Veterinary scales market to grow by 7.40%
by Katie Pfaff
The global market for veterinary scales was forecast to reach a value of $70.61 by the end of 2026, according to a report by Technavio Research, a technology and research advisory firm. The uptick would represent a CAGR of 7.40% across the forecast period of 2021 to 2026; the remainder of the forecast refers to a period of 2022 to 2026.
Within this year, the year-over-year growth in 2022 is expected to reach 9.97%, according to the report. The market is forecast to grow based on higher rates of pet adoption and as a result, increased access of veterinary care.
Across the market, vendors that supply veterinary scales are currently a fragmented group, however, this is expected to change as mergers, acquisitions, and partnerships are expected to play a part in the future of the market as a way to compete. The market is also seeing innovation and new product launches, according to the report.
Diagnostic veterinary facilities held the largest share of the market in 2021 by segment. The end-user was expected to continue to hold the share position going forward with growth based on a large number of facilities, demand for diagnostic medicine, and increased spending in veterinary care.
The US is predicted to account for the greatest amount of revenue in the future outlook and will grow at a faster rate than the rest of the world. The uptick is forecast based on the number of facilities that are involved in research and development in the US. About 30% of the global market’s growth is expected to come from the US.
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