Veterinary Medical Equipment Market Growth To Be Driven By The Increasing Adoption Of Companion Animals
June 23, 2022
The Business Research Company’s Veterinary Medical Equipment Market 2022 - Opportunities And Strategies – Global Forecast To 2030
LONDON, GREATER LONDON, UK, June 23, 2022 /EINPresswire.com/ -- Adoption of companion animals is expected to drive the veterinary medical equipment industry growth. Companion animals have been shown to help mitigate anxiety, mood regulation, depression, pain management, and more. Companion animals are also beneficial for people with ailments and disabilities. According to the American Pet Products Association (APPA), in 2020, pet ownership in the US increased from 67% of households to an all-time high of 70%. Such activities are expected to support the growth of the veterinary healthcare industry, ultimately, driving the growth of dependent industries such as the veterinary medical equipment market.
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The global veterinary medical equipment market reached a value of nearly $2.13 billion in 2020, having increased at a compound annual growth rate (CAGR) of 3.4% since 2015.The global veterinary medical equipment market size is expected to grow at a CAGR of 5.4% from 2020 to reach $2.77 billion in 2025. The global veterinary medical equipment market share is expected to reach $3.57 billion in 2030, at a CAGR of 5.2%.
According to the veterinary medical equipment market overview, rapid advances in molecular biology are enabling laboratory service providers to offer high-tech diagnostic tools. The latest diagnostic tools associated with molecular biology include DNA tests and protein tests. Traditionally, laboratory diagnostics for veterinary pathogens have relied on methods of detecting the pathogen by culture or antibodies, using varied techniques, such as neutralization, Enzyme-linked Immunosorbent Assay (ELISA), agar gel immunodiffusion, and complement fixation. Over the years, veterinarians have incorporated new molecular diagnostic techniques, such as Polymerase Chain Reaction (PCR) and Western blot, also have improved older techniques by using recombinant antigens, monoclonal antibodies, and synthetic peptides. Despite the routine use of conventional diagnostic assays, new molecular techniques have enabled veterinarians to use new tools for rapid and specific diagnosis of animal disease in real-time. Adoption of DNA biotechnology by diagnostic service providers is supporting farmers and pet owners in disease control and thus helping the stakeholders increase food production and livestock trade.
Major players covered in the global veterinary medical equipment industry are Covetrus Inc., IDEXX Laboratories Inc., Integra LifeSciences Corporation, Mindray Medical International Limited, Midmark Corporation.
TBRC’s veterinary medical equipment market analysis report is segmented by type into Veterinary Diagnostic Equipment, Veterinary Anesthesia Equipment, Veterinary Patient Monitoring Equipment, Others, by product into Instruments/Equipment, Disposables.
Veterinary Medical Equipment Market 2022 – By Type (Veterinary Diagnostic Equipment, Veterinary Anesthesia Equipment, Veterinary Patient Monitoring Equipment, Other Veterinary Medical Equipment), By Product (Instruments/Equipment, Disposables), And By Region, Opportunities And Strategies – Global Forecast To 2030 is one of a series of new reports from The Business Research Company that provides a veterinary medical equipment market overview, forecast veterinary medical equipment market size and growth for the whole market, veterinary medical equipment market segments, geographies, veterinary medical equipment market trends, veterinary medical equipment market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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