Veterinary Equipment & Disposables Market

Veterinary equipment and disposables find their main application in surgeries, monitoring, and in the treatment of diseases found in animals. Increasing expenditure for maintaining superior animal health and rising demand for pet insurance, growing number of veterinary practitioners in the developed economies, and development in the market for companion animals are some the important factors that are helping to drive the growth of the global veterinary equipment and disposables market in the coming years of the forecast period ranging from 2018 to 2026.

In recent years, there has been massive growth in adoption of companion animals across the globe. This growth has been majorly driven because of the positive health benefits related to them such as normalization of blood pressure, improved wellbeing, better psychological stability, reduced anxiety and cardiac arrhythmias among others. With such benefits helping the adoption of animals, naturally, it is expected to have a positive impact on the development of veterinary equipment and disposables market as pet owners try to provide best possible care to their pet animals. There has been a steady rise in the number of pet ownership across the globe, which is also expected to have a positive impact on the development of the global market in coming years.

Some of the recent developments in the global veterinary equipment and disposables market are mentioned below:

• In 2017, Vetland Medical, a key player in the global veterinary equipment and disposables market announced the launch of LAS-3000 and the Harmony 5 Electronic manual ventilation systems in their segment of anesthesia systems.
• In 2016, Midmark, a US based company operating the veterinary equipment and disposables market announced that it has acquired VSSL Inc., another US based company to bring in early stage planning and design expertise, and embedded and built-in equipment solutions for animal health practices.

Veterinary Equipment & Disposables Market - Snapshot

Various veterinary equipment and disposables are required on a frequent basis for diagnosis and treatment of animal diseases. Availability of anesthesia equipment, monitoring equipment, and critical care consumables for treatment of various diseases among companion animals is highly valued by pet owners. Pet owners across the globe spend billions of dollars every year for diagnosis of diseases affecting their beloved pets. Increase in expenditure on animal health is expected to boost market growth in the next few years. The global veterinary equipment & disposables market was valued at US$ 1,504.7 Mn in 2017 and is projected to expand at a CAGR of 5.9% from 2018 to 2026.

The global veterinary equipment & disposables market has been segmented based on product type, animal type, end-user, and region. In terms of product type, the global market has been classified into anesthesia equipment, fluid management equipment, critical care consumables, temperature management equipment, patient monitoring equipment, rescue & resuscitation equipment, and research equipment. The critical care consumables segment is anticipated to account for leading share of the global market during the forecast period, owing to high consumption of these consumables during veterinary anesthesia process. Based on animal type, the global veterinary equipment & disposables market has been categorized into small animals and large animals. The small animals segment held prominent share of the global market in 2017 due to increase in adoption of companion animals and greater emphasis on wellness and pet care by owners. In terms of end-user, the global market has been bifurcated into veterinary hospitals & clinics and others. The veterinary hospitals & clinics segment is expected to account for significant share of the global market during the forecast period, due to rise in number of private clinical practices.

In terms of region, the global veterinary equipment & disposables market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe accounted for major shares of the global market in 2017. High pet ownership along with increase in spending on animal health research drive the veterinary equipment & disposables market in these regions. The market in Asia Pacific is likely to expand at a significant CAGR during the forecast period. Rise in the population of livestock animals and the consequent increase in pet adoption are projected to propel the market in the region in the next few years.

Key players operating in the global veterinary equipment & disposables market include Smiths Group plc, Henry Schein, Vetland Medical Sales & Services LLC, Patterson Companies, Inc., B. Braun Melsungen AG, DRE Medical, Jorgensen Labs, Midmark Corporation, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., and Nonin Medical, Inc. These companies have a broad product portfolio of veterinary equipment along with a strong distribution system across the globe.