Veterinary Medical Equipment Market Expected to Achieve 7.5% CAGR by 2029: Growth Forecast Insights

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What Will the Veterinary Medical Equipment Industry Market Size Be by 2025?
In recent times, there has been significant growth in the veterinary medical equipment market size. The projections show an increase from $3.42 billion in 2024 to $3.69 billion in 2025, translating to a compound annual growth rate (CAGR) of 7.9%. This past growth surge can be traced back to the rise in pet ownership among gen x and gen y adults, a hike in pet-related expenditure, and an uptick in disease prevalence.

What's the Long-Term Growth Forecast for the Veterinary Medical Equipment Market Size Through 2029?
In the next few years, the veterinary medical equipment market size is projected to witness robust growth. It is set to reach $4.93 billion in 2029, with a compound annual growth rate (CAGR) of 7.5%. Several factors like the embrace of companion animals, greater efficiency of veterinary care courtesy of portable x-rays and ultrasound scanners, higher living standards, stronger middle-income brackets, and increased awareness around pet vaccinations, as well as the mandatory requirement of microchipping, attribute to the growth forecasted. Major considerations within the forecast duration include the need for veterinary diagnostic providers to invest in advanced technologies for quicker diagnosis of medical ailments. The fast-growing acceptance of companion animals is set to boost the market, providing significant growth to the veterinary equipment market. Providers of veterinary diagnostic services should look into the utilization of molecular biology for earlier disease detection. Investing in wearable technologies could benefit farmers and veterinarians by enabling them to monitor critical health parameters in pets and animals. Businesses should also leverage the use of 3D printers to enhance the versatility and personalization of veterinary supplies.

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What Are the Key Growth Drivers Fueling the Veterinary Medical Equipment Market Expansion?
The veterinary medical equipment market is anticipated to be propelled by the growth in pet ownership. The rise in household pet numbers can be traced back to factors such as enhanced disposable income, heightened cognizance of the emotional and physical benefits associated with pet companionship, and a shift in society's perspective towards seeing pets as important family members. When people or families choose to keep animals as companions or pets, they are participating in pet ownership. Veterinary medical tools, like portable monitoring gadgets and home diagnostic kits, are used by pet owners to manage their pets' wellbeing more effectively, thereby enabling the early discovery of diseases and guaranteeing prompt veterinary intervention. For instance, the American Veterinary Medical Association, a nonprofit professional group, projected in October 2024 that dog ownership households in the U.S. would surge by 59.8 million in 2024, corresponding to 45.5% of all U.S. households. Meanwhile, the number of households owning cats rose by 42.1 million in 2024, equating to 32.1% of all U.S. households. It can thus be inferred that the escalating numbers in pet ownership are fuelling the expansion of the veterinary medical equipment market.

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What Are the Key Trends Driving Veterinary Medical Equipment Market Growth?
The enhancement of diagnostic tools has boosted the quality of veterinary services. Devices like portable x-ray machines and portable ultrasound scanners have elevated the proficiency of veterinary procedures, particularly in urgent situations arising from injuries, for all equine/large animals, pets, exotic and mixed animal practices. As an illustration, the Wristscan V9, a diagnostic tool, is utilized for animal pregnancy tests. Furthermore, the Alivecor application for iPhone is employed for conducting electrocardiograms on animals for analysis by cardiologists.

How Is the Veterinary Medical Equipment Market Segmented?
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

Subsegments:
1) By Veterinary Diagnostic Equipment: X-Ray Systems, Ultrasound Systems, Magnetic Resonance Imaging (MRI) Systems, Computed Tomography (CT) Scanners, Endoscopy Devices
2) By Veterinary Anesthesia Equipment: Anesthesia Machines, Ventilators, Vaporizers, Gas Delivery Management Systems, Waste Gas Management Systems
3) By Veterinary Patient Monitoring Equipment: ECG Monitors, Blood Pressure Monitors, Respiratory Monitors, Temperature Monitors, Multiparameter Monitors
4) By Other Veterinary Medical Equipment: Surgical Instruments, Infusion Pumps, Dental Equipment, Laboratory Equipment

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Which Companies Are Leading the Charge in Veterinary Medical Equipment Market Innovation?
Major companies operating in the veterinary medical equipment market include 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, Saudi Pharmaceutical Industries (Spi), Bimeda Chemicals Limited, DBK Pharma S.A.E., MSD Animal Health South Africa, Ceva Animal Health (Pty) Ltd

Which Regions Are Leading the Global Veterinary Medical Equipment Market in Revenue?
North America was the largest region in the veterinary medical equipment market in 2024. 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

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