Veterinary Consumables Market
Number of pages: 100 | Report Format: PDF | Published date: April 03, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 1.72 billion |
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Revenue forecast in 2031 |
US$ 3.51 billion |
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CAGR |
7.35% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Product Type, Animal Type, Consumable Type, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global veterinary consumables market was valued at US$ 1.72 billion in 2022 and is expected to register a revenue CAGR of 7.35% to reach US$ 3.51 billion by 2031.
Veterinary Consumables Market Fundamentals
Veterinary consumables are products used in veterinary care to diagnose, treat, and prevent animal diseases. These consumables can comprise various items, like surgical supplies, diagnostic kits, laboratory equipment, tubing sets, and much more. Veterinary consumables play a vital role in ensuring the health and well-being of animals, and their availability is essential for the effective functioning of veterinary clinics and hospitals. The demand for these consumables is expected to increase with the growing pet adoption and the rising prevalence of animal diseases.
The global veterinary consumables market has been gradually driven by rising demand for companion animal healthcare services, increased pet adoption, and improvements in veterinary medicine. As the expense of veterinary care grows, more pet owners choose pet insurance to help cover standard care costs and unexpected medical crises. Moreover, new diagnostic tools, like digital radiography and ultrasound, are assisting veterinarians in more appropriate and effective diagnosing and treating problems. This is fuelling demand for imaging plates, ultrasound gels, and other accessories.
The emphasis on preventive care, such as routine check-ups, immunizations, and immunizations, flea and tick medications, and heartworm preventatives, is driving the demand for veterinary consumables. This trend will continue as pet owners become more aware of preventive care's benefits and advances in veterinary practice. In addition, the rising pet ownership rates and the expanding pet population are both driving up the price of veterinary supplies.
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Veterinary Consumables Market Dynamics
The increasing demand for consumables in veterinary health management primarily drives the global market. Veterinarians in regular veterinary check-ups and chronic disease management regularly use veterinary consumables. The efficient management of animal health depends on veterinary consumables. They enable vets to identify, handle, and prevent diseases and injuries and treat each animal uniquely. As a result, they are essential in advancing the health of animals.
Rapidly increasing pet clinics and veterinary hospitals are significantly increasing. The quick expansion of pet clinics and veterinary hospitals drives the demand for veterinary consumables. The demand for specialized preventative care will probably rise as veterinary healthcare emerges, fueling the demand for veterinary consumables during the forecast period.
Technological advancements in veterinary diagnostics testing are increasing the demand for consumables. For instance, the production of diagnostic kits by many top players and government-funded organizations is increasing market potential. Urban Animal, India's first dog healthcare service, has developed first-of-its-kind DNA testing kits to help determine 130+ hereditary health disorders and predict prospective medical concerns that dogs may encounter. The introduction of these tests aligns with the company's objective to increase the lifespan and quality of life for dogs through early illness identification and focused preventative treatment. This trend is expected to continue in the coming years as pet owners become more aware of the advantages of early disease identification and treatment, which will increase demand for accurate and effective diagnostic equipment.
Governments are increasingly focusing on advancing the veterinary health of livestock animals. This is because veterinary health is important for the animal's well-being and ensuring human food security and safety. Additionally, improving animal health can increase farmers' productivity and profitability. Therefore, governments are highly investing in the research and development of vaccines, antibiotics, and other animal health products to prevent and treat diseases. They are also implementing regulations and guidelines to ensure the proper use of these products and promote responsible animal husbandry practices.
However, the increasing availability of counterfeit products and the high cost of veterinary consumables are the major restraining factors for the revenue growth of the veterinary consumables market. Additionally, the limited availability of skilled veterinarians in some regions may hinder the revenue growth of global veterinary consumables.
Veterinary Consumables Market Ecosystem
The global veterinary consumables market is analyzed from four perspectives: product type, animal type, consumable type, and region.
Veterinary Consumables Market by Product Type
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Based on product type, the global veterinary consumables market is segmented into anesthesia supplies, ventilator supplies, monitoring supplies, imaging supplies, and other product types.
The anesthesia supplies segment has dominated the global veterinary consumables market. Anesthesia supplies play a crucial role in ensuring the safety and comfort of animals during surgical procedures. The growing demand for enhanced veterinary care and the increasing number of surgical procedures will likely fuel the revenue growth of anesthetic supplies in the veterinary consumables market. Furthermore, the rising trend of pet insurance and increased awareness about animal health are expected to contribute to segment revenue growth.
The ventilator supplies segment is expected to increase in the coming years. Ventilator supplies are crucial in providing respiratory support to animals suffering from various conditions, such as pneumonia, lung injuries, and anesthesia complications. The availability of adequate ventilator supplies ensures that veterinary clinics and hospitals can provide the necessary care to animals. This trend will continue as more pet owners seek advanced animal medical care.
Veterinary Consumables Market by Animal Type
Based on the animal type, the global veterinary consumables market is segmented into companion and livestock animals.
The companion animal segment accounted majority of revenue share in 2022. The increasing number of pet owners is the key factor supporting the revenue growth of companion animals. Veterinary consumables play a crucial role in maintaining the health and well-being of companion animals. The increasing adoption of companion animals has increased the demand for veterinary consumables such as vaccines, diagnostic tests, and medical devices. This trend is expected to continue as the pet adoption rate increases significantly. Moreover, people becoming aware of animal health drives the global veterinary consumables market.
The rising demand for meat and dairy products is expected to propel the revenue share of the livestock segment during the forecast period, resulting in increased consumption of veterinary consumables such as vaccinations, medications, and diagnostic tests. Furthermore, increased awareness among livestock producers by many governments about animal health and welfare is likely to contribute to the revenue growth of the worldwide veterinary consumables market.
Veterinary Consumables Market by Consumable Type
Based on consumable types, the global veterinary consumables market is segmented into disposable and reusable products.
The reusable segment dominated the global veterinary consumables market in 2022. Reusable veterinary consumables are becoming increasingly popular due to their cost-effectiveness. These products include surgical instruments, syringes, and anesthesia masks that can be sterilized and used multiple times, reducing waste and saving money for veterinary practices. Additionally, they can improve patient outcomes by reducing the risk of contamination and ensuring consistent quality.
Disposable veterinary consumables offer numerous advantages, such as reducing the risk of cross-contamination and infection, improving efficiency, and saving time. Additionally, they eliminate the need for cleaning and sterilization, which can be costly and time-consuming. Furthermore, disposable veterinary consumables are an ecologically responsible alternative because they can be quickly disposed of without harming the environment. This makes them popular among veterinary professionals who want to reduce their carbon footprint.
Veterinary Consumables Market by End User
Based on end users, the global veterinary consumables market is segmented into veterinary hospitals, veterinary clinics, and others.
The veterinary hospital segment has dominated the global veterinary consumables market with a large revenue share. This is majorly due to the high demand for veterinary consumables in hospitals. This trend is expected to continue as more people adopt pets and become aware of the importance of regular veterinary care. As a result, manufacturers of veterinary consumables are expanding their product lines and investing in research and development to meet the growing demand. Moreover, licensed veterinarians and veterinary technicians that treat animals' medical needs frequently work in veterinary hospitals.
Veterinary Consumables Market by Region
Based on the region, the global veterinary consumables market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America accounted for the highest revenue share in 2022, owing to the increasing pet ownership and rising demand for animal healthcare products. The market revenue is also driven by technological advancements in veterinary medicine and the growing awareness about animal health. Furthermore, the growing emphasis on animal preventative treatment has increased the demand for veterinary consumables. Many top players in North America, such as IDEXX Laboratories, Inc., Zoetis, Inc., and Henry Schein Animal Health, are also increasing North America's global veterinary consumables market.
The European veterinary consumables market is characterized by increasing healthcare standards and rising animal health concerns. Additionally, the growing emphasis on animal preventative treatment has significantly increased the demand for veterinary consumables. Moreover, increasing focus on livestock animal health also supports the European veterinary consumables market.
Asia Pacific's veterinary consumables market revenue is expected to grow significantly due to the increasing adoption of pets and livestock animals, rising demand for animal-derived products, and growing awareness about animal health. Additionally, the development of advanced veterinary products and the presence of key market players in the region contribute to the regional revenue growth in the veterinary consumables market. Increasing favorable government initiatives for livestock animal health, such as free vaccination, regular health check-ups, and proper guidance for livestock animal health, is also influencing the global veterinary consumables market.
Competitive Landscape for Veterinary Consumables Market
Many companies drive the veterinary consumables market by engaging in strategic activities, including investments, new product launches, mergers and acquisitions, and alliances. Major market players are constantly working to increase the market for their products globally and form strategic alliances with other players to diversify their product offerings.
Some of the prominent companies operating in the global veterinary consumables market with the largest revenue share are:
Strategic Developments in Veterinary Consumables Market
The demand for veterinary consumables is expected to rise with growing pet uptake and increased animal husbandry business. There will also be a greater emphasis on animal welfare, leading to revenue growth in the veterinary consumables market.
According to the deep-dive market assessment study by Growth Plus Reports, the global veterinary consumables market was valued at US$ 1.72 billion in 2022.
Key players are investing, introducing new items, and forging partnerships to expand their product offerings. This tactic aids businesses in expanding their markets and revenue sources. They can maintain their competitiveness in a market that is undergoing fast change.
The anesthesia supplies segment is dominating the global veterinary consumables market.
North America accounts for the highest revenue share in the global veterinary consumables market.
*Insights on financial performance are subject to the availability of information in the public domain