Veterinary Medical Equipment Global Market Report 2024

The veterinary medical equipment market size has grown strongly in recent years. It will grow from $2.44 billion in 2023 to $2.61 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The expansion observed in the historical period can be attributed to the increased ownership of pets by adults from Generation X and Generation Y, heightened pet spending, and an increase in disease prevalence.

The veterinary medical equipment market size is expected to see strong growth in the next few years. It will grow to $3.45 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The anticipated growth in the forecast period can be attributed to the adoption of companion animals, increased efficiency in veterinary treatment facilitated by portable X-rays and ultrasound scanners, improved standards of living and a strengthened middle class, heightened awareness of pet vaccinations, and the legal requirement of microchipping. Major trends in the forecast period include a need for veterinary diagnostic providers to invest in advanced technologies for faster diagnosis of medical conditions, the rapid adoption of companion animals driving the market and thereby growing the veterinary equipment market, a recommendation for veterinary diagnostic service providers to adopt molecular biology for early disease detection, recognition that wearable technologies enable tracking critical health parameters in pets and animals, suggesting investment in these technologies, and advising companies to utilize 3D printers for versatility and personalization of veterinary supplies.

The forecast indicates a sustained period of steady global economic growth. The US economy, having demonstrated consistent growth in the past, is anticipated to continue on this trajectory during the forecast period. Emerging markets experienced a rise from 3.6% in 2019 to 4.8% in 2020. This continuous economic expansion is poised to elevate global living standards and reinforce the middle class. The improved living standards and a robust middle class are expected to fuel the demand for enhanced nutrition, especially animal protein, and emphasize food quality and safety. Consequently, this will support the growth of the animal medicine market, particularly in terms of feed additives. Thus, economic growth is anticipated to be a driving force for this market.

The growth of the veterinary medical equipment market is propelled by the increasing prevalence of diseases in animals. Animal diseases, resulting from various factors such as bacteria, viruses, parasites, fungi, and environmental elements, disrupt normal animal functions. Veterinary medical equipment plays a pivotal role in detecting and diagnosing these diseases, aiding veterinarians in understanding the root causes for more effective treatment. An example is the reported cases of monkeypox between January 1st and July 8th, 2022, where 2,087 cases were reported, with 203 confirmed cases and a 2.4% case fatality rate. This surge in animal diseases is expected to drive the veterinary medical equipment market's growth.

Advancements in diagnostic tools have significantly improved veterinary services. Portable x-ray and ultrasound scanners have enhanced efficiency, especially in emergency situations, across various veterinary practices. Devices such as the Wristscan V9, used for pregnancy tests in animals, and the Alivecor iPhone app, performing electrocardiograms on animals, showcase the progress in veterinary diagnostics.

Key players in the animal services market are actively investing in technological advancements, exemplified by the Magnifico Vet MRI System. Launched by Esaote North America, Inc., this imaging solution offers diagnostic efficacy for animals of different sizes. The Magnifico Vet employs sustainable green permanent-magnet technology, operating without the need for cryogens and consuming significantly less power compared to superconducting systems. This innovative system is designed to provide exceptional diagnostic image quality, reflecting a commitment to functional design and eco-conscious practices.

Major companies operating in the veterinary medical equipment market report are 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, Boehringer Ingelheim Mena, Saudi Pharmaceutical Industries (Spi), Bimeda Chemicals Limited, DBK Pharma S.A.E., MSD Animal Health South Africa, Ceva Animal Health (Pty) Ltd.

North America was the largest region in the veterinary medical equipment market in 2023. 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.

The countries covered in the veterinary medical equipment market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa. The veterinary medical equipment market consists of sales of stethoscopes, ultrasounds, x-ray machines, sonography machines, and intravenous pumps. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The primary types of veterinary medical equipment encompass veterinary diagnostic equipment, veterinary anesthesia equipment, veterinary patient monitoring equipment, and other veterinary medical equipment. Veterinary diagnostic equipment includes a range of medical tools and devices employed by veterinarians to assess, diagnose, and monitor the health of animals. These tools find application in diverse animal categories such as small companion animals, large animals, and others. The products utilized consist of instruments, equipment, and disposables utilized in veterinary hospitals, clinics, and research institutes.

The veterinary medical equipment research report is one of a series of new reports that provides veterinary medical equipment statistics, including veterinary medical equipment industry global market size, regional shares, competitors with veterinary medical equipment shares, detailed veterinary medical equipment segments, market trends and opportunities, and any further data you may need to thrive in the veterinary medical equipment industry. This veterinary medical equipment research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.