Veterinary Equipment and Disposables Market Worth $2.40 Billion by 2023
The global Veterinary Equipment and Disposables Market is projected 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 of 2018 to 2023.
Northbrook, IL -- (SBWire) -- 09/10/2018 --According to a new market research report "Veterinary Equipment and Disposables Market by Product (Consumables, Anesthesia Machines, Ventilators, Patient Monitoring, Oxygen Masks, Infusion Pumps), Animal (Cats, Dogs, Equines, Bovines), End User (Hospitals, Clinics) - Global Forecast to 2023", published by MarketsandMarkets™.
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Rising animal health expenditure and the growing demand for pet insurance, the increasing number of veterinary practitioners in developed regions, and growth in the companion animals' market are the primary drivers for the global Veterinary Equipment and Disposables Market during the forecast period.
By type, the critical care consumables segment is expected to account for the largest share of the Veterinary Equipment and Disposables Market in 2018.
On the basis of type, the critical care consumables segment accounted for the largest share of the global Veterinary Equipment and Disposables Market. The large share of consumables can be attributed to a large number of consumables required and consumed in almost every veterinary care process, as opposed to the one-time cost of capital equipment.
By animal, small companion animals will continue to dominate the Veterinary Equipment and Disposables Market during the forecast period.
Based on the animal, the small companion animals' segment will dominate the Veterinary Equipment and Disposables Market in 2023. The large share of this segment can be attributed to the high adoption of companion animals and rising expenditure on animal health.
By end user, the veterinary clinic's segment is estimated to hold the largest market share of the Veterinary Equipment and Disposables Market in 2023. 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 increasing practice revenues.
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North America will dominate the market in 2023.
North America is estimated to hold the largest share of the Veterinary Equipment and Disposables Market during the forecast period, followed by Europe and the Asia Pacific. 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 region's large share in the global Veterinary Equipment and Disposables Market.
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).
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