According to a recent MarketsandMarketsTM report, the Veterinary Equipment and Supplies market is expected to be valued at $2.2 billion in 2023 and $3.2 billion by 2028, increasing at a CAGR of 7.1% from 2023 to 2028. The increase in overall expenditure on animal health and welfare, as well as the growing pet population, are the key factors driving the growth of the veterinary equipment and supplies industry. Furthermore, an increase in the urban population and an increase in pet insurance are key drivers to the growth of the veterinary equipment and supplies market.
Veterinary equipment manufacturers are constantly developing cutting-edge, innovative technology that is safer, more efficient, and more effective than existing veterinary equipment. They are also developing new imaging equipment that will allow veterinarians to more precisely and successfully identify and treat animal ailments. Veterinary equipment manufacturers are reaching out to a larger international market and offering their products to veterinarians all over the world. This is helping to expand the worldwide veterinary equipment market.
The worldwide veterinary equipment and supplies market's Critical Care Consumables market is the fastest expanding segment. The rising prevalence of chronic diseases in animals necessitates long-term critical care, driving the demand for critical care consumables. Pet owners are getting more concerned about animal welfare. As a result, the demand for critical care consumables that can be used to improve the quality of life of animals is increasing.
Diagnosis, monitoring, and therapy are the fastest expanding segments in the veterinary equipment and supplies market. The diagnosis and monitoring applications segment in the veterinary equipment market is expanding at the highest rate due to the rising prevalence of chronic diseases in animals, the growing demand for improved veterinarian treatment, and the growing popularity of pet insurance. Novel and creative technologies are constantly emerging in addition to traditional diagnostic and monitoring instruments. Wearable equipment for monitoring an animal's vital signs and activity level is becoming more widespread. These gadgets can help veterinarians by providing vital data that can aid in the early detection of potential health issues in animals.
The market for veterinary equipment and supplies is divided into three categories: basic equipment, advanced equipment, and cutting-edge equipment. In 2022, the basic equipment sector held the highest market share. Basic veterinary equipment technology often includes basic anesthesia devices, an oxygen tank, a vaporizer, basic patient monitoring, and temperature monitoring equipment. Basic technology is often inexpensive, making it accessible to all sizes of veterinary clinics and shelters.
The veterinary equipment and supplies market is divided into five regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America led the market for veterinary supplies and equipment. This region's strong rise can be attributed to the increasing number of companion animals, rising veterinary healthcare expenditures, and the expansion of pet insurance coverage. Europe has the second-largest market for veterinary equipment, owing to an increase in the number of veterinary experts, well-organized animal farms, and pet owners.