Veterinary Equipment And Disposables Market To Grow Enormously with Size Worth .4 Billion By 2030

Posted by Mrudula Anil Karmarkar on April 20th, 2023

The global veterinary equipment and disposables market size is expected to reach USD 4.4 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 9.0% from 2023 to 2030. Increasing pet health expenditure and growing concern among pet owners are driving the market. Advancement in veterinary equipment and growing initiatives by the industry players are boosting the growth. Companies are investing in the expansion of their manufacturing facilities, which is expected to positively influence the revenue over the forecast period. For instance, in June 2021, Veterinary Instrumentation (VI), announced an expansion in the U.S. market. With this expansion, VI is going to bring the support of the expert team to veterinarians and more than 4,000 professional veterinary instruments in the U.S. This initiative is expected to boost the company’s growth, as it allows brand development in North America.

Growth in the companion animal population is expected to increase the demand for better treatment options and boost the overall expenditure on pets. In addition, there is an increase in the demand for animal products in emerging economies, due to improving per capita income and living standards. This has raised concern for the health of livestock which is further fueling the market. Like other markets, the market for veterinary equipment and disposables has also been significantly affected. Some of the major negative impacts of COVID-19 on the market are supply chain disruptions and operational hurdles due to changing policies and restrictions.

Demand for better veterinary critical care is boosting market growth. Advancement in monitoring and therapy options such as IV fluid therapy, ventilation support, temperature management, and pain control are further propelling the demand. For instance, in July 2020, Trice Medical joined with Dr. Debra Canapp and Dr. Sherman Canapp at Canapp Sports Medicine LLC, to introduce the veterinary portable tablet. This is world's first combination of both a high-quality ultrasound and disposable needle arthroscope system. Rising pet adoption and the growing prevalence of animal diseases are among the major factors driving the market for veterinary equipment and disposables. Moreover, the rising demand for pet insurance to help limit out-of-pocket expenditure on critical medical conditions, such as accidental injuries, is anticipated to boost market growth. Livestock insurance is available in countries such as India, Malaysia, and Vietnam, which helps cover the cost of several veterinary procedures. An increasing number of insured animals is expected to drive the demand for veterinary procedures and thereby growth of the market.

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The Covid-19 pandemic had a significant impact on the market for veterinary equipment and disposables and created opportunities for new fields such as telemedicine for those willing to leverage on them. For instance, in April 2020, Covetrus announced that it is integrating telemedicine capabilities across its global technology portfolio. This innovative functionality offered a continuous and easy way for veterinarians to remotely reach their consumers and patients, using the company’s existing technology solutions.

Veterinary Equipment And Disposables Market Report Highlights

• In terms of revenue, the critical care consumables segment dominated the market and accounted for a revenue share of over 30.0% in 2022 owing to its increased consumption. Moreover, the growing concern among the pet owners and an increased number of surgeries is further propelling the demand
• The wound management segment dominated the critical care segment in 2022. The growth can be attributed to its application for various surgeries and new product launches by the industry players
• The anesthesia equipment segment is expected to hold second-largest revenue share in 2022 owing to the advancement in anesthesia devices and increased usage during surgeries
• The companion animals segment dominated the animal type segment in 2022. The growth can be attributed to the increasing ownership, rising emphasis on pet care, and increased pet healthcare expenditure
• The dog segment held the largest revenue share of the companion segment in 2022 owing to the increasing prevalence of chronic diseases in dogs and advancements in surgeries
• On basis of end-use, the veterinary hospitals/clinics segment held the largest revenue share in 2022 owing to the availability of a wide range of treatment options and the increase in the number of animal hospitals and clinics in developing countries
• The market is highly fragmented with several foreign and domestic players. Foreign players, such as B. Braun, Nonin, Midmark Corporation, and Smiths Medical, are undertaking various initiatives such as the launch of new products, collaborations, and distribution agreements to strengthen their presence in the market

Growing investments by key players to develop advanced products for better diagnosis are likely to propel the growth. For instance, in November 2020, Kent Scientific Corporation launched “Somnolent Low-Flow Electronic Vaporizer,” the newest anesthesia system for small animals. This vaporizer delivers sevoflurane or isoflurane accurately from the bottle to the animal. This initiative is expected to enhance the company’s product portfolio. Similarly, in July 2020, Midmark Corp. introduced Midmark Multiparameter Monitor. This Multiparameter Monitor is useful in all areas of a veterinary hospital, including treatment, exam, surgery, and recovery.

The market players are constantly involved in strategic initiatives such as new product launches, regional expansion, and mergers and acquisitions to gain deeper penetration. For instance, in July 2021, Covertrus, Inc. entered into an agreement to acquire VCP. VCP is a global leader in animal health technology and services. Likewise in December 2020, Imbed Biosciences Inc. revealed that it formed an exclusive distribution deal with Jorgensen Laboratories to sell its MicroLyte VET wound dressing product to veterinary clinics and hospitals in Canada and the U.S. Initiatives like these are expected to boost the market growth in the coming years.

Some of the prominent players in veterinary equipment and disposables market include:

• Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
• Smiths Medical, Inc.
• Nonin Medical, Inc.
• Digicare Biomedical
• Covetrus, Inc.
• B. Braun Melsungen AG
• DRE Veterinary
• Vetland Medical Sales and Services
• Midmark Corporation
• Jorgensen Labs
• Grady Medical