The Global Veterinary/Animal Equipment Market to Reach $2,269.4 Million by 2021Published On: March 30, 2016
The research report titled “Global Veterinary/Animal Equipment Market Outlook: 2016-2021” analyzes the major drivers, restraints, opportunities, and challenges that have a long and short-term impact on the growth of veterinary/animal equipment market across the globe. This latest publication from Meticulous Research® states that the global veterinary/animal equipment market is valued $1,665.6 million in 2016. The market is expected to reach at $2,269.4 million in 2020 at a CAGR 8.0% from 2016-2021.
The global animal equipment market has grown significantly in last five years. The growth in this market is mainly attributed to the growing animal population and demand for animal food products, and increasing animal health expenditure and pet insurance. However, high cost of instruments and lower animal health awareness in developing countries are hindering the growth of this market.
The global animal equipment market is divided into three segments namely, product, type of animal, and region. By product, this market is segmented into diagnostic imaging system, anesthesia equipment, fluid management devices, temperature management system, rescue and resuscitation, dental equipment, and research equipment. Based on animal type, the global animal equipment market is segmented into small companion animals, large animals, and research animals. By region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
In 2015, imaging systems accounted for the largest share of the global animal equipment market and is anticipated to grow at a CAGR of 8.1% during the forecast period. The largest share of this segment is mainly due to growing adoption of advanced diagnostic procedures in the small and large animal practices. Small companion animals accounted for the largest share of the global animal equipment market mainly attributed to the increasing pet healthcare expenditure and growing pet adoption in many major countries.
North America accounted for the share of the global animal equipment market. However, animal equipment market in Asia-Pacific (APAC) region is expected to show the fastest growth during the forecast period. This is mainly attributed to the growing livestock population, increasing pet adoption, rising demand of animal derived food products, and growing animal healthcare expenditure in this region.
Major players in the global animal equipment market include Carestream Health (U.S.), IDEXX Laboratories, Inc. (U.S.), Agfa Healthcare (Belgium), MinXray, Inc. (U.S.), Diagnostic Imaging Systems (U.S.), GE Healthcare (U.K.), EsaoteS.p.A (Italy), Hallmarq Veterinary Imaging Ltd. (U.K.), Jorgen Kruuse A/S (Denmark), Digicare Biomedical Technology, Inc. (U.S.), Smiths Medical (U.K.), DRE Veterinary (U.S.), Midmark Corporation (U.S.), Jorgensen Laboratories (U.S.), Hallowell EMC (U.S.), and Grady Medical Systems Inc (U.S.).
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