The Veterinary Medical Equipment by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Veterinary Medical Equipment, The veterinary medical equipment market size has grown strongly in recent years. It will grow from $2.44 billion in 2023 to $2.61 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to increased pet ownership by gen x and gen y adults, increased pet spending, increased disease prevalence.
The veterinary medical equipment market size is expected to see strong growth in the next few years. It will grow to $3.45 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to adoption of companion animals, increased efficiency of veterinary treatment with portable x-rays and ultrasound scanners, increased standards of living and strengthened middle class, increasing awareness of pet vaccinations and legal requirement of microchipping. Major trends in the forecast period include veterinary diagnostic providers should consider investing in advance technologies for faster diagnosis of medical condition, rapid adoption of companion animals will drive the market, ultimately growing the veterinary equipment market, veterinary diagnostic service providers should consider adopting molecular biology for early detection of disease, since wearable technologies enable farmers and veterinarians to track critical health parameters in pets and animals, they should consider investing in these technologies, and companies should utilize 3d printers to enable versatility and personalization of veterinary supplies.
The global economy is expected to go through a continued period of steady growth during the forecast period. The US economy showed steady growth during the historic period, and this is likely to continue during the forecast period. Emerging markets reached 4.8% in 2020 versus 3.6% in 2019. The continued economic growth is expected to contribute to increased standards of living of the global population and strengthen the presence of the middle class. Increased standards of living and a strengthened middle class will further drive the demand for improved nutrition, particularly animal protein, and increase focus on food quality and safety, supporting the growth of the animal medicine market in terms of feed additives. Thus, economic growth is expected to drive this market.
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The veterinary medical equipment market covered in this report is segmented –
1) By Type: Veterinary Diagnostic Equipment, Veterinary Anesthesia Equipment, Veterinary Patient Monitoring Equipment, Other Veterinary Medical Equipment
2) By Product: Instruments/Equipment, Disposables
3) By Animal Type: Small Companion Animals, Large Animals, Other Animals
4) By End User: Veterinary Hospitals, Veterinary Clinics, Research Institutes
Advances in diagnostic tools have improved veterinary services. Equipment such as portable x-ray and portable ultrasound scanners has increased the efficiency of veterinary treatment (especially in emergencies due to injury) for all equine/large animals, companions, exotic and mixed animal practices. For example, Wristscan V9, a diagnostic device, is being used for pregnancy tests for animals. In addition, the Alivecor iPhone app is used to perform electrocardiograms on animals for cardiologist review.
The veterinary medical equipment market report table of contents includes:
- Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
………
- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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