According to the new market research report “Veterinary Equipment and Supplies Market by Type (Consumables, Patient Monitors, Anesthesia, Infusion Pumps), Application (Surgical (Gynecology, Dental), Diagnosis), Animal (Companion, Bovines), End User (Hospitals, Clinics) - Global Forecast to 2027”, published by MarketsandMarkets™, the global veterinary equipment market is projected to reach USD 2.9 Billion by 2027 from USD 2.0 Billion in 2022, at a CAGR of 8.1% during the forecast period. The Rising animal health expenditure, growing demand for pet insurance, an increasing number of veterinary practitioners in developed regions, and growth in the companion animals segment are the major growth factors for this market.
Browse in-depth TOC on “Veterinary Equipment and Supplies Industry”
445 – Tables
61 – Figures
404 – Pages
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Market Dynamics
Market Growth Drivers
- Growth in the companion animal population
- Growing demand for pet insurance and rising animal health expenditure
- Growing number of veterinary practitioners
Market Growth Opportunities
- Untapped emerging markets
- Develop Innovative Products
Restraints
- Rising pet care costs
- High cost of veterinary equipment
Market Challenges
- Lack of animal healthcare awareness in emerging countries
- Shortage of veterinary practitioners in developing countries
North America is expected to account for the largest share of the veterinary equipment industry
North America dominated the veterinary equipment market with the largest share. Factors such as the increasing number of companion animals, rising companion animal healthcare expenditure, rising number of livestock animals in North America, primarily due to the increasing consumption of meat and dairy products, and growth in the pet insurance market are some of the key factors responsible for the large share of the market in North America.
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Key players in the veterinary equipment and supplies market
The prominent players in the veterinary equipment and supplies market are B. Braun Vet Care GmbH (Germany), Covetrus Inc. (US), BD Animal Health (US), Cardinal Health (US), ICU Medical, Inc. (US), Neogen Corporation (US), Integra LifeSciences (US), Midmark Corporation (US), Jorgensen Laboratories (US), Shenzhen Mindray Animal Medical Technology Co., Ltd. (China), Nonin Medical (US), Digicare Animal Health (US), Hallowell Engineering And Manufacturing Corporation (US), Grady Medical (US), Mila International Inc. (US), Burtons Medical Equipment Ltd (UK), Bionet America, Inc (South Korea), Masimo Corporation (US), Vetronic Services Ltd (UK), Advancis Veterinary (UK), New Gen Medical Systems (India), Dispomed (Canada), Eickemeyer (Germany), J & J Instruments (US), and Avante Animal Health (US).
Covetrus Inc. is the leading player in the veterinary equipment and supplies market. Covetrus mainly offers advanced technology solutions, comprehensive service, technology platforms, and supply chain infrastructure to support companion, equine, and large animal veterinary markets. The company offers small and large equipment from various equipment suppliers and its proprietary brands. Convetrus’s customer base comprises animal health and veterinary practices & clinics in the companion-animal, equine, and large-animal markets in North America, Europe, and the Asia Pacific. These veterinary practices consist of both small & privately owned businesses and an increasing number of corporate-owned practices. Covetrus also serves animal-health providers & producers and pet specialty retail stores. The company’s marketing and sales strategy are focused on the rapid, cost-effective delivery of high-quality products to a diverse group of customers worldwide. The strength of the company also lies in its vast geographic presence.
Midmark Corporation is the second leading player in the veterinary equipment and supplies market. Midmark manufactures and supplies medical, veterinary, and dental products. The company’s products include anesthesia equipment; dental delivery systems; carts and cabinets; digital dental X-ray systems; exam & treatment tables; instrument processing systems; lighting, monitoring, and seating systems; accessories; and consumables. The company is in North America, Latin America, Europe, the Middle East and Africa, and the Asia Pacific.
ICU Medical, Inc. develops, manufactures, and sells medical technologies used in vascular therapy, oncology, and critical care applications. The company entered the veterinary equipment and supplies market by acquiring Smiths Medical (US) from Smiths Group plc. (UK). Smiths Medical offers a line of veterinary-specific medical devices under the brands such as Portex, SurgiVet, and Bivona in the veterinary field for anesthetic, airway, critical care, chest, wound drainage, and monitoring. The company intends to continue to expand its marketing & distribution capability, which may include external expansions through acquisitions both in the US and foreign markets. The company also considers expanding product offerings through acquisitions of companies or product lines. This allows the company to gain new customers and serve regional customers more effectively.
The critical care consumables segment accounted for the largest share during the forecast period.
By type, the veterinary equipment and supplies market is categorized into critical care consumables, anesthesia equipment, fluid management equipment, temperature management equipment, rescue & resuscitation equipment, research equipment, and patient monitoring equipment.
The critical care consumables segment accounted for the largest share of the global veterinary supplies market. The large share of this segment can be attributed to the increasing use of consumables in the monitoring & treating of animals owing to the growing incidence of diseases.
The dogs segment accounted for the largest share of small companion animals during the forecast period
The small companion animals segment includes dogs, cats, and other small companion animals. The veterinary equipment and supplies market for dogs accounted for the largest share in 2021. The increasing adoption of dogs and the rising prevalence of chronic diseases are the key factors driving the growth of the veterinary equipment market for dogs.
The surgical application segment accounted for the largest share in the veterinary equipment and supplies industry
By application, the veterinary supplies market is categorized into surgical application and diagnosis, monitoring, and therapy. The surgical application segment accounted for the largest share of the global veterinary equipment market. Factors such as the increasing number of pet owners and growing animal healthcare expenditure are leading to improvements in veterinary healthcare infrastructure across the globe, thus encouraging the use of surgical equipment.
The veterinary clinics accounted for the largest share of the global veterinary equipment and supplies industry
By end user, the veterinary supplies market is categorized into veterinary clinics, veterinary hospitals, and veterinary research institutes. The veterinary clinics accounted for the largest share of the global market. The large share of this segment can be attributed to the growing number of patient visits and the increasing number of private clinical practices.
Report Link (Veterinary Equipment and Supplies Market)
Recent Developments
- In January 2022, ICU Medical Inc. announced that it had completed its acquisition of Smiths Medical (US). The Smiths Medical veterinary product portfolio includes syringe and ambulatory infusion devices, vascular access, and vital care products, which enhanced the product portfolio of ICU Medical.
- In December 2021, Covetrus Inc. (US) completed acquisitions of VCPs technology platform and infrastructure. This acquisition will provide Covetrus with new ways to provide veterinarians with tools to foster stronger relationships with their pet parent clients & advance healthcare.
- In September 2019, Integra LifeSciences acquired Rebound Therapeutics Corporation, developers of a single-use medical device known as the Aurora. The Aurora enables minimally invasive access, using optics and illumination, for visualization and diagnostic & therapeutic use in neurosurgery.
Objectives of the Study
- To validate the segmentation defined through the assessment of the product portfolios of the leading players in the market.
- To understand key industry trends and issues defining the growth objectives of market players
- To gather both demand- and supply-side validation of the key factors affecting market growth, including market drivers, restraints, opportunities, challenges and trends.
- To validate assumptions for the market sizing and forecasting model used for this market study.
- To understand the market positions of the leading players in the veterinary equipment and supplies market and their shares/rankings.
- To understand the ongoing pricing trends in the market and future expectations.
Report Link (Veterinary Equipment and Supplies Market)
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