Pune, India, April 06, 2022 (GLOBE NEWSWIRE) -- The veterinary anesthesia equipment market size is predicted to reach USD 290.2 million by 2028 and exhibit a CAGR of 7.0% during the forecast period. Fortune Business InsightsTM has presented this information in its report titled, “Veterinary Anesthesia Equipment, 2022-2028”.
Veterinary anesthetic equipment has been widely employed in veterinary treatments such as dental procedures, radiography, and urine catheterization over the years. The rising incidence of veterinary chronic diseases such as hepatitis, skin allergies, chronic renal disease, and diabetes mellitus in companion animals has resulted in an increase in the number of surgical procedures connected with these conditions.
Industry Developments-
April 2021: Shenzhen Mindray Animal Medical Technology Co., LTD. has announced the release of the Veta 5/ Veta 3 veterinary anesthetic device. In addition, the device was unveiled at the X WSAVA event in 2021.
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Rising Number of Veterinary Surgical Treatments to Augment Market Growth
The rising number of veterinary surgical treatments including spaying and neutering, skin surgeries, and teeth extractions is one of the most important drivers of the global industry. ACL, fractures and dislocations, belly surgery, cancer surgery, spinal surgery, ear surgery, and amputations are some of the other major veterinary surgical operations performed around the world. For example, the total number of dogs in the U.S. in 2020 was 89.7 million. According to an article published by the American Veterinary Medical Association (AVMA), neoplasia affects about one out of every four dogs. Almost half of the dogs over the age of ten get cancer, which can be treated with certain surgical procedures, resulting in increased anesthetic use and a major driver for veterinary anesthetic equipment.
Hence, various companies with a strong product portfolio in these devices are focusing on introducing new anesthesia devices which are portable, well-calibrated, safe, and efficient. Along with such new technology, various companies focus on strategic partnerships with other players to increase the availability of veterinary equipment. In January 2019, DRE Veterinary (Avante) announced its strategic partnership with VetNOW, a company that offers innovative high-quality care for facilities related to the veterinary equipment market. Such strong trends in animal population and veterinary surgical procedures are expected to give rise to new product launches, leading to a strong surge in the veterinary anesthesia equipment industry during the forecast period.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 7.0% |
| 2028 Value Projection | USD 290.2 Million |
| Base Year | 2020 |
| Market Size in 2020 | USD 174.3 Million |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 138 |
| Segments covered | By Animal Type, By Product, By Geography |
| Growth Drivers | Growing Animal Population with an Increase in Veterinary Surgical Procedures to Drive Market Growth |
| Surge in the Number of Veterinary Establishments to Augment Market Growth | |
| Lack of Veterinary Infrastructure in Emerging Regions to Restrict Market Growth |
The growing number of veterinary hospitals, clinics, laboratories, and veterinarians across key nations is another important driving driver for the worldwide veterinary anesthesia equipment market in the forecast period. The need for these gadgets in these organizations is increasing as the number of veterinarians and veterinary facilities grows.
For example, according to Statista statistics from the financial year 2019, over 12,000 veterinary hospitals and polyclinics, as well as various assistance centers and dispensaries, were located in India. A total of 65,000 veterinary institutions were expected to be present across the country. In a country like India, where there is a large animal population, the increasing number of veterinary clinics is predicted to increase demand for equipment.
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COVID-19 Impact-
The global veterinary anesthesia equipment industry has been negatively impacted by the COVID-19 epidemic. Due to the pandemic, key firms in the veterinary industry have reported a drop in revenue. Many medical organizations, such as the American Veterinary Medical Association, the British Veterinary Association, and others, have established standards for veterinarians to help define emergencies and have urged that telemedicine be used whenever practical. These adjustments resulted in a significant decrease in patient visits to veterinary clinics and hospitals around the world, as well as a restriction on the installation of veterinary anesthetic equipment.
Segmentation-
On the basis of product, the veterinary anesthesia equipment industry is bifurcated into portable and standalone. On the basis of animal type, the market is divided into small animals (dogs, cats, and others) and large animals (bovine, equine, and others). On the basis of end-users, the market is segmented into veterinary clinics, veterinary hospitals, and others. Geographically, the market is classified into North America, Asia Pacific, Europe, and the Rest of the World.
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Key Players to Aim in Launching New Products
Shenzhen Mindray Animal Medical Technology Co., LTD, Midmark Corporation, Dispomed Ltd, and DRE Veterinary are the prominent players leading the global market in terms of competitive landscape (Avante). Because of their extensive distribution network, strategic activities like acquisitions, varied product portfolios, and considerable presence in the U.S. Shenzhen Mindray Animal Medical Technology Co., LTD., for example, announced the debut of their new veterinary anesthetic equipment, Veta 5/ Veta 3, in April 2021. These kinds of launches help the company grow its market share.
VETLAND MEDICAL SALES & SERVICES, JD Medical, and RWD Life Science Co., LTD are small-scale businesses that are now concentrating on increasing their market. Patterson Scientific, Kent Scientific Corporation, and others are among the market participants. These organizations are increasing their market share by participating in events. Kent Scientific Corporation, for example, participated in AALAS' Demo Day in the virtual mode in April 2021 to present information about its SomnoFlo low-flow electronic vaporizers, which provide extremely accurate anesthetic. Such efforts to expand their market presence are projected to help these companies' growth prospects in the coming years.
List of Key Market Players:
- JD Medical (Phoenix, U.S.)
- Kent Scientific Corporation (Torrington, U.S.)
- Midmark Corporation (Dayton, U.S.)
- Patterson Scientific (Waukesha, U.S.)
- VETLAND MEDICAL SALES & SERVICES (Louisville, U.S.)
- DRE Veterinary (Chicago, U.S.)
- Shenzhen Mindray Animal Medical Technology Co., LTD.(Shenzhen, China)
- Dispomed ltd (Joliette, Canada)
- RWD Life Science Co., LTD (Shenzhen, China)
- Hallowell Engineering & Manufacturing Corporation (Pittsfield, U.S.)
Table Of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Key Industry Development (Mergers, Acquisitions and Partnerships)
- New product Launches
- Technological Advancements
- Animal Ownership Stats, Key Countries
- Distribution of Veterinary Anesthesia Machines Components
- Impact of COVID-19 on the Market
ToC Continue…!
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