Veterinary equipment is basically used while giving anesthetic medication, as a support in respiratory problems, and managing temperature and fluids to animals. With more and more people adopting pets the market for veterinary equipment and disposables market has seen a significant growth in the past few years.
Market Drivers and Challenges
With more number of pet owners expected to purchase pet health insurance, the veterinary equipment and disposables market may see a considerable growth in the near future. The major driving factors that are fueling this market are:
- Increased expenditure for animal health
- Increase in demand for pet insurance
- Rise in the number of veterinary practitioners coupled with their increased incomes in developed nations
- Increased animal research with growing research grants
- Growing market for companion animals
Moreover, the growth of critical care consumables market segment can be attributed to the growing awareness about animal health and diseases, growth in companion animals market, and increasing animal healthcare expenditure. Furthermore, the market in Asia-Pacific is flourishing because of the growth in livestock population, rising adoption of pets, increasing knowledge about animal health, and urbanization, along with increasing number of veterinary professionals.
However, this market, overall, may face some challenges like lack of skilled veterinarians, rising costs of pet care, and lack of awareness about animal health in upcoming markets.
Market at a Glance
Estimated to advance at a CAGR of 6.5% during the forecast period, the global veterinary equipment and disposables market is expected to be valued at around USD 1.7 Billion from USD 1.2 Billion by the end of 2020. In 2014, North America emerged as the leading market, holding 42.3% of the total market share. However, Asia-Pacific is expected foresee the fastest growth over the projected period. On the basis of product, the segment of critical care consumables held the highest share of the market.
Smiths Group Plc (U.K.), Medtronic Plc (Ireland), 3M Company (U.S.), Jorgen Kruuse A/S (Denmark), Digicare Biomedical Technology, Inc. (U.S.), Vetland Medical Sales and Services LLC (U.S.), Hallowell Engineering & Manufacturing Corporation (U.S.), DRE Veterinary (U.S.), Midmark Corporation (U.S.), Jorgensen Laboratories (U.S.), and Mila International Inc. (U.S.) are the major companies competing in this market.
- Product: Anesthesia Equipment, Temperature Management Equipment, Critical Care Consumables, Rescue & Resuscitation, Fluid Management Equipment, Research Equipment
- Animal Type: Small Companion Animals, Large Animals, Zoo, Animals, Research Animals, Aquatic Animals, Exotic Animals
- Geography: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa