Pune, India, Feb. 14, 2022 (GLOBE NEWSWIRE) -- The global veterinary consumables market size is anticipated to grow from USD 1.71 billion in 2021 to USD 2.83 billion by 2028 at a CAGR of 7.4% in the 2021-2028 period. This information is provided by Fortune Business Insights in its report titled, “Veterinary Consumables Market, 2021-2028.”
Industry Development:
September 2021: Midmark Corporation procured Schroer Manufacturing Company with an intention to inflate its portfolio for animal healthcare and offer a variation of products involving surgery and grooming & lighting instruments, tubs, exam tables, and anesthesia.
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Market Growth Factors:
Rising Occurrence of Veterinary Diseases to Foster Usage of Consumables
- Inefficient sanitation, inappropriate management, and other nutritional, physiological, or morphological imperfections among animals are leading to the growing occurrence of veterinary diseases across the globe.
- Surging programs introduced by governments and other medical administrations to endorse consciousness concerning animal ailments and thinkable procedures for preliminary diagnosis and treatment are estimated to augment the demand for several veterinary care devices.
- The adoption of companion animals has grown globally due to the positive health benefits associated with them—reduced cardiac arrhythmias, normalization of blood pressure, decreased anxiety, greater psychological stability, and improved wellbeing.
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Market Segments:
Based on product, the global veterinary consumables market is classified into anesthesia supplies, ventilator supplies, monitoring supplies, imaging supplies, and others.
Based on end user, the market is segmented into veterinary clinics, veterinary hospitals, and research institutes. The veterinary clinics segment is estimated to account for the largest share of the market in 2018.
Companion animals dominated the market and accounted for the largest revenue share. Growth in the companion animal population, rising emphasis on pet care, and wellness by pet owners are contributing to the growth of the segment.
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Regional Insights:
North America to Dominate the Market
North America held the largest veterinary consumables market share and stood at USD 0.78 billion in 2020. The market in Europe is estimated to record a substantial CAGR during the forecast period, owing to the growing adoption of pets.
The market in Asia Pacific is expected to grow at a higher CAGR during the forecast period, owing to the promptly rising population of livestock animals in India and China along with the rising occurrence of ailments among animals in the region.
Competitive Landscape:
Collaborations with Companies to Foster Existence of Crucial Players
The competitive situation of the veterinary consumables market is branched. The vital players are executing tactics, such as partnerships and mergers, to accelerate their existence in the market. Corporations are associating with local companies to increase their regional presence.
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List of Key Players Mentioned in the veterinary consumables Market Report:
- Avante Animal Health (Louisville, U.S.)
- Midmark Corporation (Dayton, U.S.)
- Smiths Medical (Minneapolis, U.S.)
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (Shenzhen, China)
- B. Braun Melsungen AG (Melsungen, Germany)
- VETLAND MEDICAL SALES & SERVICES (Louisville, U.S.)
- SunTech Medical, Inc. (Morrisville, U.S.)
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Veterinary Consumables Market
