LONDON, Nov. 09, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the veterinary medical equipment market, the mandatory microchipping requirements of farm animals and pets is expected to act as a driver for the veterinary medical equipment market in the forecast period. A microchip is a small rice-grain sized chip that is placed just below the skin in animals. This chip is linked to a database that contains the owner’s and pet’s details, and can be scanned by veterinarians and authorized scanners to reunite lost pets and their owners. Several countries in Europe have been mandating the use of microchips among pets.
For instance, in 2020, it became mandatory for owners of horses, ponies and donkeys in the UK to microchip their animals and register their details on a centralized database. The mandatory system of identification and reunification has proven to be beneficial. The increasing legal mandate for microchipping would boost the demand for various medical equipment, thus driving the market in the forecast period.
The global veterinary medical equipment market size is expected to grow from $1.77 billion in 2020 to $2.08 billion in 2023 at a compound annual growth rate (CAGR) of 17.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The veterinary medical equipment market is expected to reach $2.65 billion in 2025 at a CAGR of 6%.
The Business Research Company’s report titled Veterinary Medical Equipment Global Market Report 2023 – By Type ( Veterinary Diagnostic Equipment, Veterinary Anesthesia Equipment, Veterinary Patient Monitoring Equipment, Other Veterinary Medical Equipment), By Product (Instruments/Equipment, Disposables), COVID-19 Impact And Recovery covers major veterinary medical equipment companies, veterinary medical equipment market share by company, veterinary medical equipment manufacturers, veterinary medical equipment market size, and veterinary medical equipment market forecasts. The report also covers the global veterinary medical equipment market and its segments.
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The growing awareness related to vaccinations for pets acts as a driver for the veterinary medical equipment market in the forecast period as well. Veterinary vaccines are the vaccines that are mainly used to increase immunity of animals. They help in improving animal health and avoids transmission of diseases from animals to humans. The rise in awareness levels was also due to various organizations conducting campaigns for vaccinations. For instance, in 2020, in recognition of World Rabies Day, MSD Animal Health announced the launch of a global campaign to raise awareness among veterinarians, dog owners and volunteers who were committed to eliminate rabies through ongoing dog vaccination efforts. Therefore, the increasing awareness on pet vaccinations would boost the demand for veterinary medical equipment, thus driving the market growth going forward.
North America was the largest region in the global veterinary medical equipment market, accounting for 51.9% of the total in 2020. It was followed by Western Europe, Asia Pacific, South America and then the other regions. Going forward, the fastest-growing regions in the veterinary medical equipment market will be South America and the Middle East where growth will be at CAGRs of 7.6% and 6.4% respectively. These will be followed by North America and Africa where the markets are expected to grow at CAGRs of 6.2% and 5.5% respectively, during 2020-2025.
The global veterinary medical equipment market is highly concentrated, with a large number of small players. The top ten competitors in the market made up to 58.54% of the total market in 2020. Major players in the market include Covetrus Inc., IDEXX Laboratories Inc., Integra LifeSciences Corporation, Mindray Medical International Limited, and Midmark Corporation.
Veterinary Medical Equipment Global Market Report 2023 – COVID-19 Impact And Recovery is one of a series of new reports from The Business Research Company that provide veterinary medical equipment market overviews, veterinary medical equipment market analyze and forecast market size and growth for the whole market, veterinary medical equipment market segments and geographies, veterinary medical equipment market trends, veterinary medical equipment market drivers, veterinary medical equipment market restraints, veterinary medical equipment market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Here Is A List Of Similar Reports By The Business Research Company:
Veterinary Anesthesia Equipment Global Market Report 2023 – By Type (Standalone Anesthesia Machines, Portable Anesthesia Machines), By End User (Veterinary Hospitals, Veterinary Clinics, Emergency Service Centers, Veterinary Homecare Settings), By Animal Type (Small, Large), COVID-19 Impact And Recovery
Animal Hospitals And Veterinary Clinics Market – By Type Of Service (Consultation, Surgery, Medicine, Other (Includes Pet Food)), By Type Of Animal (Farm Animals, Companion Animals), And By Region, Opportunities And Strategies – Global Forecast To 2023
Animal Medicine Market – By Type Of Medicine (Veterinary Pharmaceuticals, Feed Additives), By Type Of Additive (Antibiotics, Amino Acids And Antioxidants, Vitamins, Acidifiers, Enzymes, Others), By Type Of Animal (Cattle (Dairy And Meat Purposes), Poultry, Other Farm Animals, Dogs And Cats, Other Companion Animals), By Drug Type (Branded, Generic), By Type Of Prescription (OTC, Prescription), By Route Of Administration (Oral, Intravenous, Subcutaneous, Others), By Distribution Channel (Vet Services, Online, Others), By Level Of Regulation (Highly Regulated Countries, Loosely Regulated Countries), And By Region, Opportunities And Strategies – Global Forecast To 2030
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