Veterinary Medical Equipment Market Characteristics
The veterinary medical equipment market consists of sales of veterinary medical equipment and related services by entities (organizations, sole traders and partnerships) that produce veterinary medical equipment used in diagnosis, monitoring and treatment of medical conditions in animals. This industry includes establishments that produce veterinary surgical equipment such as endoscopic systems, dental equipment, veterinary telemetry services and others.
Competitive Landscape of the Veterinary Medical Equipment Market
Major players in the global veterinary medical equipment market include Carestream Health, IDEXX Laboratories Inc., Agfa Healthcare, MinXray Inc., Diagnostic Imaging Systems.
Veterinary Medical Equipment Market Size
The veterinary medical equipment market size is expected to reach around $125 Billion by 2022, significantly growing at a CAGR of around 6% during the forecast period. The growth in the Veterinary Medical Equipment market is due new reforms in wildlife conservation and rising economic growth with encourages more people to keep pets
However, the market for veterinary medical equipment is expected to face certain restraints from several factors such as regulatory challenges and cost involved in setting up infrastructure for this industry.
Veterinary Medical Equipment Market Segmentation
The global veterinary medical equipment market is further segmented based on type and geography.
By Type - The veterinary medical equipment market is segmented into veterinary diagnostic equipment, anaesthesia equipment, patient monitoring equipment, other veterinary medical equipment among these segments, veterinary diagnostic accounts for the largest share in the global Veterinary Medical Equipment market.
By Geography - The global veterinary medical equipment is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America was the largest region in the global nephrology and urology devices market.
Trends in the Veterinary Medical Equipment Market
Companies in the veterinary medical equipment market have started using 3D Printers due to its better treatment providing capabilities. 3D Printers are devices that use layers of different materials to form a physical object for a given digital model. 3D Printers in veterinary practices enables to create model of the patient bone from patient scan information. Study of the model helps to provide better treatment to vets and prevents infection during surgeries.
Potential Opportunities in the Veterinary Medical Equipment Market
With increase in Increased Pet Spending, Increased Pet Ownership by Gen X and Y adult and Emerging Markets Growth the scope and potential for the global veterinary medical equipment market is expected to significantly rise in the forecast period.