Chicago, Dec. 11, 2023 (GLOBE NEWSWIRE) -- Veterinary Equipment and Supplies market in terms of revenue was estimated to be worth $2.2 billion in 2023 and is poised to reach $3.2 billion by 2028, growing at a CAGR of 7.1% from 2023 to 2028 according to a latest report published by MarketsandMarkets™. Rise in the overall expenditure on animal health and welfare and increasing the population of pets are the major factor driving the growth of veterinary equipment and supplies market. Moreover, increase in the urban population and rise in the number of pet insurance are the major contributors to the growth of veterinary equipment and supplies market.
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Veterinary Equipment and Supplies Market Scope:
| Report Coverage | Details |
| Market Revenue in 2023 | $2.2 Billion |
| Estimated Value by 2028 | $3.2 Billion |
| Growth Rate | Poised to grow at a CAGR of 7.1% |
| Market Size Available for | 2021–2028 |
| Forecast Period | 2023–2028 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, Technology level, Animal Type, End user, and Region |
| Geographies Covered |
|
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunity | Emerging market with untapped opportunities |
| Key Market Driver | Surge in demand pet insurance and rise in animal health expenditure |
Manufacturers of veterinary equipment continuously develop cutting-edge, new technology that is safer, more efficient, and more effective than existing veterinary equipment. Additionally, they are creating new imaging technology that will enable vets to more precisely and successfully identify and treat animal illnesses. Manufacturers of veterinary equipment are connecting with a broader international market and supplying veterinarians globally with their products. This is contributing to the expansion of the global veterinary equipment market.
The Critical Care Consumables market register the fastest growing segment of the global veterinary equipment and supplies market. Increasinng chronic diseases in animals require long-term critical care, which drives the demand for critical care consumables. Animal welfare is becoming more important to pet owners. As a result, The need for critical care consumables that can be utilized for improving animals' quality of life is rising.
Diagnosis, monitoring, and therapy in Application segment results fastest growing segment in veterinary equipment and supplies market. Rising prevalence of chronic diseases in animals, the growing demand for advanced veterinary care, and the growing popularity of pet insurance, the diagnosis and monitoring applications segment in the veterinary equipment business is expanding at the fastest rate. Apart from the conventional diagnostic and monitoring tools, novel and innovative technologies are consistently emerging. Wearable technology that monitors an animal's vital signs and activity level, is gaining popularity. Veterinarians can benefit from these devices by receiving useful data that may assist in the early detection of possible health issues in animals.
The veterinary equipment and supplies market is segmented into Basic equipment, Advanced equipment, and cutting edge equipment. The Basic equipment segment accounted for the largest share of the market in 2022. Basic technology in veterinary equipment usually includes basic anesthesia machines, Oxygen tank, Vaporizer, basic patient monitoring and temperature monitoring equipment. Basic technology is typically inexpensive, making it accessible to veterinary clinics and shelters of all sizes.
Geographically, the veterinary equipment and supplies market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The market for veterinary supplies and equipment was dominated by North America. The growing number of companion animals, rising veterinary healthcare costs, and the expansion of pet insurance coverage are all responsible for this region's significant growth. The second-largest market for veterinary equipment is found in Europe, which is characterised by a rise in the number of veterinary experts, well-organised livestock farms, and pet owners.
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Veterinary Equipment and Supplies market major players covered in the report, such as:
- Covetrus Inc. (US)
- B. Braun Vet Care GmbH (Germany)
- BD Animal Health (US)
- ICU Medical, Inc. (US)
- Midmark Corporation (US)
- Cardinal Health (US)
- Neogen Corporation (US)
- Integra LifeSciences (US)
- Shenzhen Mindray animal medical technology co., ltd. (China)
- Masimo Corporation (US)
- Avante Animal Health (US)
- RWD life science co., ltd (China)
- Eickemeyer (Germany)
- Bionet America, Inc (South Korea)
- Jorgensen Laboratories (US)
- Nonin Medical (US)
- Digicare Animal Health (US)
- Hallowell Engineering and Manufacturing Corporation (US)
- Grady Medical (US)
- Mila International Inc. (US)
- Burtons Medical Equipment Ltd (UK)
- Vetronic Services Ltd (UK)
- Advances Veterinary (UK)
- New Gen Medical Systems (India)
- Dispomed (Canada)
- and Among Others
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The research report categorizes Veterinary Equipment and Supplies Market into the following segments and sub-segments:
By type
- Critical Care Consumables
- Anesthesia Equipment
- Fluid Management Equipment
- Temperature Management Equipment
- Patient Monitoring Equipment
- Research Equipment
- Rescue & Resuscitation Equipment
By Application
- Surgical Application
- Diagnosis, Monitoring, And Therapy
By Technology level
- Basic Equipment
- Advanced Equipment
- Cutting Edge Equipment
By Animal type
- Small Companion Animals
- Large Animals
- Others
By End user
- Veterinary Clinics
- Veterinary Hospitals
- Veterinary Research Institutes
- Veterinary Laboratories
- Others
By Country
- North America
- US
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Australia
- Japan
- India
- Australia
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of LATAM
- Middle East and Africa
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Veterinary Equipment and Supplies Industry Recent Developments:
- In Aug 2023, ICU Medical received 510(k) regulatory clearance from the U.S. Food and Drug Administration (FDA) for the Plum Duo infusion pump with LifeShield infusion safety software. The Plum Duo pump and LifeShield software will be available to customers in the U.S. in early 2024.
- In October 2022, Clayton, Dubilier & Rice (CD&R) and TPG Capital completed acquisition of Covetrus Inc. Covetrus became a private corporation as a result of this transaction, and its shares are no longer listed or traded publicly.
- In January 2022, Smiths Medical (US) was acquired by ICU Medical Inc., who declared its completion. Syringe and ambulatory infusion devices, vascular access, and vital medical supplies are all part of Smiths Medical's veterinary product portfolio, which has strengthened ICU Medical's product line.
- In December 2021, Covetrus Inc. (US) has successfully acquired the technological platform and infrastructure of VCP. With the help of this purchase, Covetrus will have new opportunities to give veterinarians the resources they need to improve healthcare and build closer relationships with their pet parent clients.
Key Stakeholders:
- Veterinary equipment and supplies manufacturers
- Veterinary institutions
- Veterinary research institutes
- Contract manufacturing organizations (CMOs)
- Government associations
- Market research and consulting firms
- Venture capitalists and investors
- Veterinary equipment and supplies distributors
- Animal health research & development (R&D) companies
- Veterinary reference laboratories
- Veterinary hospitals and diagnostic laboratories
- Veterinary clinics
Report Objectives:
- To define, describe, and forecast the global veterinary equipment and supplies market by type, application, technology level, animal type, end user, and region.
- To provide detailed information regarding the major factors influencing the market growth, such as drivers, restraints, opportunities, challenges, and industry trends.
- To strategically analyze the regulatory scenario, pricing trends, value chain, supply chain, an ecosystem map, porter's five force analysis, regulatory analysis, technology scenario, and patent scenario.
- To analyze micro markets1 concerning individual growth trends, prospects, and contributions to the veterinary equipment and supplies market.
- To analyze the opportunities in the market for stakeholders and provide market leaders with details on the competitive landscape.
- To strategically analyze the veterinary equipment and supplies market in five main regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
- To profile the key players in the global veterinary equipment and supplies market and comprehensively analyze their core competencies2 and market shares.
- To track and analyze competitive developments such as acquisitions, launches, product approvals in the global veterinary equipment and supplies market.
- To evaluate the impact of the recession on the veterinary equipment and supplies market worldwide.
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