How Has The Veterinary Medical Equipment Market Size Evolved In Recent Years?
The veterinary medical equipment market has seen considerable growth due to a variety of factors.
• The market size for veterinary medical equipment has witnessed robust growth in the past few years. From $3.42 billion in 2024, it is projected to expand to $3.69 billion in 2025, with a compound annual growth rate (CAGR) of 7.9%.
The driving factors for this growth during the historic period are increased pet ownership among gen x and gen y adults, a rise in pet spending, and a surge in disease prevalence.
What is the Forecasted Market Size and CAGR for the Veterinary Medical Equipment Market?
The veterinary medical equipment market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for veterinary medical equipment is anticipated to witness robust growth in the coming years, expanding to $4.93 billion by 2029 with a Compound Annual Growth Rate of 7.5%.
This projected growth within the forecast period can be ascribed to factors such as the rising adoption of companion animals, improvements in veterinary treatment efficiency due to the use of portable x-rays and ultrasound scanners, elevated living standards, solidifying middle class, increased awareness surrounding pet vaccinations, and the legal mandate of microchipping. Notable trends set to define the forecast period involve veterinary diagnostic providers exploring investment in advanced technologies for swift medical diagnoses, the quick adoption of companion animals driving the market growth and in turn, enhancing the vet equipment market. They should also think about using molecular biology techniques for early disease detection. With wearable technologies aiding farmers and vets in monitoring key health indicators in pets and livestock, it becomes essential to invest in such technologies. Additionally, companies ought to leverage 3D printers for the ability to customize and add versatility to veterinary supplies.
What Key Factors and Trends are Driving the Growth of the Veterinary Medical Equipment Market?
The veterinary medical equipment market is anticipated to benefit from the surge in pet ownership. A rise in disposable income, increased understanding of the emotional and physical advantages of owning pets, and shifting societal perceptions that regard pets as vital family members primarily fuel the growth in pet ownership. This term encapsulates the habit of individuals or families owning pets or companion animals. Tools like home diagnostic kits and portable monitoring devices used by pet owners empower them to better control their pets' well-being, facilitating early illness detection and prompt veterinary care. The American Veterinary Medical Association, a grounded nonprofit professional organization, projected in October 2024, for example, that the quantity of dog-owning homes in the U.S. is set to grow by 59.8 million in 2024, which constitutes 45.5% of all U.S. households. Furthermore, the count of cat-owning households expanded by 42.1 million in 2024, representing 32.1% of all U.S. households. Consequently, the expansion in pet ownership is propelling the growth of the veterinary medical equipment market.
What are the Market 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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What Trends are Shaping the Veterinary Medical Equipment Market?
The progress in diagnostic technologies has enhanced the quality of veterinary services. Devices like mobile x-rays and portable ultrasound scanners have boosted the effectiveness of treatments for large/equine animals, pets, exotic creatures, as well as mixed animal practices, particularly in urgent cases relating to injuries. For instance, the diagnostic device Wristscan V9 is employed for animal pregnancy tests. Also, to perform animal electrocardiograms for cardiologist evaluation, the Alivecor iPhone app is utilized.
Who Are the Key Players in the Veterinary Medical Equipment Market?
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 are the Regional Insights into 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
