Veterinary equipment and consumables are used in animal hospitals and clinics for various applications, such as anesthetic medication, respiratory support, temperature management, and fluid management. Veterinary equipment is also used in basic biomedical and medical research.
Rising animal health expenditure and the growing demand for pet insurance, the 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 during the forecast period.
What the Market Looks Like?
Predicted to grow at a CAGR of 8.0% during the forecast period, the global Veterinary Equipment and Disposables Market is estimated to reach USD 2.40 billion by the end of 2023.
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.
Based on animal, the small companion animal’s 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.
Based on end user, veterinary clinics are estimated to hold the largest share of the Veterinary Equipment Market in 2023. The large share of this segment can be attributed to the growing number of patient visits along with the increasing number of private clinical practices and increasing practice revenues.
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What Drives the Market?
The growth of the global market for Veterinary Equipment and Disposables is primarily influenced by the following factors:
- Growth in Companion Animal Population
- Rising Demand for Pet Insurance with Growing Animal Health Expenditure
- Growth in the Number of Veterinary Practitioners and Income Levels in Developed Economies
However, the increasing cost of pet care and a focus on alternatives to animal testing are expected to restrain the growth of this market to a certain extent.
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Geographical growth scenario of Veterinary Equipment and Disposables Market:
Geographically, the Veterinary Equipment and Disposables Market has been studied for North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is estimated to hold the largest share of the Veterinary Equipment 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 market.
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