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What is the Expected Growth Rate of the Veterinary Medical Equipment Market Based on Industry Projections?

There has been a formidable expansion in the size of the veterinary medical equipment market in the past few years. Predictions show a surge from $3.42 billion in 2024 up to $3.69 billion in 2025, demonstrating a Compound Annual Growth Rate (CAGR) of 7.9%. This development during the historical period is linked to greater rates of pet adoption by both Gen X and Gen Y adults, a rise in pet expenditure, and an increase in disease prevalence.

The market size of veterinary medical equipment is projected to witness substantial growth in the upcoming years, escalating to a value of $4.93 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 7.5%. Factors contributing to this growth during the forecasted period include the rising adoption of companion animals, improved effectiveness of veterinary treatments using portable x-ray and ultrasound devices, better living standards and an expanding middle class, heightened awareness about pet vaccination, and the legal obligation for microchipping animals. Significant trends during this period involve putting more resources into advanced technologies by veterinary diagnostic service providers for swift medical condition diagnosis, the quick adoption of companion animals fueling market growth, and promoting growth in the veterinary equipment sector. Diagnostic service providers in the veterinary field should consider using molecular biology strategies for the early detection of diseases. Similarly, the adoption of wearable technologies by farmers and vets to monitor the crucial health parameters of pets and animals should be a consideration. Moreover, the use of 3D printing technologies by companies for the creation of versatile and personalized veterinary supplies should be encouraged.

What Market Dynamics Are Playing a Key Role in Accelerating the Growth of the veterinary medical equipment Market?

The veterinary medical equipment market is set to expand, driven primarily by a surge in pet ownership. This increase in pet ownership is largely fueled by higher disposable incomes, an increased understanding of the mental and physical advantages of having pets, and evolving societal views that pets are vital members of the family. The act of keeping pets, or pet ownership, is carried out by individuals or households. Veterinary medical equipment such as home diagnostic kits and portable monitoring equipment, used by pet owners, allows for more efficient pet health management. This includes early illness detection and provision of timely veterinary care. For example, the American Veterinary Medical Association, a professional nonprofit association, estimated that by October 2024 the amount of dog-owing households in the U.S. is set to rise by 59.8 million, making up 45.5% of all U.S. households. Additionally, cat-owning houses are speculated to increase by 42.1 million in 2024, accounting for 32.1% of all U.S. households. Consequently, the surge in pet ownership is boosting the veterinary medical equipment market’s growth.

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What Companies Are At the Forefront of Innovation in the Veterinary Medical Equipment Market?

Major companies operating in the veterinary medical equipment market include:

• Covetrus Inc._x000D_

• IDEXX Laboratories Inc._x000D_

• Integra LifeSciences Corporation_x000D_

• Mindray Medical International Limited_x000D_

• Midmark Corporation_x000D_

How Are Emerging Trends in Consumer Behavior Affecting the Veterinary Medical Equipment Market?

The sphere of veterinary services has been markedly enhanced by the progression in diagnostic gear. Tools like portable x-ray machines and portable ultrasound scanners have elevated veterinary treatment’s effectiveness, particularly in emergency situations resulting from injuries, across all segments including equine/large animals, companion animals, exotic and mixed animal practices. For instance, the Wristscan V9 diagnostic instrument is leveraged to conduct pregnancy tests on animals. Furthermore, the Alivecor application for iPhone is employed for executing electrocardiograms on animals for evaluations by cardiologists.

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What Are the Core Categories and Segments in the Veterinary Medical Equipment Market Driving Demand and Growth?

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

Subsegments:

1) By Veterinary Diagnostic Equipment: X-Ray Systems, Ultrasound Systems, Magnetic Resonance Imaging (MRI) Systems, Computed Tomography (CT) Scanners, Endoscopy Devices

2) By Veterinary Anesthesia Equipment: Anesthesia Machines, Ventilators, Vaporizers, Gas Delivery Management Systems, Waste Gas Management Systems

3) By Veterinary Patient Monitoring Equipment: ECG Monitors, Blood Pressure Monitors, Respiratory Monitors, Temperature Monitors, Multiparameter Monitors

4) By Other Veterinary Medical Equipment: Surgical Instruments, Infusion Pumps, Dental Equipment, Laboratory Equipment

What Regions Are Propelling Growth in the Veterinary Medical Equipment Industry?

North America was the largest region in the veterinary medical equipment market in 2024. Asia-Pacific was the second-largest region in the veterinary medical equipment market. The regions covered in the veterinary medical equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

What Does the Definition of the Veterinary Medical Equipment Market Include?

Veterinary medical equipment refers to types of medical devices and surgical equipment such as endoscopic systems, dental equipment, and veterinary telemetry services that are used for operations, therapy, keeping track of diagnoses and vitals, and enhancing animal care to slow down the progression of diseases.

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