NEW YORK, United States, June 07, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Global Veterinary Consumables Market” in its research database. According to the latest research study, the demand of global Veterinary Consumables Market size & share was worth at around USD 1.72 billion in 2021. The market is expected to grow at a CAGR of 7.45% and is anticipated to reach over USD 2.84 billion by 2028.
What are Veterinary Consumables? How big is the Veterinary Consumables Industry?
Market Overview:
Veterinary medicine is the science of preventing and treating disorders, illnesses, and other health factors related to animals. A veterinary physician or veterinarians also play a crucial role in advocating and promoting aspects of animal care while providing their expertise in proper animal care to their owners. Veterinary consumables are substances that are used during the process of providing medical aid to animals and are a critical part of the whole treatment plan. Just like in the case of human-health welfare, there are certain standards that veterinary consumables would meet before being used on actual animals.
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The products include substances like anesthesia machines, digital X-rays, IV pumps, portable ultrasound scanners, veterinary stethoscopes, and other disposable items like gloves, syringes, paper gowns, surgical packs, and others. Consumption of veterinary equipment and products has been increasing drastically owing to the rising trend of animal breeding for personal or commercial use.
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Key Insights from Primary Research
- As per the analysis, the veterinary consumables market is likely to grow above a CAGR of around 7.45% between 2022 and 2028.
- The Veterinary Consumables market size was worth around US$ 1.72 billion in 2021 and is estimated to hit approximately US$ 2.84 billion by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- Based on animal type segmentation, companion animals were predicted to show maximum market share.
- Based on product segmentation, anesthesia supplies were the leading revenue-generating products.
- On the basis of region, the “North America” Will Likely Overtake the Global Market.
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Market Dynamics:
The demand for veterinary consumables is higher in facilities that majorly cater to the needs of animals in a commercial set-up owing to the poor conditions they live associated with nutritional and physiological impact on the animals. This ultimately leads to a higher rate of infection in such animals which sometimes gets transferred to the human population.
As per the National Library of Medicine, around 75% of the recent human pathogens that are reported over the last 25 years have origins in animals. These numbers are an indication of why animal welfare is critical for human health as well. With this realization, there has been a significant shift in the trend towards taking animal health seriously which is also aided by the rise in the number of such healthcare providers.
The global veterinary consumables market cap is anticipated to grow significantly owing to the rising research activities toward understanding and treating animal diseases. Some of these diseases do not stay limited to just animals but may pass on to humans as well, with Covid-19 being the latest example. The research activities have gained higher momentum post-2020 because of the global economic and sociological impact the virus had on the world population. Research scholars have estimated that around 6 out of every 10 infectious diseases in humans have animal origins. These diseases have turned out to be fatal in many situations.
Due to a better understanding of zoonotic diseases, veterinarians are now able to treat the relatively new medical conditions in animals efficiently which is expected to drive the demand for veterinary consumables. The growth is expected to be aided by the emergence of a higher number of clinics and facilities providing excellent medical care.
The absence of sufficient skilled professionals may restrict the global market growth. The growing number of facilities providing medical care is expected to provide opportunities for global market expansion. Poor animal-healthcare infrastructure in emerging economies is anticipated to challenge market growth.
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COVID-19 Impact Analysis:
The global market cap witnessed a downfall due to the onset of Covid-19 which was majorly driven by the closure of veterinary treatment and research facilities. Due to extreme transport restrictions for at least 4-5 months at the beginning of 2020, physical appointments decreased to a drastic level. However, there were options like telephonic assistance in case of issues that could be dealt with over a phone call. The global market has picked up pace since then after the units became 100% functions.
Competitive Players
The report contains qualitative and quantitative research on the global veterinary consumables market, as well as detailed insights and development strategies employed by the leading competitors. Some of the main players in the global veterinary consumables market include;
- Midmark Corporation
- Avante Health Solutions
- Smiths Medical
- Suntech Medical Inc.
- Vetland Medical Sales and Services
- B.Braun Melsungen AG
- and Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
Segmentation Analysis:
The global veterinary consumables market is segmented based on type, animal type, product, and region.
By type, the global market is divided into reusable and disposable. Owing to the cost-effectiveness and efficiency of reusable products, the largest global market share is held by products with higher reusability with global market domination of over 80%.
Based on animal type, the global market segments are companion animals and livestock animals. The largest share in the global market was held by companion animals in 2021 resulting due to higher adoption trends of companion animals or pets. In the USA, in 2020, expenditure on companion animals grew by USD 6 billion over the previous year. The livestock animals’ segment is also anticipated to grow significantly due to the increased efforts of private and public institutes toward animal welfare.
Based on product, the global market segments are ventilator supplies, anesthesia supplies, imaging supplies, monitoring supplies, and others. Anesthesia supplies dominated the global market in 2021 owing to the wide application of these supplies ranging from medication, surgical procedures, or neutering. In 2019, the UK witnessed over 80% of domesticated dogs being neutered including both males and females.
Regional Overview:
North America is projected to generate the highest global veterinary consumables market revenue owing to the excellent animal healthcare infrastructure in the region. The veterinary facilities in regions like the USA and Canada are equipped with exceptional technologies aiding medical treatments for different diseases. The regional growth is projected to gain momentum owing to the presence of multiple producers of veterinary consumables with the demand for their products on a global level. The manufacturers are undertaking multiple strategic adoptions like mergers and acquisitions, and partnerships with hospital facilities to generate higher revenue.
Europe may grow significantly because of a higher companion-animals adoption rate resulting in a willingness to spend more on the welfare of their pets. Asia-Pacific is showing signs of a lucrative market for growth because of the increasing livestock population in countries like India and China for commercial and personal use.
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Recent Industry Developments:
- In April 2021, Vetspire was purchased by the Pathway Vet Alliance to bring evolutions in the field of veterinary care. Pathway Vet Alliance is a globally dominating veterinary management group providing its services to pets across 400 locations in the USA. Vetspire is an artificial intelligence-driven platform meant for recording medical data and related practices.
- In February 2021, American Veterinary Group (AVG) and Oak Hill Capital, a middle-market equity firm based in New York entered into a partnership, marking Oak Hill’s record of building an empire of veterinary services post other ventures including Butler Schein and VetCor.
Key questions answered in this report:
- What is the market size and growth rate forecast for Veterinary Consumables industry?
- What are the main driving factors propelling the Veterinary Consumables Market forward?
- What are the leading companies in the Veterinary Consumables Industry?
- What segments does the Veterinary Consumables Market cover?
- How can I receive a free copy of the Veterinary Consumables Market sample report and company profiles?
Report Scope:
| Report Attribute | Report Details |
| Market Size in 2021 | USD 1.72 Billion |
| Market Forecast in 2028 | USD 2.84 Billion |
| Growth Rate | CAGR of 7.45% |
| Base Year | 2021 |
| Forecast Years | 2022- 2028 |
| Key Companies Covered | Midmark Corporation, Avante Health Solutions, Smiths Medical, Suntech Medical Inc., Vetland Medical Sales and Services, B.Braun Melsungen AG, and Shenzhen Mindray Bio-Medical Electronics Co., Ltd. |
| Segments Covered | By Animal Type, Product, Type and Region |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Customization Scope | Avail customized purchase options to meet your exact research needs. |
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The global veterinary consumables market is segmented as follows:
By Animal Type
- Companion Animal
- Livestock Animal
By Product
- Ventilator Supplies
- Anesthesia Supplies
- Imaging Supplies
- Monitoring Supplies
- Others
By Type
- Reusable
- Disposable
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Key Offerings:
- Market Size, Trends, & Forecast by Revenue | 2022-2028
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis by Animal Type, Product, Type and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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