Veterinary Equipment & Disposables Market: Critical Care Consumables Segment Dominated the Market
Albany, New York, Jan. 14, 2019 (GLOBE NEWSWIRE) -- Transparency Market Research (TMR) has published a new report titled, ‘Veterinary Equipment & Disposables Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.’ According to the report, the global veterinary equipment & disposables market was valued at US$ 1,504.7 Mn in 2017 and is projected to expand at a CAGR of 5.9% during forecast period from 2018 to 2026. The global market is anticipated to be driven by surge in companion animal population, rise in pet adoption, and increase in R&D expenditure on animal health. The veterinary equipment & disposables market in Asia Pacific is expected to expand at a high CAGR of 7.0% due to increase in livestock population and rise in awareness about pet ownership in the emerging countries such as India and China.
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Increase in Companion Animal Population Drives Market
The number of companion animals, including domestic pets, horses, and service animals, is increasing rapidly across the globe. According to the American Pet Products Association (APPA), households in the U.S. owned around 94.2 million cats in 2017 compared to 70 million in 2000. Similarly, dog population increased by 21.7 Mn between 2000 and 2017 to reach 89.7 million. Based on Animal Health Europe Survey (2017), Europe witnessed 9% increase in pet population between 2012 and 2016. Rise in pet adoption fuels the growth of the veterinary equipment and disposables market. For instance, the pet ownership in the U.S. has displayed an upward trend in the last two decades. Currently, 68% of all households i.e., 84.6 million homes, in the U.S. own a pet compared to 56% in 1988. Hence, pet ownership has increased by 12% in the U.S. since 1988. Increase in the number of pet owners is expected to drive demand for veterinary care services, which is likely to boost market growth in the next few years.
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Critical Care Consumables Segment Dominated the Market
In terms of product type, the global veterinary equipment & disposables market has been classified into anesthesia equipment, patient monitoring equipment, critical care consumables, temperature management equipment, rescue & resuscitation equipment, fluid management equipment, and research equipment. The critical care consumables segment is projected to account for leading share of the global market during the forecast period, owing to wide usage of veterinary disposables, especially in wound management, gastroenterology, fluid administration & therapy, and airway management. The anesthesia equipment segment includes anesthesia machines, vaporizers, ventilators, and gas delivery management systems. The segment is expected to witness strong growth in the next few years due to rise in awareness about the use of anesthesia in animals.
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Small Animals to be Most Lucrative Segment
Based on animal type, the global veterinary equipment & disposables market has been segmented into small animals and large animals. The small animals segment is projected to expand at a high CAGR during the forecast period, owing to surge in population of companion animals such as dogs and cats and increase in concerns about pet health among owners.
Asia Pacific Market to Witness Strong Growth and Create High Incremental Opportunity
In terms of region, the global veterinary equipment & disposables market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is projected to account for leading share of the global market during the forecast period, owing to high adoption of companion animals, increase in pet expenditure, and presence of large number of veterinary hospitals & clinics in the region. Europe is anticipated to account for a significant share of the global market between 2018 and 2026. Increase in number of veterinarians and rise in R&D expenditure on animal health are expected to fuel the growth of the market in the region during the forecast period. The market in Asia Pacific is likely to expand at a rapid pace in the next few years. This is attributed to increase in livestock population and rise in number of companion animals in countries such as Australia and Japan. Australia has 63% of pet ownership, which is one of the highest rates in the world. The veterinary equipment & disposables market in Latin America and Middle East & Africa is anticipated to expand at a steady pace from 2018 to 2026.
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Growth Strategies by Key Market Players
Key players profiled in this report are DRE Medical, Smiths Group plc, Vetland Medical Sales & Services LLC, Patterson Companies, Inc., Henry Schein, B. Braun Melsungen AG, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Jorgensen Labs, Nonin Medical, Inc., and Midmark Corporation. Companies operating in the global veterinary equipment & disposables market focus on strategic collaborations, acquisition, and partnership strategies to expand product offering and strengthen market foothold.
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