Veterinary Equipment and Disposables Market

Veterinary Equipment and Disposables Market Size (2023 to 2028)

The global veterinary equipment and disposables market is projected to grow to USD 3.35 billion by 2028 from USD 2.29 billion in 2023, growing at a CAGR of 7.88% from 2023 to 2028.

Veterinary equipment and disposables are used to accurately diagnose the disease by providing precise treatment, which helps control the breeding of pets and livestock. They include disposable devices, medical devices, analyzers, hand tools, needles, surgical instruments, syringes, and diagnostic test kits. These also help check disease transmission from animals to humans, like dental plaque, rabies, listeriosis, and petition fever. But these diseases negatively constrain agricultural development and food security, which disrupts the economic benefits of international trade in livestock products.

Impact of COVID-19 on the global veterinary equipment and disposables market:

Because it allowed researchers to employ these animals for vaccine testing, the Covid-19 pandemic has positively affected the veterinary and disposable equipment market. It also opened doors for telemedicine. In addition, the disposable medical supply industry has moved from its specialized pedestal to the general sector due to the epidemic. Needles, surgical masks, syringes, gowns, and other disposable medical supplies have proven effective in assuring frontline safety against numerous hospital-acquired illnesses or infectious diseases in hospitals or clinics.

MARKET DRIVERS:

The growing demand for companion animal healthcare and the growing significance of veterinary healthcare propel the veterinary equipment and disposables market.

The increasing adoption of pets and a growing number of veterinarians and hospitals across the globe is leading to the advancement of technologies that benefits the health of animals of all ages and are expected to drive market growth. For instance, wearable medical devices and similar connected technologies help reach veterinarians beyond the walls of their practice to see the result of their treatment 24/7. These monitoring devices for pets include GPS, radio frequency identification, and sensors.

In addition, the global veterinary equipment and disposables market is majorly driven by the increasing cases of animal-to-human diseases, a growing number of pet owners, rising demand for pet insurance, increasing animal health expenditure, increased prevalence of animal diseases, and growing pet population and awareness of animal health and welfare. Furthermore, the growing demand for pet insurance to cover the costs of critical medical conditions is expected to drive market growth.

Increasing surgery rates among animals led to more monitoring devices to track patients' heart rate, blood pressure, oxygen saturation, respiratory rate, capillary refill time, and others. Therefore, the increase in technological advancements for veterinary physical health patient monitoring drives the market growth. Apart from this, the growing general awareness among pet owners, support of government agencies for veterinary practices, growing humanization of pets due to the rising trend of nuclear families, increasing acceptance of pet insurance policies, growth in income levels, growing concern among pet owners for the welfare of their pets are anticipated to favor the growth of the veterinary equipment and disposables market.

MARKET RESTRAINTS:

The factors expected to restrain the growth of the global veterinary equipment and disposables market are the high cost associated with animal care, the shortage of qualified veterinary professionals, and the lack of animal health awareness in developing markets. Moreover, the shortage of veterinarians, not only in emerging countries but also around the world, along with the shortage of trained professionals in the field of veterinary for various sectors, are expected to hamper the overall growth of the market.

REPORT COVERAGE:

This research report on the global veterinary equipment and disposables market has been segmented and sub-segmented based on the product, animal type, end-user, and region.

Veterinary Equipment and Disposables Market - By Product:

• Anesthesia Equipment
• Critical Care Consumables
• Temperature Management Types of Equipment
• Patient Monitoring Types of Equipment

Based on the product, the critical care consumables segment is also expected to dominate the veterinary and disposable equipment market due to the increased usage of consumables for various applications like airway management, wound management, gastroenterology, and others.

On the other hand, the anesthesia equipment segment is anticipated to grow at a healthy CAGR during the forecast period owing to the increasing administration of inhaled anesthetics of a precise but variable combination of inhaled anesthetic and oxygen since it forms the basis of most modern anesthesia protocols in veterinary medicine.

Veterinary Equipment and Disposables Market - By Animal Type:

• Companion Animals
  • Dogs
  • Cats
  • Horses
  • Others
• Livestock Animal

Based on the animal type, the companion animals segment led the market in 2022 and is anticipated to dominate the veterinary and disposable equipment market during the forecast period. This is due to an increase in the welfare of pet owners, growth in the population of companion animals, an increase in the number of surgeries, and increasing importance is given to pet care.

The livestock animal segment is also estimated to hold a promising CAGR due to the rising animal husbandry activities, the rising need for better treatments and diagnostics, and rising public awareness of the care of livestock animals.

Veterinary Equipment and Disposables Market - By End-User:

• Veterinary Hospitals/Clinics
• Research Institutes

The growth of veterinary hospitals/clinics can be attributed to the introduction of various government animal welfare organizations, the high penetration of veterinary hospitals and clinics, and the availability of a wide range of treatment options, broadening the scope of segment growth. The veterinary hospitals facilitate immunization, daily treatment, artificial insemination, vaccination, surgical intervention, etc., for animals.

The research institutes segment is also expected to grow over the forecast period. This is because research helps understand animal diseases' origin, effects, and spread. In addition, they provide the best intensive care treatment options for small animals.

Veterinary Equipment and Disposables Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Regionally, North America led the market owing to the growing adoption of pets, increasing animal health expenditure, rising expenditure on animal healthcare, rising per capita investments, a growing number of owners of pets, and a growing number of farm animals in the region. Furthermore, according to the American Pet Products Association (APPA) research, about 90 million dogs have had owners in the United States; 34% of dogs are bought from breeders, while 23% of dogs and 31% of cats are adopted from animal shelters or humane societies. Therefore, the increasing prevalence of various animal diseases, growing animal health awareness, helpful government initiatives, increased product innovation, advanced and supportive healthcare IT infrastructure, software integration, and a high percentage of expert owners in technology are driving the market growth in this region.

The European region is anticipated to account for a substantial global market share during the forecast period. Due to the growing number of pets, well-established veterinary healthcare infrastructure, increases in veterinary and zoonotic diseases, and increased spending on animal healthcare and veterinary care, the European region is expected to grow considerably during the forecast period.

In emerging countries in Asia-Pacific and Latin America, the veterinary equipment market is estimated to be driven by the increase in veterinary and zoonotic diseases, availability of animal health insurance, growing practice of pet adoption, awareness of veterinary disease care, and focus on animal vaccination. Moreover, scientists in this region are developing numerous drugs and medical devices to help increase R&D investments by market entities and veterinary companies, which have remarkably improved the diagnosis and prevention of various animal health problems. Furthermore, an increase in the number of veterinary hospitals in China and Japan, intensification of livestock, heightened vigilance on animal health, increase in animal health per capita, and the development of urbanization are further presumed to fuel the market growth.

The growth of the veterinary equipment market in the Middle East and Africa is attributed to more animal health concerns and a desire for nutritious food for their pets. The highest market growth can be seen in Saudi Arabia for various reasons like the rise of animal husbandry, increased demand for milk and dairy products from livestock animals, consumption of raw and processed meat, and development of the animal health sector. These factors are also expected to drive the veterinary equipment and disposables market.

KEY MARKET PARTICIPANTS:

Nonin Medical, Mindray Medical International Limited, Digicare Animal Health, B. Braun Vet Care, Covetrus (Henry Schein), DRE Veterinary, Vetland Medical, Midmark Corporation, Jorgensen Labs, and Grady Medical are some of the major players in the global veterinary equipment and disposables market profiled in this report.

RECENT HAPPENINGS IN THIS MARKET:

• In October 2022, The Sydney-based veterinary pharmaceutical firm AVet Health contacted MST Financial to raise $10 million to purchase various goods from the world-renowned animal health business Zoetis.
• In September 2022, the world's two largest veterinary hospital owners, Mars Inc. and McLean, started using artificial intelligence to read X-rays, which is more likely to help radiologists, indicating the adoption of the new technology is reaching a tipping point.