Veterinary Equipment & Supplies Market by Type (Critical Care Consumables, Anesthesia Equipment, Fluid Management Equipment, Temperature Management Equipment, Patient Monitoring Equipment, Research Equipment, and Rescue & Resuscitation Equipment), Application (Surgical and Diagnosis, Monitoring, & Therapy), Animal Type (Small Companion Animals and Large Animals): Global Market Size Estimates and Forecast (2022-2030)
The market crossed US$ 2.0 billion mark in 2022 and is expected to hit US$ 4.0 billion by 2030, recording a CAGR of 8.5% during the forecast period.
Rising companion animal population
According to the American Veterinary Medical Association report, the pet population is rising. For example, dog and cat populations have increased, accounting for significant percentages of households owning dogs and cats. Additionally, animal shelters act as a key resource for new pet acquisition, recording 40% of cats and 38% of dogs in 2020. Apart from that, the North American Pet Health Insurance Association (NAPHIA) report states that pet insurance has also increased dramatically over the years resulting in high adoption of companion animals and ownership. Such factors are highly responsible for the overall market growth of the veterinary equipment & supplies market during the forecast period. The small companion animals segment is expected to pace with the rising adoption of companion animals and rising expenditure on animal health during the forecasted year.
Within the report, the market is segmented into type, application, animal type, and geography. On the basis of type, the market is segmented as critical care consumables, anesthesia equipment, fluid management equipment, temperature management equipment, patient monitoring equipment, research equipment, and rescue & resuscitation equipment. Further, by application, the market is bifurcated into surgical and diagnosis, monitoring, & therapy. Based on animal type, the market is categorized into small companion animals and large animals. Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
COVID-19 impact on veterinary equipment & supplies market.
Companion animal ownership has increased significantly amid the pandemic. According to the American Veterinary Medical Association report, the effects of the COVID-19 pandemic were slightly evident in the results regarding the purchase of companion animals. For example, people who work remotely purchased eight times new pets in 2020, and other people likely to get a new pet were homeowners with a household income over US$100,000, those who were financially similar since the pandemic began, and those under 45 who were married with children. Such aforementioned factors are responsible for the growth of the veterinary equipment and supplies market during the forecast period.
Small companion animals segment showcases high growth of veterinary equipment & supplies market.
Based on animal type, the small companion animals’ segment can be attributed to account highest market share during the analysis period. According to the DOSOMETHING.org report, small companion animal adoption is higher than large companion animals. For records, approximately 7.6 million small companion animals enter animal shelters nationwide annually. Among these, approximately 3.9 million are dogs, and 3.4 million are cats. Such aforementioned factors are responsible for segmental growth, ultimately contributing to the overall market growth of the veterinary equipment & supplies market during the forecast period.
Recent strategic developments in veterinary equipment & supplies market
The veterinary equipment & supplies market has undergone several significant developments, and a few of these have been mentioned below:
- In December 2021, Covetrus Inc. announced the acquisition of VCP's technology platform and infrastructure. This acquisition will provide Covetrus new ways to offer veterinarians with tools to foster stronger relationships with their pet parent clients & advance healthcare.
- In January 2022, ICU Medical Inc. announced the acquisition of Smith's Medical veterinary product portfolio involving syringe and ambulatory infusion devices, vascular access, and vital care products, which enhanced the product portfolio of ICU Medical.
The veterinary equipment & supplies market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. B. Braun SE, Covetrus, BD, Cardinal Health, Integra LifeSciences, Midmark Corporation, Digicare Biomedical, New Gen Medical, Eickemeyer, and Hallowell EMC. are among the prominent players operating in the market.
Target audience for the report:
- Veterinary equipment & supplies service providers
- Veterinary equipment & supplies related associations, organizations, forums, and alliances
- Government bodies, such as regulating authorities and policy makers
- Venture capitalists, private equity firms, and start-up companies
- End users of veterinary equipment & supplies
- Research institutes, organizations, and consulting companies
Scope of the report:
In this report, the market has been segmented on the basis of:
- Type:
- Critical Care Consumables
- Anesthesia Equipment
- Fluid Management Equipment
- Temperature Management Equipment
- Patient Monitoring Equipment
- Research Equipment
- Rescue & Resuscitation Equipment
- Application
- Surgical and Diagnosis
- Monitoring, & Therapy
- Animal Type:
- Small Companion Animals
- Large Animals
- Region
- North America
- Europe
- Asia Pacific (APAC)
- South & Central America
- Middle East & Africa
- Companies profiled
- B. Braun SE
- Covetrus
- BD
- Cardinal Health
- Integra LifeSciences
- Midmark Corporation
- Digicare Biomedical
- New Gen Medical
- Eickemeyer
- Hallowell EMC.
Companies profiled
- B. Braun SE
- Covetrus
- BD
- Cardinal Health
- Integra LifeSciences
- Midmark Corporation
- Digicare Biomedical
- New Gen Medical
- Eickemeyer
- Hallowell EMC.