Veterinary Medical Equipment Market: Robust Growth Aided by Increasing Pet Ownership & Advancements in Diagnostic Tools

The global veterinary medical equipment market shows a strong growth trajectory, driven by an increase in pet ownership and technological advances in diagnostic tools.

What Is The Projected Market Size Of The Global Veterinary Medical Equipment Market And Its Growth Rate?
- The market size for veterinary medical equipment is projected to grow from $3.42 billion in 2024 to $3.69 billion in 2025, resulting in a compound annual growth rate (CAGR) of 7.9%.
- This growth can be ascribed to the increasing pet ownership along with a rise in pet spending and disease prevalence.
- Further, the market is expected to reach $4.93 billion by 2029 registering a CAGR of 7.5%, driven by the adoption of companion animals, portable diagnostic tools' efficiency, and heightened awareness of pet vaccinations.

What Is Driving The Growth In The Veterinary Medical Equipment Market?

An increase in pet ownership acts as a primary driver for the growth in the veterinary medical equipment market. With increased disposable incomes, awareness about emotional and physical benefits of pet companionship, and societal norms treating pets as family members, pet ownership is surging. The rise in pet numbers necessitates the use of veterinary medical equipment like home diagnostic kits and portable monitoring devices to manage pet health and detect illnesses early. For instance, according to the American Veterinary Medical Association, dog-owning households in the U.S. were projected to rise by 59.8 million in 2024, and cat-owning households increased by 42.1 million that year. This rise in pet ownership is significantly contributing to the veterinary medical equipment market's growth.

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Who Are the Key Players Driving Veterinary Medical Equipment Market Growth?
Market leaders contributing to the veterinary medical equipment market growth include but are not limited to:
- Covetrus Inc.
- IDEXX Laboratories Inc.
- Integra LifeSciences Corporation
- Mindray Medical International Limited
- Midmark Corporation
- Smiths Group plc
- Carestream Health

What Are The Key Trends In The Veterinary Medical Equipment Market?
Key trends shaping the veterinary medical equipment market include:
- Investment in advanced technologies for faster disease diagnosis.
- Rapid adoption of companion animals driving the market growth.
- Adoption of molecular biology by veterinary diagnostic service providers for early disease detection.
- Investment in wearable technologies to track critical health parameters in pets and animals.
- Utilization of 3D printers for versatile and personalized veterinary supplies.

What Are The Segments Of The Global Veterinary Medical Equipment Market?
The market is segmented as follows:
- By Type: Veterinary Diagnostic Equipment, Veterinary Anesthesia Equipment, Veterinary Patient Monitoring Equipment, Other Veterinary Medical Equipment
- By Product: Instruments/Equipment, Disposables
- By Animal Type: Small Companion Animals, Large Animals, Other Animals
- By End User: Veterinary Hospitals, Veterinary Clinics, Research Institutes

Which Region Leads The Veterinary Medical Equipment Market?

North America was the largest region for the veterinary medical equipment market in 2024, closely followed by Asia-Pacific. Other regions include Western Europe, Eastern Europe, South America, Middle East, and Africa.

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What Is Covered In The Veterinary Medical Equipment Market Global Market Report?

- Market Size Analysis: Analyze the Veterinary Medical Equipment Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Veterinary Medical Equipment Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Veterinary Medical Equipment Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Veterinary Medical Equipment Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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