PUBLISHER: The Business Research Company | PRODUCT CODE: 1425908
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425908
Veterinary Equipment And Supplies Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on veterinary equipment and supplies market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for veterinary equipment and supplies? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The veterinary equipment and supplies 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.
Veterinary equipment and supplies encompass scientifically developed diagnostic solutions and products utilized in diagnosing, monitoring, and treating various health conditions in animals. These tools are essential for accurate disease diagnosis and treatment, aiding in the prevention of food contamination in animals.
Primary categories of veterinary equipment and supplies include critical care consumables, anesthesia equipment, fluid management devices, temperature management tools, patient monitoring equipment, research apparatus, and rescue and resuscitation gear. Critical care consumables are specifically utilized in diagnosing and treating a broad spectrum of animal ailments, serving as medical supplies crucial for animals facing life-threatening injuries or illnesses. These veterinary tools and supplies cater to the treatment of small companion animals as well as large animals, making them suitable for deployment in veterinary clinics, hospitals, and research institutes.
The veterinary equipment and supplies market research report is one of a series of new reports from The Business Research Company that provides veterinary equipment and supplies market statistics, including veterinary equipment and supplies industry global market size, regional shares, competitors with a veterinary equipment and supplies market share, detailed veterinary equipment and supplies market segments, market trends and opportunities, and any further data you may need to thrive in the veterinary equipment and supplies industry. This veterinary equipment and supplies market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The veterinary equipment and supplies market size has grown strongly in recent years. It will grow from $1.95 billion in 2023 to $2.12 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth observed in the historical period can be primarily attributed to several factors, including the influence of pandemics, advancements in surgical instrumentation, and the evolution of diagnostic equipment. These elements collectively contributed to the growth and development within the veterinary industry during that timeframe.
The veterinary equipment and supplies market size is expected to see strong growth in the next few years. It will grow to $2.91 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. Anticipated growth in the forecast period is expected to be driven by various factors such as the increasing trend in pet ownership, a heightened focus on preventive healthcare measures, advancements in diagnostics and imaging technologies, and the provision of specialized veterinary services. Major trends anticipated in this period include a growing demand for point-of-care testing solutions, a focus on geriatric pet care, a noticeable shift in pet health awareness among pet owners, the demand for specialized consumables, and increased investments in research and development initiatives within the veterinary industry.
The surge in the prevalence of diseases among animals is a substantial driver for the growth of the veterinary equipment and supplies market. With the escalating number of obese pets, diseases linked to obesity, such as osteoarthritis, are witnessing an upward trend. Veterinary equipment and supplies play a crucial role in both diagnosing and treating diseases in animals. In 2021, a report from the UK Home Office, a ministerial department, indicated a projected increase in animal diseases and disorder procedures, reaching 48%. This underscores the pivotal role that veterinary equipment and supplies will continue to play in addressing the rising prevalence of diseases in animals, fueling the growth of the market.
The anticipated rise in meat consumption is poised to be a significant driver for the veterinary equipment and supplies market. Meat, derived from livestock and poultry, is a staple food source, and the growing consumption of meat translates to an increased demand for livestock farming. To maintain the health of animals destined for meat production, farmers invest in veterinary equipment and supplies for routine health monitoring, disease prevention, and early detection of illnesses. Notably, in 2022, the Organization for Economic Co-operation and Development (OECD) reported a surge in the US meat consumption to 10,191.61 thousand metric tons in 2021. This escalating demand for meat is a key factor propelling the growth of the veterinary equipment and supplies market.
A prominent trend in the veterinary equipment and supplies market is the adoption of technological advancements. Leading companies in this sector are actively engaged in developing innovative technological equipment and solutions to fortify their market presence. For instance, in June 2023, Zoetis, a US-based animal health company, introduced Vetscan Mastigram+, an advanced solution in veterinary care. This on-farm mastitis diagnostic tool utilizes a rapid and straightforward flow dipstick test, enabling the swift detection of gram-positive mastitis in dairy cows within eight hours. This technological innovation, exemplified by Vetscan Mastigram+, underscores the commitment of major players to introducing cutting-edge solutions, further solidifying their positions in the veterinary equipment and supplies market.
Major players in the veterinary equipment and supplies market are actively pursuing new strategic partnerships as part of their market positioning initiatives. These strategic partnerships involve collaborative alliances formed between entities, such as companies or organizations, with the overarching goal of achieving mutual benefits and shared objectives. An illustrative example of this strategic approach occurred in January 2023 when Avante Animal Health, a US-based company specializing in veterinary medical equipment and services, entered into a partnership with the Nashville Zoo, a prominent zoological park in the United States. Through this collaboration, Avante Animal Health is committed to providing essential medical equipment and services for the HCA Healthcare Veterinary Center. By aligning with the esteemed Nashville Zoo, Avante aims to contribute significantly to the well-being and medical care of the zoo's diverse animal residents.
In a notable acquisition move in September 2021, Mindray, a China-based medical equipment company, acquired HyTest and its subsidiaries for an undisclosed amount. This strategic acquisition positions Mindray to leverage top-tier raw material research and development (R&D) and innovation capabilities. The acquisition not only enhances Mindray's ability to invest in R&D but also strengthens and improves its competitive edge in the field of veterinary equipment. HyTest, a Finland-based company specializing in veterinary diagnostic equipment, has thus become an integral component of Mindray's strategy to reinforce its market presence and technological capabilities in the veterinary equipment and supplies sector.
Major companies operating in the veterinary equipment and supplies market report are B. Braun Vet Care GmbH, Covetrus Inc., BD Animal Health, Cardinal Health Inc., ICU Medical Inc., Neogen Corporation., Integra LifeSciences, Midmark Corporation, Jorgensen Laboratories LLC, Shenzhen Mindray Animal Medical Technology Co Ltd., Eickemeyer Veterinary Equipment Inc., Digicare Biomedical Technology Inc., Dispomed Ltd., Grady Medical Systems Inc., Mila International Inc., Burtons Medical Equipment Ltd., Bionet America Inc., J & J Instruments Inc., Vetronic Services Ltd., Advancis Veterinary Ltd., New Gen Medical Systems LLC, DRE Medical Inc., Smiths Group plc., Vetland Medical Sales and Services LLC, DeLaval International AB, Zoetis Inc., Ceva Sante Animale S.A., Boehringer Ingelheim Animal Health, Merck & Co. Inc., Bayer Animal Health GmbH
North America was the largest region in the veterinary equipment and supplies market in 2023. The regions covered in the veterinary equipment and supplies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the veterinary equipment and supplies market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The veterinary equipment and supplies market consists of sales of intensive care equipment, oximeter catheters, and syringe pumps. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.