Veterinary Equipment & Disposables Market: Critical Care Consumables Segment is Anticipated to Account for Leading Share
The global veterinary equipment and disposables market is expected to witness high growth in the near future, states Transparency Market Research in its recent report. Leading players in the market are engaged in building strategic alliance with companies operating in the similar market. Use of these strategies will help players to get a stronger hold in the global market. For example, Merck fully acquired Vallee S.A. in early 2018. With this acquisition, the company plans to expand its health products for animals and to strengthen its position in Brazil.
Various other players in the global market are also taking similar steps to get a lion’s share in the market. Some of the prominent players operating in the global veterinary equipment and disposables market include Smiths Group plc, Patterson Companies, Inc., Vetland Medical Sales & Services LLC, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., and Henry Schein.
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With the growing efforts made by these players and rising companion animal population is expected to drive demand in the global veterinary equipment and disposables market. It is been estimated that the global veterinary equipment and disposables market will reach a valuation of US$2.49 bn by the end of 2026. This figure is likely to be achieved if the market rises at 5.9% CAGR between 2018 and 2026.
The demand for veterinary equipment and disposables is high in the critical care segment due to high consumption of these consumables at the time of veterinary anesthesia process. During the time of gastroenterology, wound management, airway management, and fluid administration and therapy veterinary equipment and disposables are readily used.
With respect to geography, the demand for veterinary equipment and disposables is high in North America due to presence of large number of veterinary hospitals and clinics in the region and growing pet expenditure. However, Asia Pacific is also expected to substantial share in the global veterinary equipment and disposables market. Growing livestock population and higher importance given to pet in the region is driving growth in this market.
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Growing Number of Pet Owners to Fuel Market Performance
Rise in companion animal population is one of the major factor the let the demand in the global veterinary equipment and disposables market. Increasing number of veterinary practitioners coupled with high-income levels in developed economies has augmented growth in this market. Moreover, pet owners are highly aware of advanced practices and ready to spend large sum of money for the safety of their pets. This factor is also contributing substantially in driving demand for veterinary equipment and disposables.
According to the figure presented by the American Pet Products Association (APPA), the people in U.S. owned 94.2 million cats in 2017. In Europe, there is a 9% increase in pet population from 2012 to 2016, according to the data given by Animal Health Europe Survey in 2017. Thus, the rise in pet adoption stoked up demand in the global veterinary equipment and disposables market.
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Shortage of Veterinaries to Challenge Growth in Veterinary Equipment and Disposables Market
Issues such as high cost of pet care and availability of alternatives to animal testing might deter demand in the global veterinary equipment and disposables market. Moreover, shortage of veterinaries in developing markets is likely to challenge growth of veterinary equipment and disposables. Lack of animal healthcare awareness in developing regions might also hamper growth in this market.
Nevertheless, growing opportunities such as rising adoption of big data and wearable devices will help in reducing the impact of these restraints. Additionally, growing size of veterinaries in emerging regions and increasing acceptance for pet hindrance that are mentioned above can be met, thus, fueling growth in the global veterinary equipment and disposables market.
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