Veterinary Equipment and Disposables Market is expected to grow significantly at a CAGR of 7.5% till 2023 | Avail at MRFR
MRFR Provides Appropriate Analysis of Global Veterinary Equipment and Disposables Market by Geographical Analysis, Scope, Applications, Products, Prominent Audience, End Users, and Market Players for Global, and Country Level Market Segments, etc
Pune, India – February 28, 2019 /MarketersMedia/ —
It is estimated that the global veterinary equipment and disposables market is expected to register a CAGR ~ 14.70% with an estimated market value of 1.63 billion during the forecast period of 2018 2023.
Numerous factors such as increasing incidence rate of zoonotic diseases, increased spending on animal health and growing pet insurance is anticipated to fuel the growth of the market. For instance, according to the data published by the World Health Organization (WHO) in 2016, the expenses related to the prevention and control of rabies is estimated at USD 590 million annually in Asia and Africa, whereas the expenses for the prevention and control of rabies in 2015 was USD 545 million in Asia and Africa. However, the lack of awareness regarding animal health, high cost of veterinary equipment, and unaffordability of veterinary services in certain economies is restraining the growth of veterinary equipment and disposables market. For instance, Vet Times UK in 2016 stated that more than 60% of the population in Europe were not aware that vet medicines have a positive impact on the welfare of animals are are some of the factors restraining the growth of this market.
The global veterinary equipment and disposables market is currently dominated by many market players. The key players in the market are involved in new product launches and strategic collaborations to strengthen its market position. For instance, in August 2017, Henry Schein Inc. announced the acquisition of Merritt Veterinary Supplies Inc., an independent supplier of animal health products.
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Some of the key players in the global veterinary equipment and disposables market are B. Braun Melsungen AG, DRE Medical, Digicare Biomedical Technology Inc., Henry Schein, Jorgensen Labs, Medtronic, Midmark Corporation, Patterson Companies, Inc., Smiths Group plc, and Vetland Medical Sales & Services.
The global veterinary equipment and disposables market has been segmented into type, animal type, and end user. The market, based on type, has been segmented into critical care consumables, anesthesia equipment, fluid management equipment, temperature management equipment, research equipment, and rescue and resuscitation equipment. The market, by critical care consumables, has been further segmented into wound management consumables, fluid administration and therapy consumables, airway management consumables, gastroenterology consumables, needles, and others. The market, by anesthesia equipment, has been sub-segmented into anesthesia machines, ventilators, vaporizers, waste gas management systems, gas delivery management systems, and others. The market, by research equipment, has been segmented into lab evacuation systems, and induction chambers. The market, by rescue and resuscitation equipment, has been segmented into resuscitation bags, and oxygen masks.
The market, by animal type, has been segmented into small animals and large animals. The market, by end user, has been segmented into veterinary clinics, veterinary hospitals, research institutes, and others.
The market in the Americas is expected to dominate the global veterinary equipment and disposables market during the forecast period owing to the increasing per capita animal healthcare expenditure, increase in product innovation, and heavy adoption of new technology in the region. Europe is expected to hold the second largest position in the global veterinary equipment and disposables market. The market growth in this region is because of the presence of a well-established healthcare system and increase in insurance coverage for pets. The growth in the number of animal population coupled with the increase in the number of veterinarians is also contributing to the growth in the region. For instance, according to the facts and figures from the Royal College of Veterinary Surgeons, there were about 19,682 practicing surgeons in the UK in 2014. Asia-Pacific is estimated to be the fastest growing region in the market due to the increased pet adoptions and rise in the number of animal welfare programs. According to the India International Pet Trade Fair, the pet population in India grew from 7 million in 2006 to 10 million in 2014. The market in the Middle East & Africa is likely to account for the smallest share of the global veterinary equipment and disposables market. The market growth in this region owes to the low disposable income in the region.
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