Veterinary Medicine Market Size In 2023 : Share, Latest

The Veterinary Medical Equipment Global Market Report 2023 by The Business Research Company, provides veterinary medical equipment market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Veterinary Medical Equipment Global Market Report 2023, the market size is expected to grow from $2.25 billion in 2022 to $2.42 billion in 2023 at a compound annual growth rate (CAGR) of 7.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, and affecting many markets across the globe. The market size of veterinary medical equipment is expected to grow from $3.15 billion in 2027 at a CAGR of 6.8%.

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 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: