North America Leads Veterinary Equipment and Disposables Industry

According to the latest market research study published by P&S Intelligence, the veterinary equipment and disposables market is poised for significant growth, with an estimated size of USD 2,731.3 million in 2024. Projections indicate a CAGR of 9.2% from 2024 to 2030, reaching approximately USD 4,620.4 million by 2030.

Several factors are driving this expansion. The increasing prevalence of zoonotic diseases necessitates advanced veterinary tools and disposables to ensure effective animal healthcare. Additionally, the rising adoption of companion animals has heightened the demand for quality veterinary care, further propelling market growth. Technological advancements, such as the integration of wearable devices for continuous pet health monitoring, are also contributing to the market's upward trajectory.

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Key Insights

• Consumables Lead the Market: Accounting for approximately 60% of the market share, consumables dominate due to increasing animal care expenditures and the frequency of sterilization procedures. These products are essential for various applications, including airway and wound management. Companies are continually innovating in this segment; for instance, Axio Biosolutions expanded into veterinary wound management with the launch of the SureKlot range in March 2021.
• Rescue & Resuscitation Equipment on the Rise: The equipment sub-segment, particularly rescue and resuscitation tools, is expected to see significant growth. This trend is attributed to the increasing incidence of emergencies requiring immediate veterinary intervention.
• Companion Animals Drive Demand: The growing adoption of companion animals has led to a surge in demand for veterinary equipment and disposables. Pet owners are increasingly seeking advanced medical care for their animals, boosting the market for these products.
• Technological Advancements Enhance Care: Innovations such as wearable technologies, including radiofrequency identification systems and GPS trackers, enable continuous monitoring of pets' health metrics like activity levels and vital signs. These advancements facilitate proactive healthcare and early detection of potential issues.
• Launch of Veterinary Operating Systems: In January 2022, Covetrus introduced Covetrus Pulse, a cloud-based veterinary operating system. This platform connects veterinarians to essential technologies required to manage their practices efficiently, allowing more time for direct animal care.
• Rising Pet Insurance Adoption: The increasing demand for pet insurance helps mitigate out-of-pocket expenses for critical medical conditions, including accidental injuries. Countries like Malaysia, India, and Vietnam offer livestock insurance covering various veterinary procedures, encouraging pet owners to seek necessary medical interventions without financial hesitation.
• North America Leads, Asia-Pacific Fastest Growing: North America currently holds the largest market share in the veterinary equipment and disposables sector. However, the Asia-Pacific region is anticipated to be the fastest-growing market, driven by increasing pet adoption rates and rising awareness of animal health.
• Fragmented Market Landscape: The market is characterized as fragmented, with numerous players contributing to its dynamics. This fragmentation fosters competitive pricing and continuous innovation, benefiting end-users with a variety of options.
• Wearable Technologies for Health Tracking: Advanced technologies, such as wearables, are increasingly utilized to monitor pets' health from infancy through old age. Veterinarians employ devices like radiofrequency identification systems, GPS systems, and other sensors to track activity levels, food intake, and vital signs, enhancing preventive care and timely medical interventions.
• Focus on Animal Care by Medical Device Companies: Medical device companies are augmenting their focus on animal care by advancing solutions offered to pet owners and animal farmers. This includes developing specialized equipment and disposables tailored to veterinary needs, reflecting a commitment to enhancing animal health outcomes.

In summary, the veterinary equipment and disposables market is experiencing robust growth, driven by factors such as the increasing prevalence of zoonotic diseases, rising adoption of companion animals, and continuous technological advancements. With significant contributions from consumables and rescue equipment, and a dynamic landscape marked by innovation and regional growth variations, the market is set to expand substantially in the coming years.