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Veterinary Equipment And Supplies Market Growth Forecast 2024-2033: What’s the Expected Rate?
The market size for veterinary equipment and supplies has experienced robust growth in the past few years. It is estimated to expand from $1.95 billion in 2023 to $2.12 billion in 2024, with a compound annual growth rate (CAGR) of 8.2%. The growth experienced during the historic period can be linked to the effects of the pandemic, developments in surgical instruments, and the evolution of diagnostic equipment.
The market size for veterinary equipment and supplies is anticipated to witness significant expansion in the upcoming years. It is projected to reach a value of $2.91 billion by 2028, growing at a compound annual growth rate (CAGR) of 8.3%. The growth during the forecast period could be credited to the increase in pet ownership, emphasis on preventive healthcare, the advancement in diagnostics and imaging, and specialized veterinary services. In the forecast period, major trends, including demand for point-of-care testing, care for older pets, a shift in consciousness about pet health, specialized consumables, and investments in research and development will be noticed.
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What Factors Are Impacting the Growth of the veterinary equipment and supplies Market?
As the incidence of animal diseases escalates, it substantially fuels the expansion of the veterinary equipment and supplies market. The growing population of overweight pets is leading to an increase in obesity-related conditions such as osteoarthritis. Veterinary equipment and supplies play a crucial role in disease diagnosis and management in animals. For example, a 2021 report by the Home Office, a ministerial department of the UK’s Her Majesty’s Government, forecasted a 48% uptick in animal disease and disorder procedures. Consequently, the rising disease occurrence in animals is anticipated to drive the veterinary equipment and supplies market’s growth in the future.
What Are the Major Segments of the Veterinary Equipment And Supplies Market?
The veterinary equipment and supplies market covered in this report is segmented –
1) By Type: Critical Care Consumables, Anesthesia Equipment, Fluid Management Equipment, Temperature Management Equipment, Patient Monitoring Equipment, Research Equipment, Rescue and Resuscitation Equipment
2) By Animal Type: Small Companion Animals, Large Animals
3) By End User: Veterinary Clinics, Veterinary Hospitals, Research Institutes
What Trends Are Shaping the New Direction of the Veterinary Equipment And Supplies Market?
The rise of technological breakthroughs is a notable trend rapidly gaining traction in the market for veterinary equipment and supplies. Key players in this segment are concentrating their efforts on introducing new, technologically advanced equipment and solutions to fortify their market standing. For example, in June 2023, Zoetis, an American company renowned for its expertise in the discovery, development, manufacturing, and marketing of wide-ranging veterinary medicines, vaccines, and diagnostics, revolutionized the veterinary care sector with the introduction of Vetscan Mastigram+. This on-the-spot mastitis diagnostic device employs a quick, simple flow dip-stick test, which can detect gram-positive mastitis in dairy cows in just eight hours, conveniently delivering results before the next milking event.
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Which Regions Are Making a Mark in the Veterinary Equipment And Supplies Market Growth?
North America was the largest region in the veterinary equipment and supplies market in 2023. The regions covered in the veterinary equipment and supplies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Veterinary Equipment And Supplies Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the veterinary equipment and supplies market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Veterinary Equipment And Supplies Market Include
1. Veterinary Equipment And Supplies Market Executive Summary
2. Veterinary Equipment And Supplies Market Segments
3. Veterinary Equipment And Supplies Market Size And Template Market Growth Rate
4. Key Veterinary Equipment And Supplies Market Trends
5. Major Veterinary Equipment And Supplies Market Drivers
……
25. Key Mergers And Acquisitions In The Veterinary Equipment And Supplies Market
26. Top Veterinary Equipment And Supplies Companies
27. Veterinary Equipment And Supplies Market Opportunities And Strategies
28. Veterinary Equipment And Supplies Market, Conclusions And Recommendations
29. Appendix
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