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Veterinary Equipment And Supplies Market Strategies 2024-2033 | Size, Insights, Outlook
Veterinary Equipment And Supplies Market Strategies
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According to The Business Research Company's, The veterinary equipment and supplies market size has grown strongly in recent years. It will grow from $1.95 billion in 2023 to $2.12 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to pandemic influence, surgical instrumentation advances, diagnostic equipment evolution.
The veterinary equipment and supplies market size is expected to see strong growth in the next few years. It will grow to $2.91 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to rise in pet ownership, focus on preventive healthcare, advanced diagnostics and imaging, specialized veterinary services. Major trends in the forecast period include demand for point-of-care testing, geriatric pet care, shift in pet health awareness, specialized consumables, investments in r&d.
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Market Drivers and Trends:
An increase in consumption of meat is expected to propel the growth of the veterinary equipment and supplies market going forward. Meat refers to the flesh of animals, typically livestock and poultry, that is used as a source of food. As meat consumption rises, there is a higher demand for livestock farming. To ensure the health and well-being of animals raised for meat production, farmers and ranchers invest in veterinary equipment and supplies for regular health monitoring, disease prevention, and early detection of illness. For instance, in 2022, according to the OCED (Organization for Economic Co-operation and Development), an intergovernmental organization based in France, the US consumption of meat increased to 10,191.61 thousand metric tons in 2021. Therefore, the increase in consumption of meat is driving the growth of the veterinary equipment and supply markets.
Technological advancements have emerged as a key trend gaining popularity in the veterinary equipment and supplies market. Major companies operating in the veterinary equipment and supplies sector are focused on developing new technological equipment and solutions to strengthen their position in the market. For instance, in June 2023, Zoetis, a US-based animal health company that specializes in the discovery, development, manufacture, and commercialization of a wide range of veterinary medicines, vaccines, and diagnostic products, introduced an innovative solution to the field of veterinary care with the launch of Vetscan Mastigram+. This on-farm mastitis diagnostic tool employs a rapid and straightforward flow dipstick test, enabling the detection of gram-positive mastitis in dairy cows within a mere eight hours, conveniently providing results before the next milking session.
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Major Key Players of the Market:
B. Braun Vet Care GmbH, Covetrus Inc., BD Animal Health, Cardinal Health Inc., ICU Medical Inc., Neogen Corporation., Integra LifeSciences, Midmark Corporation, Jorgensen Laboratories LLC, Shenzhen Mindray Animal Medical Technology Co Ltd., Eickemeyer Veterinary Equipment Inc., Digicare Biomedical Technology Inc., Dispomed Ltd., Grady Medical Systems Inc., Mila International Inc., Burtons Medical Equipment Ltd., Bionet America Inc., J & J Instruments Inc., Vetronic Services Ltd., Advancis Veterinary Ltd., New Gen Medical Systems LLC, DRE Medical Inc., Smiths Group plc., Vetland Medical Sales and Services LLC, DeLaval International AB, Zoetis Inc., Ceva Santé Animale S.A., Boehringer Ingelheim Animal Health, Merck & Co. Inc., Bayer Animal Health GmbH
Veterinary Equipment And Supplies Market 2024 Key Insights:
• The veterinary equipment and supplies market size is expected to see strong growth in the next few years. It will grow to $2.91 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%.
• Rising Prevalence Of Animal Diseases Drives Growth In Veterinary Equipment And Supplies Market
• Zoetis Launches Vetscan Mastigram+ For Rapid Mastitis Diagnosis
• North America was the largest region in the veterinary equipment and supplies market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
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LinkedIn: https://in.linkedin.com/company/the-business-research-company
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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