Veterinary Anesthesia Equipment Market to Garner Brimming Revenues

Posted by Sneha Talanakr on April 30th, 2019

Anesthesia is a form of treatment in which the subject is administered with certain forms of medication that prevent it from experiencing any form of sensation of pain during the process of surgery. Anesthesia is applied in major species of animals such as cats, dogs, cattle, horsees, goats, pigs, and more. The procedure of anesthesia on animals is performed by a registered veterinary technician or a certified veterinarian. In cases of animals, anesthesia is used extensively, as animals, in most cases, are unable to cooperate with certain therapeutic or diagnostic procedures. Anesthetic machines are generally used for the purpose of anesthesia, owing to their safety and security.

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Technological advancements in the field of veterinary anesthesia have boosted the adoption of equipment with better capabilities. The equipment offers advanced features and novel ventilation modes among others. Other factors such as increase in the prevalence of chronic disorders among companion animals, rise in pet ownership, and increase in the incidence of accidental injuries are key factors in contributing to the growth of the veterinary anesthesia equipment market. A rise in focus on animal care has resulted in an increase in pet adoption and rise in demand for products utilized for animal management. According to a survey conducted by the American Pet Products Association (APPA) in 2017-2018, a total of 85 million families, or 65% of households in U.S., owned one pet or more.  Since the National Pet Owners Survey was first conducted in 1988, the number of pet owners rose by a staggering 56%. Similarly, increase in expenditure on pet insurance has presented a lucrative environment for the growth of the veterinary anesthesia equipment market. According to the North American Pet Health Insurance Association (NAPHIA), the pet insurance sector in North America expanded rapidly, with the number of combined gross written premiums approaching US$ 1.2 Bn in 2017. However, high cost of veterinary products is likely to be a major restraint of the global veterinary anesthesia equipment market in the next few years.

The global veterinary anesthesia equipment market can be segmented based on product, animal, end-user, and region. In terms of product, the global veterinary anesthesia equipment market can be classified into complete anesthesia machines, ventilators, vaporizers, waste gas management systems, gas delivery management systems, and accessories. In terms of animal, the global veterinary anesthesia equipment market can bifurcated into small animals and large animals. Based on end-user, the global veterinary anesthesia equipment market can be classified into hospitals & clinics, emergency service centers, and veterinary homecare settings.

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In terms of region, the global veterinary anesthesia equipment market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for a major share of the global market in terms of revenue in 2017. High number of pet owners, increase in pet ownership, rise in expenditure on animal health care, and supportive rules & regulations by governmental bodies are expected to propel the veterinary anesthesia equipment market in the region. Europe constituted a significant share of the global veterinary anesthesia equipment market in terms of revenue in 2017. However, the market in Asia Pacific is expected to expand at a high CAGR during the forecast period. Increase in awareness regarding animal care, rise in the population of domestic animals, and increase in the rate of pet ownership are likely to drive the market in the region in the near future. The market in Middle East & Africa and Latin America is projected to expand at a moderate rate during the forecast period. The market in these regions is expected to be propelled by an evolving lifestyle and improving economic and political scenario.

Key players operating in the global veterinary anesthesia equipment market include DRE Veterinary, Mediquip Pty Ltd, Patterson Companies, Inc., VETLAND MEDICAL SALES & SERVICES, Smiths Medical, Kent Scientific Corporation, Henry Schein, Inc., Dispomed ltd, Midmark Corporation,  and JD Medical.

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