Market Research Report
Veterinary Medical Equipment Global Market Opportunities And Strategies To 2030: COVID-19 Impact And Recovery
|Veterinary Medical Equipment Global Market Opportunities And Strategies To 2030: COVID-19 Impact And Recovery|
Published: June 17, 2022
The Business Research Company
Content info: 331 Pages
Delivery time: 2-3 business days
“Veterinary Medical Equipment Global Market Opportunities And Strategies To 2030: COVID-19 Impact and Recovery” from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global veterinary medical equipment market as it emerges from the COVID-19 shut down.
Where is the largest and fastest growing market for the veterinary medical equipment? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? “The veterinary medical equipment market global report” from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider veterinary medical equipment market; and compares it with other markets.
This report describes and evaluates the global veterinary medical equipment market. It covers three five-year periods: 2015-2020, termed the historic period, and the forecast periods of 2020-2025 and 2025-2030. The report evaluates the market across each region as well as for the major economies within each region.
The global veterinary medical equipment market reached a value of nearly $2,128.31 million in 2020, having increased at a compound annual growth rate (CAGR) of 3.4% since 2015.The market is expected to grow at a CAGR of 5.4% from 2020 to reach $2,770.73 million in 2025. The global veterinary medical equipment market is expected to reach $3,568.61 million in 2030, at a CAGR of 5.2%.
Growth in the historic period resulted from increased pet ownership by gen x and gen y adults, increased pet spending, increased disease prevalence. Factors that negatively affected growth in the historic period were rising pet care costs, shortages of veterinarians, inappropriate use of medicines, and lack of awareness.
Going forward, adoption of companion animals, increased efficiency of veterinary treatment with portable x-rays and ultrasound scanners, increased standards of living and strengthened middle class, increasing awareness of pet vaccinations and legal requirement of microchipping will drive the growth of the market. Factors that could hinder the growth of the veterinary medical equipment market in the future include the outbreak of the coronavirus disease (COVID-19), reductions in free trade and lack of pet insurance.
The veterinary medical equipment market is segmented by type into veterinary diagnostic equipment, veterinary anesthesia equipment, veterinary patient monitoring equipment, and others. The veterinary diagnostic equipment market was the largest segment of the veterinary medical equipment market segmented by type, accounting for 53.9% of the total in 2020. The veterinary anesthesia equipment is expected to be the fastest growing segment going forward, at a CAGR of 5.54% during 2020-2025.
The veterinary medical equipment market is also segmented by product into instruments/equipment and disposables. The instruments/equipment market was the largest segment of the veterinary medical equipment market segmented by product, accounting for 68.6% of the total in 2020. Disposables is expected to be the fastest growing segment going forward, at a CAGR of 5.5% during 2020-2025.
North America was the largest region in the global veterinary medical equipment market, accounting for 51.9% of the total in 2020. It was followed by Western Europe, Asia Pacific, South America and then the other regions. Going forward, the fastest-growing regions in the veterinary medical equipment market will be South America and Middle East where growth will be at CAGRs of 7.6% and 6.4% respectively. These will be followed by North America and Africa where the markets are expected to grow at CAGRs of 6.2% and 5.5% respectively, during 2020-2025.
The global veterinary medical equipment market is highly concentrated, with a large number of small players. The top ten competitors in the market made up to 58.54% of the total market in 2020. The top ten competitors in the market made 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.
The top opportunities in the veterinary medical equipment market segmented by type will arise in the veterinary diagnostic equipment segment, which will gain $339.7 million of global annual sales by 2025. The top opportunities in the veterinary medical equipment market segmented by product will arise in the instruments/equipment segment, which will gain $439.1 million of global annual sales by 2025. The veterinary medical equipment market size will gain the most in the USA at $349.7 million.
Market-trend-based strategies for the veterinary medical equipment market include veterinary diagnostic providers should consider investing in advance technologies for faster diagnosis of medical condition, rapid adoption of companion animals will drive the market, ultimately growing the veterinary equipment market, veterinary diagnostic service providers should consider adopting molecular biology for early detection of disease, since wearable technologies enable farmers and veterinarians to track critical health parameters in pets and animals, they should consider investing in these technologies, and companies should utilize 3D printers to enable versatility and personalization of veterinary supplies.
Player-adopted strategies in the veterinary medical equipment market include focus on strengthening its product portfolio by new product launches, focus on strengthening product portfolio by strategic acquisition of companies with advanced technologies, strengthening presence among its customers by announcing new promotion events.
To take advantage of the opportunities, The Business Research Company recommends the veterinary medical equipment companies to focus on portable veterinary medical equipment, focus on digital imaging equipment, focus on DNA biotechnology in diagnostics, expand in developing markets, focus on competitive pricing, focus on buy more save more message on campaign, focus on increasing awareness, focus on generation X and Y adults, focus on middle class and focus on the agriculture industry.