Pune, India, Aug. 24, 2021 (GLOBE NEWSWIRE) -- As per a research journal published by Nature, around 2 lakh dogs in the UK suffer from appendicular osteoarthritis every year, which is a key factor fuelling the demand for veterinary equipment and disposables in the region. Veterinary equipment and disposables encompass different types of medical devices intended to help in the diagnosis and treatment of health conditions in animals. Sales of veterinary equipment and disposables is expected to surge on the back of rising research in animal health and increasing research grants. According to the International Federation for Animal Health (IFAF), around 400 million Euros were invested in animal health in the year 2017.
This further led to the mounting sales of veterinary equipment and disposables, augmenting the veterinary equipment and disposables market revenue. Several companies are planning to adopt big data technologies for proper veterinary care. With the help of big data, veterinary doctors can predict the diseases affecting the health of animals. Moreover, several companies are investing in wearable technologies to track and monitor animal health. For instance, Vital Herd developed an e-pill technology, which can track the critical health conditions such as body temperature or heart rate in pets. Such innovations are expected to drive the veterinary equipment and disposables market growth in the forthcoming years.
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Fortune Business Insights offers a detailed overview of the global veterinary equipment and disposables market in a report, titled “Veterinary Equipment and Disposables Market Size, Share and Global Trend By Animal Type (Companion animal, Livestock animal), By Product Type (Critical care consumables, Anesthesia equipment, Fluid management equipment, Temperature management equipment, Rescue & resuscitation equipment), By End-user (Veterinary Hospitals, Veterinary surgical centers) and Geography Forecast till 2026.” The report provides insights into the current scenario and future prospects of the veterinary equipment and disposables market. The report offers a detailed study on the market growth arte and size of all the segments. The market witnesses’ different growth opportunities and trends which will help our readers to stay up-to-date. Furthermore, the report offers an elaborative analysis on the competitive landscape and market dynamics.
As per animal type, companion animal is expected to cover a major percentage of the veterinary equipment and disposables market share by 2026. The growth is attributable to the rising adoption of pets and awareness about animal health among pet owners. Use of different types of products such as anaesthesia, fluid management, critical care, temperature management among others is expected to increase in different nations. This, in turn, is likely to foster the veterinary equipment and disposables market share.
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North America to Lead the Global Market
Among regions, North America is anticipated to dominate the global veterinary equipment and disposables market in the forecast years. Increasing pet adoption and animal health expenditure are factors contributing to the growth of the market. In addition to this, implementation of favourable health insurance policies and rising focus on animal vacation are expected to drive the market in North America. According to the Pet Health Insurance Association in North America the pet health insurance domain accelerated with premiums by crossing US$ 1 billion in 2017. Following North America, the market in Europe is expected to expand at a substantial rate during the forecast horizon.
The veterinary equipment and disposables market in Asia Pacific is expected to rise at a considerable rate owing to the rising prevalence of veterinary and zoonotic diseases. Apart from Asia Pacific, Latin America is also estimated to witness growth in the forecast years.
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Merger of Henry Schein Animal Health and Vets First Choice to Create a New Brand ‘Covetrus’
As per the report, some of the major players operating in the global veterinary equipment and disposables market include:
- Medtronic,
- Henry Schein, Inc.,
- DRE Veterinary,
- 3M,
- Jorgensen Labs,
- Midmark Corporation,
- Smiths Group plc,
- Shenzhen Mindray Bio-Medical Electronics Co.,
- B. Braun Melsungen AG
Several companies are planning to adopt strategies such as mergers and acquisitions, agreements, partnerships, and others to stay ahead of the competition. For instance, Vets First Choice and Henry Schein Animal Health entered into a merger and opened a new company. Companies created a new brand called Covetrus and the merger took place in the first quarter of 2019.
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