Demand for Veterinary Anesthesia Equipment and Impact of COVID-19 ..
Posted by Mrudula Anil Karmarkar on May 20th, 2021
The global veterinary anesthesia equipment market size is expected to reach USD 1.66 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 7.2% during the forecast period. Increasing incidence of oral diseases in dogs & cats is creating a greater need for veterinary machines for dental surgery. This, in turn, is providing numerous opportunities to the manufactures operating in the veterinary anesthesia machines market space. In addition, rising incidence of foodborne & zoonotic diseases and bacterial infections that lead to critical conditions are anticipated to fuel the demand over the forecast period. The veterinary medicine field experienced drastic technological developments in the last 20 years.
Growing number of animal health practitioners in response to advanced anesthesiology is expected to augment the demand during the forecast period. In addition, rising penetration of pet insurance is anticipated to fuel the adoption of surgical practices for animals, which will thereby boost the growth of the veterinary anesthesia equipment market. Furthermore, increasing number of pet owners is anticipated to promote the adoption of animal health care services, which is likely to drive the overall market during the forecast period.
Introduction of advanced features in anesthesia machines, such as new ventilation mode, graphical screens, and clear picture offering loops, by manufacturers is expected to fuel the adoption over the forecast period. Rising pet adoption trend, pet-human bonding, and surging consumption of veterinary care products are also estimated to provide an upthrust to the veterinary anesthesia machines market.
Recent advancements in drug development procedures in the field of animal medicine are boosting the adoption of this equipment among veterinarians. Advancements in intravenous anesthesia, research pertinent to effective drug delivery to pets, and new product approvals are some of the primary growth stimulants for the market. For instance, in July 2018 the Center for Veterinary Medicine approved anesthetic Alfaxan, which is intravenous injectable that offers an extended product shelf life.
Further key findings from the report suggest:
Growing focus on animal healthcare is also working in favor of the market. Oral issues among cats and dogs have always remained a challenge for veterinarians. High need for equipment and machines for dental surgeries of animals is anticipated to keep the demand for veterinary anesthesia equipment strong during the forecast period.
Complete anesthesia machine was the most prominent product segment in the market in 2017. The dominance of the segment can be attributed to growing adoption of integrated solutions by veterinary professionals as these solutions offer work efficiency. Companies such as Patterson Veterinary Supply, Inc. and Dispomed ltd are offering integrated solutions to veterinarians. Increasing product offering by manufacturers is also supplementing the growth of the segment.
The accessories segment is anticipated to witness lucrative growth over the forecast period owing to repetitive use of these products in surgical procedures. This equipment can be replaced and comes in various forms.
The large animal type segment was dominant in terms of revenue in 2017. High consumption of milk, meat, and other products is resulting into strong demand for large animals and thus, demand for healthcare services to treat these animals is increasing. Growing concerns related to pet care and rising awareness among end users regarding the use of anesthesia in animals are bolstering the growth of the segment.
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The global arena is marked by the presence of various companies, leading to a fragmented market. Industry rivalry is estimated to remain high throughout the forecast period. Various small and larger companies are involved in the development of anesthesia machines for animal health applications. Some of the companies operating in the market are JD Medical, Midmark Corporation, Dispomed Ltd., Henry Schein Company, Smiths Medical (Surgivet), Patterson Scientific, Mediquip, and DRE Veterinary.
Industry participants are focusing on competitive strategies to increase their revenue share. Some of the strategies implemented by them are a new product launch, partnership and distribution agreements, and geographic expansions. For instance, in April 2017, Ivaoes Animal Health, LLC., operational as a subsidiary of Tri-Source Pharma, LLC, launched an anesthetic product named Rapanofal, which is a Propofol Emulsion Injection approved for cats and dogs. Introduction of such new products in the market is anticipated to support market growth.
Grand View Research has segmented the global veterinary anesthesia equipment market on the basis of product, animal type, end use:
Veterinary Anesthesia Equipment Product Outlook (Revenue, USD Million, 2014 - 2025)
Veterinary Anesthesia Equipment Animal Type Outlook (Revenue, USD Million, 2014 - 2025)
Veterinary Anesthesia Equipment End Use Outlook (Revenue, USD Million, 2014 - 2025)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information:www.grandviewresearch.com
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About the AuthorMrudula Anil Karmarkar
Joined: July 2nd, 2020
Articles Posted: 881
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