Chicago, Dec. 11, 2023 (GLOBE NEWSWIRE) -- Veterinary Equipment and Supplies market in terms of revenue was estimated to be worth $2.2 billion in 2023 and is poised to reach $3.2 billion by 2028, growing at a CAGR of 7.1% from 2023 to 2028 according to a latest report published by MarketsandMarkets™. Rise in the overall expenditure on animal health and welfare and increasing the population of pets are the major factor driving the growth of veterinary equipment and supplies market. Moreover, increase in the urban population and rise in the number of pet insurance are the major contributors to the growth of veterinary equipment and supplies market.
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Veterinary Equipment and Supplies Market Scope:
| Report Coverage | Details |
| Market Revenue in 2023 | $2.2 Billion |
| Estimated Value by 2028 | $3.2 Billion |
| Growth Rate | Poised to grow at a CAGR of 7.1% |
| Market Size Available for | 2021–2028 |
| Forecast Period | 2023–2028 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, Technology level, Animal Type, End user, and Region |
| Geographies Covered |
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| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunity | Emerging market with untapped opportunities |
| Key Market Driver | Surge in demand pet insurance and rise in animal health expenditure |
Manufacturers of veterinary equipment continuously develop cutting-edge, new technology that is safer, more efficient, and more effective than existing veterinary equipment. Additionally, they are creating new imaging technology that will enable vets to more precisely and successfully identify and treat animal illnesses. Manufacturers of veterinary equipment are connecting with a broader international market and supplying veterinarians globally with their products. This is contributing to the expansion of the global veterinary equipment market.
The Critical Care Consumables market register the fastest growing segment of the global veterinary equipment and supplies market. Increasinng chronic diseases in animals require long-term critical care, which drives the demand for critical care consumables. Animal welfare is becoming more important to pet owners. As a result, The need for critical care consumables that can be utilized for improving animals' quality of life is rising.
Diagnosis, monitoring, and therapy in Application segment results fastest growing segment in veterinary equipment and supplies market. Rising prevalence of chronic diseases in animals, the growing demand for advanced veterinary care, and the growing popularity of pet insurance, the diagnosis and monitoring applications segment in the veterinary equipment business is expanding at the fastest rate. Apart from the conventional diagnostic and monitoring tools, novel and innovative technologies are consistently emerging. Wearable technology that monitors an animal's vital signs and activity level, is gaining popularity. Veterinarians can benefit from these devices by receiving useful data that may assist in the early detection of possible health issues in animals.
The veterinary equipment and supplies market is segmented into Basic equipment, Advanced equipment, and cutting edge equipment. The Basic equipment segment accounted for the largest share of the market in 2022. Basic technology in veterinary equipment usually includes basic anesthesia machines, Oxygen tank, Vaporizer, basic patient monitoring and temperature monitoring equipment. Basic technology is typically inexpensive, making it accessible to veterinary clinics and shelters of all sizes.
Geographically, the veterinary equipment and supplies market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The market for veterinary supplies and equipment was dominated by North America. The growing number of companion animals, rising veterinary healthcare costs, and the expansion of pet insurance coverage are all responsible for this region's significant growth. The second-largest market for veterinary equipment is found in Europe, which is characterised by a rise in the number of veterinary experts, well-organised livestock farms, and pet owners.
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Veterinary Equipment and Supplies market major players covered in the report, such as:
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The research report categorizes Veterinary Equipment and Supplies Market into the following segments and sub-segments:
By type
By Application
By Technology level
By Animal type
By End user
By Country
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Veterinary Equipment and Supplies Industry Recent Developments:
Key Stakeholders:
Report Objectives:
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Research Insight: https://www.marketsandmarkets.com/ResearchInsight/veterinary-equipment-disposables-market.asp
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