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How Fast Is the Veterinary Medical Equipment Market Expected to Grow by 2025, and What Is the Projected CAGR?
The market size for veterinary medical equipment has seen robust growth in the past few years. The estimated value is set to rise from $3.38 billion in 2024 to $3.63 billion in 2025, with a compound annual growth rate (CAGR) of 7.4%. This growth during the historical period is linked to a surge in pet ownership among adults belonging to gen x and gen y demographic groups, an uptick in spending on pets, and a rise in disease prevalence.
In upcoming years, the veterinary medical equipment market is projected to experience significant growth, increasing to $4.86 billion in 2029 with a compound annual growth rate (CAGR) of 7.6%. This anticipated growth in the forecast period is linked to the increasing ownership of companion animals, improved effectiveness of veterinary procedures through portable x-ray and ultrasound equipment, improved living standards and a growing middle class, rising awareness about pet vaccinations, and the legal necessity of microchipping. As we look ahead, forecast trends suggest that veterinary diagnostic providers could benefit from investing in advanced technologies for quicker disease detection, a growing adoption of companion animals will contribute to the market’s growth and hence will boost the veterinary equipment market. Additionally, providers of veterinary diagnostic services should consider the potential of molecular biology for early disease detection. Given that wearable technologies allow for the monitoring of crucial health metrics in pets and livestock, investment in these technologies is advisable. Lastly, the use of 3D printers can bring versatility and customization to veterinary supplies.
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Which Factors Are Driving the Global Veterinary Medical Equipment Market Forward?
The growth of the veterinary medical equipment market is expected to be fueled by the increase in pet ownership.
Higher disposable incomes, a deeper understanding of the health and emotional advantages of owning pets, and societal changes that view pets as essential family members are leading to expanded pet ownership. This term refers to the custom of individuals or families owning pets or companion animals. Veterinary medical equipment, such as portable monitoring devices and home diagnostic kits, enables pet owners to better maintain their pets’ health by allowing for early illness detection and immediate veterinary attention. As per the American Veterinary Medical Association’s projections in October 2024, there’s a prediction of a rise in dog-owning households in the U.S. by 59.8 million in 2024 (45.5% of all U.S. households), while cat-owning households have risen by 42.1 million (32.1% of all U.S. households) in the same year. As a consequence, the increase in pet ownership is catalyzing the expansion of the market for veterinary medical equipment.
Which Segment Holds the Largest Share in the Veterinary Medical Equipment Market?
The veterinary medical equipment market covered in this report is segmented –
1) By Type: Veterinary Diagnostic Equipment, Veterinary Anesthesia Equipment, Veterinary Patient Monitoring Equipment, Other Veterinary Medical Equipment
2) By Product: Instruments/Equipment, Disposables
3) By Animal Type: Small Companion Animals, Large Animals, Other Animals
4) By End User: Veterinary Hospitals, Veterinary Clinics, Research Institutes
Subsegments:
1) By Veterinary Diagnostic Equipment: X-Ray Systems, Ultrasound Systems, Magnetic Resonance Imaging (MRI) Systems, Computed Tomography (CT) Scanners, Endoscopy Devices
2) By Veterinary Anesthesia Equipment: Anesthesia Machines, Ventilators, Vaporizers, Gas Delivery Management Systems, Waste Gas Management Systems
3) By Veterinary Patient Monitoring Equipment: ECG Monitors, Blood Pressure Monitors, Respiratory Monitors, Temperature Monitors, Multiparameter Monitors
4) By Other Veterinary Medical Equipment: Surgical Instruments, Infusion Pumps, Dental Equipment, Laboratory Equipment
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What Are the Major Trends in the Global Veterinary Medical Equipment Market?
Progress in diagnostic technologies has enhanced the quality of veterinary treatments. Devices such as mobile x-ray and ultrasound scanners have escalated the effectiveness of medical care for all types of animals including large or equine animals, domestic pets, exotic species, and mixed breed animals, particularly during emergency health situations. For instance, the Wristscan V9, a diagnostic gadget, is employed for conducting pregnancy tests on animals. Furthermore, the Alivecor application on iPhone is utilized for carrying out electrocardiograms on animals which can be reviewed by a cardiologist.
Which Companies Are Leading the Veterinary Medical Equipment Market in 2025 and Beyond?
Major companies operating in the veterinary medical equipment market include 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, Saudi Pharmaceutical Industries (Spi), Bimeda Chemicals Limited, DBK Pharma S.A.E., MSD Animal Health South Africa, Ceva Animal Health (Pty) Ltd
What Are the Key Regional Trends Influencing the Veterinary Medical Equipment Market in 2025?
North America was the largest region in the veterinary medical equipment market in 2024. 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
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