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Increasing Pet Ownership Boosts The Veterinary Medical Equipment Market: Pivotal Factor Influencing Veterinary Medical Equipment Market Growth in 2025
Veterinary Medical Equipment Market
Veterinary Medical Equipment Market Size Growth Forecast: What to Expect by 2025?
In recent times, the veterinary medical equipment market has experienced significant growth. The forecast predicts a rise from $3.38 billion in 2024 to $3.63 billion in 2025, representing a compound annual growth rate (CAGR) of 7.4%. This growth in the past times was a result of factors such as a surge in pet ownership among gen x and gen y adults, a rise in pet expenditure, as well as an increase in disease occurrence.
How Will the Veterinary Medical Equipment Market Size Evolve and Grow by 2029?
The market for veterinary medical equipment is predicted to witness a surge in size over the coming years. The market is projected to expand to $4.86 billion by 2029 with a compound annual growth rate (CAGR) of 7.6%. This substantial growth during the forecast period is linked to the rising trend of adopting companion animals, greater efficacy of portable x-ray and ultrasound scanning for veterinary purposes, an upturn in living standards, a broader middle class, increasing awareness about pet vaccinations, and mandatory microchipping laws. Significant trends that are expected to occur during the forecast period involve veterinary diagnostic service providers considering investment in cutting-edge technologies for quicker medical condition diagnoses. The quickening pace of companion animal adoption will help drive the market and spur growth in the veterinary equipment sector. Additionally, veterinary diagnostic providers should consider making use of molecular biology techniques for early illness detection. With wearable technologies allowing farmers and veterinarians to monitor crucial health indicators in animals and pets, investment in such tech should be highlighted. Lastly, companies are advised to use 3D printers to ensure adaptability and customization of veterinary equipment.
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What Drivers Are Propelling the Growth of Veterinary Medical Equipment Market Forward?
The veterinary medical equipment market is anticipated to grow, driven by an increase in pet ownership. The rise in the number of pets is primarily the result of increased disposable income, heightened awareness of the mental and physical advantages of having pets, and changes in society's perception of pets as essential members of the family. The term pet ownership refers to individuals or families who take on animals as pets or companions. The use of veterinary medical equipment by pet owners, such as home diagnostic tools and mobile monitoring devices, enables them to manage their pets' healthcare more effectively, aiding in the early identification of health issues and ensuring prompt veterinary attention. For instance, the American Veterinary Medical Association, a nonprofit professional organization, reported in October 2024 that the total count of households owning dogs in the U.S. is expected to rise by 59.8 million in 2024, representing 45.5% of all U.S. households. In addition, the count of households with cats has risen by 42.1 million in 2024, contributing to 32.1% of all U.S. households. Thus, the escalation in pet ownership is propelling the expansion of the veterinary medical equipment market.
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Which Emerging Trends Are Transforming the Veterinary Medical Equipment Market in 2025?
Progresses in diagnostic technology have enhanced the quality of veterinary services. The use of tools like portable x-ray machines and ultrasound scanners have boosted the effectiveness of treatments for various types of animals, including equines, pets, exotic and mixed species, particularly in emergency circumstances involving injuries. For instance, the diagnostic device, Wristscan V9, is being utilized for conducting pregnancy tests on animals. Furthermore, the Alivecor application for iPhone is employed for carrying out electrocardiograms on animals, which can then be reviewed by a cardiologist.
What Are the Key Segments in the Veterinary Medical Equipment Market?
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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Who Are the Key Players Shaping the Veterinary Medical Equipment Market's Competitive Landscape?
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
What Geographic Markets Are Powering Growth in the Veterinary Medical Equipment Market?
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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