Veterinary Equipment And Disposables Market Size, Share & Trends Analysis Report By Product, By Animal Type, By End User, By Region, And Segment Forecasts, 2020 To 2027

The global veterinary equipment and disposables market is anticipated to witness growth over the forecast period. Increasing prevalence of zoonotic diseases facilitating adoption of diagnostic veterinary equipment, animal healthcare expenditure is primarily contributing to the growth of the market. According to the American Pet Products Association, the U.S. pet industry spending in 2019 was estimated to be USD 75.38 billion out of which vet care and supplies/OTC medicines was projected to be USD 18.98 billion and USD 16.44 billion. In addition, growing number of veterinary practioners and demand for pet insurance coupled with tax exemption on veterinary equipment has further fueled the market growth. However, the dearth of skilled veterinarians in emerging countries, escalating cost of animal care are likely to hinder the market growth.

On the basis of the product the veterinary equipment and disposable market market is segmented into imaging, consumables, ventilators, anesthesia machines, and others. Increasing demand for advanced veterinary equipment and new product innovation along with strategic collaborations focused on animal health by the market players are driving the growth of this segment. For instance, In Vetland Medical introduced the Harmony 5 Electronic and the LAS-3000 ventilation system under the anesthesia machine equipment in 2017.

Based on animal type, the veterinary equipment and disposables market is segmented into small animals and large animals. Growth in companion animal population, rising emphasis on pet care and wellness by pet owners is contributing to the market growth of this segment. According to the Insurance Information Institute, approximately 67% i.e. 85 million families in the U.S. adopted a pet, based on the 2019-2020 National Pet Owners Survey. Out of which dog was recorded to be the highest in number among small companion animals. In addition, rising government and private funding, increasing social responsibilities towards animal safety is boosting the market growth.

On the basis of end users, the market is segmented into veterinary hospitals and veterinary clinics and research institutes. The increasing number of veterinary hospitals and clinics outfitted with veterinary equipment and disposables for veterinary care is driving the market growth. The trend of the rising number of veterinary professionals involved in treating diseases, disorders, and injuries in animals are also propelling market growth. Moreover, research and development investment in veterinary institutes and the government initiatives to support veterinary healthcare technologies through grants and funding is providing lucrative opportunities for the market players. For instance, in 2019, Victoria State Government declared the Animal Welfare Fund Grants Program. The program was established to boost development of companion animal welfare by providing USD 3.0 million. The government also funded USD 1.0 million for foster cares and animal shelters to purchase equipment or upgrade or expand their services.

North America held the major regional share followed by the European Countries due to its well established veterinary healthcare infrastructure, increasing number of companion animals, animal healthcare expenditure, and attentiveness about animal illnesses. Asia-Pacific region is expected to grow at a noteworthy rate over the forecast period due to the growing practice of pet adoption, increasing vigilance about animal health, intensifying livestock population, developing urbanization, and rising per capita animal health spending.

The major market players include Mindray Medical International Limited, Smiths Group plc, Nonin Medical, B. Braun Melsungen AG, Henry Schein, Digicare Biomedical Technology, Inc. Vetland Medical Sales and Services, LLC, Midmark Corporation, DRE Veterinary, Jorgensen Laboratories, Grady Medical Systems, MILA International, and Burtons Medical. These players are involved in strategic collaborations, regional expansion and new product launch. Many countries are still in the loop of introducing new veterinary equipment and disposables. For instance, Vetland Medical in 2017 introduced varsity small animal cabinet system. VAR-5500 varsity veterinary anesthesia workstation combines anesthetic delivery through the VTA-1100 tabletop anesthesia system.