Veterinary Equipment and Disposables Market Size

Veterinary Equipment and Disposables Market Analysis

The veterinary equipment and disposables market is expected to witness a CAGR of about 7.5% during the forecast period.

• The COVID-19 pandemic resulted in an increase in pet adoption during its initial phase. Animal Medicines Australia reported a significant rise in pet adoption as new owners took advantage of flexible work requirements imposed by the pandemic. It was estimated that around 28.7 million pets were owned by 6.9 million households in Australia in 2022. This led to an increase in the usage of veterinary equipment and disposables, boosting market growth. However, as the pandemic has subsided, the market is expected to have stable growth during the forecast period.
• The market growth is being driven by several factors, including the rise in animal adoption, growing animal diseases, and increased concern for animal health. Additionally, increased veterinary R&D expenditure, technological advancements, product innovation, and a rise in per capita animal health expenditure are expected to propel market growth.
• The adoption of companion animals is a major factor driving market growth. According to the European Pet Food Industry: Facts and Figures 2021 report, Germany reported 10.3 million dogs and 16.7 million cats in 2021, with 21% of households owning at least one cat and 19% owning at least one dog. The Pet Food Manufacturer's Association (PFMA) estimated that the United Kingdom would have 34.9 million pets in 2022, including 13 million dogs and 12 million cats. Therefore, the increased adoption of pets is expected to enhance market growth during the forecast period.
• The rising livestock population is also expected to boost market growth. In Australia, according to the Australian Bureau of Statistics, the beef herd increased by 1% to 22.3 million, and the sheep flock increased by 3% to 70.2 million sheep and lambs in June 2022. The rising prevalence of various animal diseases is driving the market growth. For example, canine mammary tumors were found to be the most common tumors in dogs, with a relative incidence of 46.71% in the last 5 years, according to a study conducted in Mainland China published in Frontiers in June 2022. Pure breeds accounted for 84.13% of the tumors, with 48.41% of the tumors being benign and 51.59% being malignant. Therefore, the rising prevalence of such diseases is expected to enhance the market growth.
• Furthermore, the increasing number of product launches by key market players is expected to boost market growth. Fujifilm launched the VXR Veterinary X-Ray Room, a digital radiography system dedicated to veterinary imaging, in February 2021.
• Therefore, due to the above-mentioned factors, such as the rising pet adoption, increasing prevalence of veterinary diseases, and increasing product launches, the market for veterinary equipment and disposables is expected to register growth during the forecast period. However, the high cost associated with animal healthcare is expected to hinder market growth.