on maintaining the health of food-producing animals is expected to drive the demand for these products among end users. According to the American Veterinary Medical Association (AVMA), the number of veterinary professionals in the U.S. increased from 98,083 in 2011 to 105,358 in 2013. According to the U.S. Veterinary Workforce Study 2013 of AVMA, every year, around 4,000 new graduates are expected to join the veterinary practice till 2021. With the growing number of veterinarians, the adoption of infusion pumps is expected to increase, thus driving market growth during the forecast period. Moreover, the rising income level of veterinarians is also supporting the growth of this market. In the U.S., the income of veterinarians increased from USD 82,200 in 2006 to an average of USD 98,230 in 2014. According to AVMA estimates, as of 2013, the average salary of veterinarians in private clinical practices was USD 94,000 while that for veterinarians in public and corporate employment was USD 117,000. Between 1999 and 2013, the salary for veterinarians in public and corporate employment increased significantly as compared to veterinarians in private clinical practice. The growing income level is playing a crucial role in increasing the buying potential of veterinarians, which is expected to have a positive impact on the growth of the veterinary equipment market, including infusion pumps.

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