Northrook, IL -- (SBWire) -- 02/19/2020 --The veterinary equipment and disposables market is expected to reach USD 2.40 Billion by 2023 from USD 1.63 Billion in 2018, at a CAGR of 8.0% during the forecast period (2018-2023).
Veterinary equipment and disposables are used in monitoring, surgeries, and the treatment of diseases in animals. Rising animal health expenditure and growing demand for pet insurance, increasing number of veterinary practitioners in developed regions, and growth in the companion animals market are the primary drivers for the global veterinary equipment market and veterinary disposables market during the forecast period.
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Veterinary disposables market consists of critical care consumables used for the treatment of animals. It accounted for the largest share in the market in 2017. The large share of consumables can be attributed to a large number of consumables used with single capital equipment, and their high utilization in almost every veterinary care provided ranging from wound management to fluid therapy.
The veterinary equipment market is segmented as anesthesia equipment, temperature management equipment, rescue & resuscitation equipment, fluid management equipment, research equipment, and patient monitoring equipment. Amongst these, the rescue and resuscitation segment in expected to grow the fastest during the forecast period. Within the segment, the resuscitation bags accounted for the largest share in 2017, primarily due to the frequent use of oxygen masks for managing the animal's airway during anesthetic procedures and delivering oxygen in animals suffering from respiratory diseases.
Based on end user, the market is segmented into veterinary clinics, veterinary hospitals, and research institutes. The veterinary clinics segment is estimated to account for the largest share of the market in 2018. The large share of this segment can be attributed to the growing number of patient visits along with the increasing number of private clinical practices and growing practice revenues.
Geographical Region Covered
Factors such as the increasing number of companion animals, rising companion animal healthcare expenditure, rise in the number of livestock animals in North America (primarily due to the increasing consumption of meat and dairy products) and growth in the pet insurance market are responsible for the large share of the market in North America.
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Leading Companies
The prominent players in the veterinary equipment and disposables market are Mindray Medical International Limited (China), Smiths Group plc (UK), Nonin Medical (US), Digicare Biomedical Technology, Inc. (US), B. Braun Melsungen AG (Germany), Henry Schein (US), Vetland Medical Sales and Services, LLC (US), Hallowell Engineering & Manufacturing Corporation (US), Infiniti Medical, LLC (US), DRE Veterinary (US), and Midmark Corporation (US). Some of the major strategies adopted by these players include new product launches; agreements, and collaborations; and acquisitions.
Veterinary Equipment and Disposables Market: Comprehensive Research Including Top Companies and Forecasts Report 2018-2023
North America would continue to dominate the market in the forecast period.