The veterinary equipment and disposables market is being driven due to factors such as an increase in animal adoption, growing diseases in animals and the rising concern for the same, and increasing veterinary professionals along with the vet hospitals.
Additionally, the recent growth in R&D expenditure, technological advancements, and product innovation, along with the rise in per capita animal health expenditure are expected to propel the market growth. According to Animal Health Institute (AHI), each year, 10 – 12% of the total sales of the AHI member companies are invested for new innovations in the field of animal healthcare. As a result of that, scientists have developed a huge number of medical devices and medicines, further resulting in a notable improvement in the diagnosis, treatment, and prevention of a variety of animal health issues. Similarly, the annual report of the International Federation for Animal Health (IFAH), 2017, stated that more than EUR 400 million has been invested in R&D by the animal healthcare industries. The data published by APPA stated that the total pet healthcare expenditure was USD 72.56 billion in 2018 while the expenditure in 2017, was USD 69.51 billion.
Owing to the above-mentioned factors, the market for veterinary equipment and disposables is expected to grow over the forecast period.
Key Market Trends
Patient Monitoring is Expected to Witness Rapid Growth
Newer technologies and advancements, like wearables and other similar connected technologies, can be helpful for the health of pets across the board, from young to old. Wearable technologies extend the veterinarians’ reach beyond the walls of their practice by allowing them to see the impact of their treatment recommendations 24/7. Wearables for patient monitoring adopted for pets include radio frequency identification, GPS, and sensors.
As the surgery rates among animals are increasing, animal physical health monitoring has also increased, in order to monitor the patient’s heart rate, respiratory rate, blood pressure, oxygen saturation, and capillary refill time, etc.
Hence, owing to the increase in technological advancements in patient monitoring and increasing general awareness among pet owners, it is expected that the market for veterinary physical health monitoring will augment in the future years across the world.
North America Dominates the Market
North America is expected to dominate the veterinary equipment and disposables market over the forecast period, owing to the factors, such as rising pet adoption and increasing per capita animal healthcare expenditure. In addition, the rise in the prevalence of various animal diseases has been identified as the major driving factor for the market growth. Approximately, 90 million dogs are owned in the United States, as per reported by American Pet Products Association (APPA). It is also stated that 34% of dogs are purchased from breeders, while 23% of dogs and 31% of cats are obtained from an animal shelter or humane society. In addition, increasing awareness about animal health, favorable and advanced healthcare IT infrastructure, helpful initiatives by the government, rise in product innovation, software integration, sophisticated technology, a high percentage of tech-savvy owners are some other significant factors, driving the growth of the US veterinary equipment and disposables market.
The market studied is moderately consolidated and most of the global players are dominating this market. Rising investment by the companies in veterinary health is believed to allow more companies to penetrate the market. Also, due to the increasing animal adoption across developing countries, companies are adopting the expansion and collaboration strategies to gain market share in developing regions.
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