Veterinary equipment and disposables are used in monitoring, surgeries, and the treatment of diseases in animals. Rising animal health expenditure and growing demand for pet insurance, increasing number of veterinary practitioners in developed regions, and growth in the companion animals market are the primary drivers for the global veterinary equipment market and veterinary disposables market during the forecast period.
According MarketsandMarkets Research – The Veterinary Equipment and Disposables Market is expected to reach USD 2.40 Billion, at a CAGR of 8.0% during the forecast period.
Rising pet care costs;
In the last ten years, pet care costs have increased significantly. According to PetMD, the low-to-medium pet care cost is around USD 250 to USD 4,500 in veterinary practices; a high-end procedure costs anywhere between USD 5,000 and USD 20,000. According to APPA National Pet Owners Survey 2017-2018, the average household in the US spent USD 731 on routine doctor and surgical visits for dogs in 2016, an increase of 47% from a decade ago. Similarly, USD 427 is spent on routine doctor and surgical visits for cats in 2016.
The number of consultations with veterinary specialists for pet care is another factor responsible for the increase in pet healthcare costs. Furthermore, the lower income in this profession, as compared to other advanced-degree professions such as dentistry and law, puts pressure on veterinary professionals to increase their fees. High pet care costs have a direct impact on the number of visits by pet owners to veterinary facilities, thereby restraining the growth of the veterinary equipment market and veterinary disposables market.
Browse 304 market data Tables and 32 Figures spread through 265 Pages and in-depth TOC | Request Research Sample Pages:
the critical care consumables segment is expected to account for the largest share of the veterinary equipment and disposables market.
On the basis of type, the critical care consumables segment accounted for the largest share of the global veterinary equipment market. The large share of consumables can be attributed to the large number of consumables required and consumed in almost every veterinary care process, as opposed to the one-time cost of capital equipment.
Small companion animals will continue to dominate the veterinary disposables market during the forecast period.
Based on animal, the small companion animals segment will dominate the veterinary equipment and disposables market in 2023. The large share of this segment can be attributed to the high adoption of companion animals and rising expenditure on animal health.
- In 2017, Vetland Medical (US) launched the Harmony 5 Electronic and the LAS-3000 manual ventilation system under the anesthesia system segment.
- In 2016, Midmark (US) acquired VSSI, Inc. (US) to bring early-stage design and planning expertise, and integrated, built-in equipment solutions to the animal health practice.
Download PDF Brochure: www.marketsandmarkets.com/pdfdownloadNew.asp?id=14169630
North America is estimated to hold the largest share of the veterinary disposables market during the forecast period, followed by Europe and the Asia Pacific. Factors such as the increasing number of companion animals, rising companion animal healthcare expenditure, rise in the number of livestock animals in North America (primarily due to the increasing consumption of meat and dairy products), and growth in the pet insurance market are responsible for the region’s large share in the global veterinary equipment market.
The prominent players in the veterinary equipment and disposables market are Mindray Medical International Limited (China), Smiths Group plc (UK), Nonin Medical (US), Digicare Biomedical Technology, Inc. (US), B. Braun Melsungen AG (Germany), Henry Schein (US), Vetland Medical Sales and Services, LLC (US), Hallowell Engineering & Manufacturing Corporation (US), Infiniti Medical, LLC (US), DRE Veterinary (US), and Midmark Corporation (US).