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The veterinary medical equipment market has been experiencing robust growth, driven by increasing pet ownership and advancements in veterinary care. This blog explores the key factors contributing to this growth, the expected market trends, and the future outlook for the industry.

Recent Market Growth

• Market Size: The market grew from $2.44 billion in 2023 to $2.61 billion in 2024.
• Growth Rate: A compound annual growth rate (CAGR) of 7.3%.
• Contributing Factors:
  • Increased pet ownership among Gen X and Gen Y adults.
  • Higher spending on pets.
  • Rising prevalence of pet diseases.

Future Market Outlook

• Expected Growth: Projected to reach $3.45 billion by 2028.
• Future CAGR: Expected to grow at a CAGR of 7.2%.
• Growth Drivers:
  • Adoption of companion animals.
  • Increased efficiency of veterinary treatment with portable X-rays and ultrasound scanners.
  • Higher standards of living and a strengthened middle class.
  • Increased awareness of pet vaccinations and legal requirements for microchipping.

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Key Trends in the Forecast Period

• Advanced Technologies: Investment in advanced technologies for faster diagnosis.
• Rapid Adoption of Companion Animals: Growth driven by the increasing adoption of pets.
• Molecular Biology: Adoption of molecular biology for early disease detection.
• Wearable Technologies: Investment in technologies to track critical health parameters in pets.
• 3D Printing: Utilization of 3D printers for versatile and personalized veterinary supplies.

Economic Growth and Its Impact

• Global Economy: Expected to experience steady growth, with the US and emerging markets showing significant progress.
• Standards of Living: Improved standards of living and a stronger middle class will drive demand for better nutrition and food quality.
• Animal Medicine Market: Economic growth will boost the market for animal medicine, including feed additives.

Major Companies in the Market

• Key Players:
  • Covetrus Inc.
  • IDEXX Laboratories Inc.
  • Integra LifeSciences Corporation
  • Mindray Medical International Limited
  • Midmark Corporation
  • Smiths Group PLC
  • Carestream Health
  • Agfa-Gevaert Group
  • Nonin Medical
  • Braun Vet Care GmbH

Technological Advancements

• Magnifico Vet MRI System: Esaote North America, Inc. launched the Magnifico Vet MRI System in January 2023.
  • Features:
    • Built for animals of various sizes.
    • Eco-conscious with sustainable green permanent-magnet technology.
    • Operates without cryogens and consumes less power.
    • Provides exceptional diagnostic image quality.

Market Segmentation

• By Type:
  • Veterinary Diagnostic Equipment
  • Veterinary Anesthesia Equipment
  • Veterinary Patient Monitoring Equipment
  • Other Veterinary Medical Equipment
• By Product:
  • Instruments/Equipment
  • Disposables
• By Animal Type:
  • Small Companion Animals
  • Large Animals
  • Other Animals
• By End User:
  • Veterinary Hospitals
  • Veterinary Clinics
  • Research Institutes

Regional Insights

• North America: The largest region in the veterinary medical equipment market in 2023.

Conclusion

The veterinary medical equipment market is poised for significant growth, driven by increased pet ownership, advancements in veterinary care, and economic improvements. With continued investment in advanced technologies and rising awareness of pet health, the market is set to expand further, offering new opportunities for companies and improved care for animals.

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