Veterinary equipment, supplies market to near $3B
by Katie Pfaff
The market for veterinary equipment and supplies is forecast to grow by a CAGR of 8.1% by the year 2027, according to research analyst firm, MarketsandMarkets. The market was expected to increase from a 2022 value of $2.0 billion to a 2027 value of $2.9 billion.
The market’s growth is expected based on the increased rates of spending on animal health, an uptick across the companion animal market, growth in pet insurance uptake, and an increased number of practitioners in veterinary medicine.
By segment type, critical care consumables garnered the largest share based on the common use of the products in treatment and monitoring as incidence of diseases continue to increase. The segment took the largest share compared to anesthesia equipment, patient monitoring equipment, research equipment, fluid management equipment, temperature management equipment, and rescue and resuscitation equipment.
The segment for veterinary equipment gathered the largest share in the companion animal segment as the number of dogs being adopted increases as well as rates of disease.
Within the application segment, surgical application held the largest share globally. The top spot was earned as the rate of pet ownership increases, pet owners are willing to spend greater amounts on pets, and improvement in the quality of veterinary healthcare worldwide.
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