The global Veterinary Equipment and Supplies market size was estimated at USD 2.0 billion in 2022 and is expected to surpass around USD 4.9 billion by 2030 and poised to grow at a compound annual growth rate (CAGR) of 10.4% during the forecast period 2022 to 2030.
Veterinary equipment and supplies are used in surgeries and the monitoring & treatment of diseases in animals. Growth in the companion animal population, growing demand for pet insurance and rising animal health expenditure, and the increasing prevalence of diseases in animals are the primary growth drivers for the global veterinary equipment and supplies market during the forecast period.
However, high costs of veterinary equipment and rising pet care costs are expected to restrain the growth of this market to a certain extent. This problem will be further exacerbated by the low animal health awareness and shortage of skilled veterinarians in emerging markets.
Report Scope of the Veterinary Equipment and Supplies Market
COVID-19 Impact
COVID-19-or coronavirus disease 2019-is the disease that people get from being infected with the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). Domestic animals do not get COVID-19 as humans do, but under natural conditions, pet cats—and, to a lesser extent, pet dogs-may, albeit rarely, become infected with SARS-CoV-2 after close and prolonged contact with a COVID-19-positive person. In other words, a person with COVID-19 might transmit the virus that causes this disease to pet cats and dogs (and perhaps pet ferrets) in the same way a human might transmit it to another person. Since the initial outbreak of COVID-19, multiple countries have reported infections of SARS-CoV-2 in non-human animals.
Companion animal ownership has increased significantly due to loneliness during the pandemic period. According to VDH (German Kennel Club), about 20% more dogs were purchased in 2020 compared to 2019. Moreover, the pandemic has strengthened the bond between pet owner and pet, which has increased vet visits after lockdown. The increased pet ownership due to loneliness during the pandemic period, rise in vet visits, increased pet care, and increased cost of veterinary consumables boosted the overall veterinary equipment and supplies market in 2020 and 2021. However, the degree to which the COVID-19 pandemic impacts in future depends on unpredictable future developments and out of control, including the duration, scope, and severity of the COVID-19 pandemic, the emergence of new variants, changes in infection rates, the vaccine participation rate, the effectiveness of vaccines, the availability of testing kits, regulations & requirements impacting the ability of veterinarians to treat patients, and the return to offices. Thus, the closing down of manufacturing facilities due to lockdowns, disruptions in supply chains, and recruitment challenges for clinical trials have further impacted the overall veterinary equipment and supplies market growth.
Veterinary Equipment And Supplies Market Dynamics
Driver: Growth in of companion animal population
A surge in the overall companion animal population and adoption rate has been witnessed on a global scale. According to several studies, keeping a companion animal is associated with positive health benefits, such as reduced cardiac arrhythmias, normalization of blood pressure, decreased anxiety, greater psychological stability, and improved well-being. Emerging markets such as Brazil, China, India, and Mexico are also witnessing growth in animal ownership. The increasing pet population is expected to drive the demand for pet care products and services, which, in turn, will support the growth of dependent industries such as veterinary equipment and supplies.
Restraint: High cost of veterinary equipment
Most veterinary practices are small or mid-sized, with strict budgetary constraints; the high cost of these systems and the initial layout associated with the purchase and the maintenance and servicing of costs is a major market restraint. Moreover, this has also affected the adoption of veterinary equipment, which has grown at a lower-than-expected rate. There are constantly new advances and discoveries in veterinary products. Research is actively conducted by various universities and companies around the world. COVID- 19 worsened this in 2020 with certain products and equipment becoming less available or increased in price.
Untapped emerging markets
Companion animal ownership has grown significantly worldwide. This is particularly evident in emerging markets in the Asia Pacific and Latin American countries due to urbanization and rising disposable incomes-which has expanded access to animal healthcare and enabled owners to spend more on pet care.
Historically, the adoption of veterinary equipment and supplies among veterinary practices in these countries has been comparatively less than that in developed markets such as the US and some European countries. Currently, the number of veterinarians in emerging markets is on the rise. Moreover, many veterinary practices in the region are adopting technologically advanced solutions commonly used by veterinarians in developed economies. Thus, with the surge in the companion and livestock animal population, the growing demand for veterinary services from the livestock industry, and rising animal health expenditure, emerging countries across APAC and Latin America are expected to offer significant growth opportunities.
Many players from international markets are focusing on investing in emerging countries to expand their presence there to ensure long-term revenue growth. They have also started undertaking initiatives to increase awareness about animal health issues and the availability of technologically advanced equipment for veterinary practices. This is expected to drive the greater uptake of veterinary equipment in emerging markets, thereby contributing to the growth of the veterinary equipment and supplies market in the coming years.
Lack of animal healthcare awareness in emerging countries
Emerging economies such as India, China, Brazil, and some Southeast Asian countries are home to a large companion and farm animal population. However, animal health expenditure in these countries is relatively lower compared to developed countries across North America and Europe. This is mainly due to a lack of awareness among pet owners and veterinarians about the healthcare services available for animals. In addition, animal health expenditure in the farm animals segment for these countries is largely focused on therapeutic treatment. Veterinary equipment is not widely used in large animal practices in these countries.
The impact of this challenge is exacerbated by the higher focus of veterinary equipment manufacturers on developed markets in North America and Europe compared to developing markets. This is because markets in developed countries are characterized by the wider acceptance of veterinary equipment and higher animal health expenditure. Although some global players in the animal health market have undertaken initiatives to increase awareness, the uptake of solutions in these markets is not expected to rise significantly in the next few years.
North America is expected to account for the largest share of the veterinary equipment and supplies market in 2021
North America dominated the veterinary equipment and supplies market with the largest share. Factors such as the increasing number of companion animals, rising companion animal healthcare expenditure, rising 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 some of the key factors responsible for the large share of the veterinary equipment and supplies market in North America.
Some of the prominent players in the Veterinary Equipment and Supplies Market include: B. Braun Vet Care GmbH (Germany), Covetrus Inc. (US), BD Animal Health (US), Cardinal Health (US), ICU Medical, Inc. (US), Neogen Corporation (US), Integra LifeSciences (US), Midmark Corporation (US), Jorgensen Laboratories (US), Shenzhen Mindray Animal Medical Technology Co., Ltd. (China), 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), Bionet America, Inc (South Korea), Masimo Corporation (US), Vetronic Services Ltd (UK), Advancis Veterinary (UK), New Gen Medical Systems (India), Dispomed (Canada), Eickemeyer (Germany), J & J Instruments (US), and Avante Animal Health (US).
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Veterinary Equipment and Supplies market
Global Veterinary Equipment and Supplies Market, by Type
- Critical Care Consumables
- Wound Management Consumables
- Fluid Administration and Therapy Consumables
- Airway Management Consumables
- Gastroenterology Consumables
- Needles
- Reproduction Consumables
- Urology Consumables
- Consumable Product Accessories
- Anesthesia Equipment
- Anesthesia Machines
- Ventilators
- Vaporizers
- Waste Gas Management Systems
- Gas Delivery Management Systems
- Fluid Management Equipment
- Large-Volume Infusion Pumps
- Syringe Pumps
- Temperature Management Equipment
- Patient Warming Systems
- Convection Warming Systems
- Conduction Warming Systems
- Fluid Warmers
- Patient Monitoring Equipment
- Research Equipment
- Lab Evacuation Systems
- Induction Chambers
- Rescue & Resuscitation Equipment
- Resuscitation Bags
- Oxygen Masks
Global Veterinary Equipment and Supplies Market, by Application
- Surgical application
- Soft Tissue Surgery
- Sterilization Surgery
- Gynecology & Urology Surgery
- Dental Surgery
- Orthopedic Surgery
- Ophthalmic Surgery
- Other Surgeries
- Diagnosis, Monitoring, and Therapy
Global Veterinary Equipment and Supplies Market, Animal Type
- Small Companion Animals
- Dogs
- Cats
- Other Small Companion Animals
- Large Animals
- Equines
- Bovines and Other Farm Animals
- Other Animals
By Geography
North America
Europe
- Germany
- France
- United Kingdom
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of Middle East & Africa
Key Points Covered in Veterinary Equipment and Supplies Market Study:
- Growth of Veterinary Equipment and Supplies in 2022
- Market Estimates and Forecasts (2017-2030)
- Brand Share and Market Share Analysis
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Recommendation on Key Winning Strategies
- COVID-19 Impact on Demand for Veterinary Equipment and Supplies and How to Navigate
- Key Product Innovations and Regulatory Climate
- Veterinary Equipment and Supplies Consumption Analysis
- Veterinary Equipment and Supplies Production Analysis
- Veterinary Equipment and Supplies and Management
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