Veterinary Medical Equipment Market to Hit $3.45B by 2028 with a 7.2% CAGR Growth, Driven by Companion Animal Adoption

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Veterinary Medical Equipment Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $3.45 billion In 2028 At A CAGR Of 7.2%:

The veterinary medical equipment market size has grown strongly in recent years. It will grow from $2.44 billion in 2023 to $2.61 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to increased pet ownership by gen x and gen y adults, increased pet spending, increased disease prevalence.

The veterinary medical equipment market size is expected to see strong growth in the next few years. It will grow to $3.45 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to adoption of companion animals, increased efficiency of veterinary treatment with portable x-rays and ultrasound scanners, increased standards of living and strengthened middle class, increasing awareness of pet vaccinations and legal requirement of microchipping. Major trends in the forecast period include veterinary diagnostic providers should consider investing in advance technologies for faster diagnosis of medical condition, rapid adoption of companion animals will drive the market, ultimately growing the veterinary equipment market, veterinary diagnostic service providers should consider adopting molecular biology for early detection of disease, since wearable technologies enable farmers and veterinarians to track critical health parameters in pets and animals, they should consider investing in these technologies, and companies should utilize 3d printers to enable versatility and personalization of veterinary supplies.

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Veterinary Medical Equipment Market Major Segments
The veterinary medical equipment market covered in this report is segmented -
1) By Type: Veterinary Diagnostic Equipment, Veterinary Anesthesia Equipment, Veterinary Patient Monitoring Equipment, Other Veterinary Medical Equipment
2) By Product: Instruments/Equipment, Disposables
3) By Animal Type: Small Companion Animals, Large Animals, Other Animals
4) By End User: Veterinary Hospitals, Veterinary Clinics, Research Institutes

Key Driver - Growing Global Economy Boosts The Veterinary Medical Equipment Market
The global economy is expected to go through a continued period of steady growth during the forecast period. The US economy showed steady growth during the historic period, and this is likely to continue during the forecast period. Emerging markets reached 4.8% in 2020 versus 3.6% in 2019. The continued economic growth is expected to contribute to increased standards of living of the global population and strengthen the presence of the middle class. Increased standards of living and a strengthened middle class will further drive the demand for improved nutrition, particularly animal protein, and increase focus on food quality and safety, supporting the growth of the animal medicine market in terms of feed additives. Thus, economic growth is expected to drive this market.

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Prominent Trend - Enhancing Veterinary Services Through Advanced Diagnostic Tools
Advances in diagnostic tools have improved veterinary services. Equipment such as portable x-ray and portable ultrasound scanners has increased the efficiency of veterinary treatment (especially in emergencies due to injury) for all equine/large animals, companions, exotic and mixed animal practices. For example, Wristscan V9, a diagnostic device, is being used for pregnancy tests for animals. In addition, the Alivecor iPhone app is used to perform electrocardiograms on animals for cardiologist review.

Veterinary Medical Equipment Market Players
Major companies operating in the veterinary medical equipment market report are Covetrus Inc., IDEXX Laboratories Inc., Integra LifeSciences Corporation, Mindray Medical International Limited, Midmark Corporation, Smiths Group plc, Carestream Health, Agfa-Gevaert Group, Nonin Medical, B. Braun Vet Care GmbH, Risol International Industrial Co., Limited, Guangzhou Medsinglong Import & Export Co., Ltd., Arosol Chemicals Private Limited, Applied Bio Diagnostics Private Limited, Zoetis, Elanco, Merck Co. Inc, Vetpak, Agilis Ltd, Eickemeyer, Vetlabsupplies, Burtons, Virbac, Avz Animal Health, Dixion, Vic Group, Vetmarket, Draminski, Chifa, Ogena Solutions, Axiom Medical Inc, Carolina Scales Inc, Cenogenics Corp, Renco Corporation, Gervetusa Veterinary Surgical Instruments, X-Cel X-Ray Corp, Surgitel, Div. Of General Scientific Corp, Spectrum Chemical Mfg. Corp, Boston Medical, Enso Doctors, Medical Coaches Inc, Lab Oratorio Proagro S.A., Vesalius Pharma Ltd., Apilab Srl, Ceba, Centrovet, Hoppner Vet, Instituto Veterinario Uruguay S.A, Interchem Ltda, Boehringer Ingelheim Mena, Saudi Pharmaceutical Industries (Spi), Bimeda Chemicals Limited, DBK Pharma S.A.E., MSD Animal Health South Africa, Ceva Animal Health (Pty) Ltd

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Largest And Fastest Growing Region In The Market
North America was the largest region in the veterinary medical equipment market in 2023. Asia-Pacific was the second-largest region in the veterinary medical equipment market. The regions covered in the veterinary medical equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Veterinary Medical Equipment Market Report Structure
3. Veterinary Medical Equipment Market Trends And Strategies
4. Veterinary Medical Equipment Market - Macro Economic Scenario
5. Veterinary Medical Equipment Market Size And Growth
…..
27. Veterinary Medical Equipment Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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