The report “Veterinary Equipment and Disposables Market by product (Anesthesia Machine, Vaporizer, Ventilator, Patient Monitoring Devices, Oxygen Mask, Infusion Pump), by Animal (Canine, Feline, Equine, Bovine, Zoo Animals & Others) - Global Forecast to 2020”, the global veterinary equipment and disposables market is expected to reach around USD 1.7 Billion in 2020 and grow at a CAGR of 6.5% during the forecast period of 2015 to 2020.
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The global veterinary equipment and disposables market has witnessed major growth over the past few years. Factors such as rising animal health expenditure and the growing demand for pet insurance, increasing number of veterinary practitioners and their rising income levels in developed regions, increasing animal research along with growing research grants, and growth in the companion animals market are driving the growth of the global veterinary equipment and disposables market. However, a severe shortage of skilled veterinarians and the increasing cost of pet care are expected to restrain the growth of this market to a certain extent. Low animal health awareness in emerging markets poses a major challenge to the adoption of veterinary equipment and disposables among hospitals and clinics.
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The global market is segmented on the basis of products, animal type, and geography. On the basis of product, the global veterinary equipment and disposables market is segmented into anesthesia equipment, temperature management equipment, critical care consumables, rescue & resuscitation equipment, fluid management equipment, and research equipment. On the basis of type of animal, the global veterinary equipment and disposables market is segmented into small companion animals, large animals, zoo animals, aquatic animals, research animals, and exotic animals. By geography, the global veterinary equipment market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
In 2014, the critical care consumables segment accounted for the largest share of the veterinary equipment and disposables market. The large share of this segment can be attributed to rising awareness on animal diseases, growing companion animals market, and increasing animal healthcare expenditure. In addition, the increasing adoption of critical care consumables in the treatment of various diseases, wound management, and fluid management are expected to drive the growth of this market.
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In 2014, North America dominated the market, with the largest share of 42.3%. The increasing number of companion animals, rising companion animal healthcare expenditure, increasing awareness about animal diseases, growing number of veterinary practitioners and their income levels, and growing adoption of pet insurance has helped the growth of this market.
On the other hand, the Asia-Pacific (APAC) region is expected to show the fastest growth during the forecast period. This can be mainly attributed to the growing livestock population, increasing pet adoption, rising awareness about animal health, progressive urbanization, changing dietary habits, and growing per capita animal health expenditure in this region. In addition, the increasing number of veterinary professionals and veterinary clinics has resulted in an increase in the adoption of veterinary equipment and disposables, which in turn is expected to drive the growth of this region.
Some major players in this market are Smiths Group Plc (U.K.), Medtronic Plc (Ireland), 3M Company (U.S.), Jorgen Kruuse A/S (Denmark), Digicare Biomedical Technology, Inc. (U.S.), Vetland Medical Sales and Services LLC (U.S.), Hallowell Engineering & Manufacturing Corporation (U.S.), DRE Veterinary (U.S.), Midmark Corporation (U.S.), Jorgensen Laboratories (U.S.), and Mila International Inc. (U.S.).
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