Pet Medical Equipment Market Size, Share, Growth, and Industry Analysis, By Type (Diagnostic Instrument, Monitoring Equipment, Surgical Instruments, Beauty Equipment and Other), By Application (Pet Hospital, Pet Shop, and Household Use), Regional Forecast By 2031

Pet Medical Equipment Market Report Overview

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The global pet medical equipment market size was 5769 million USD in 2021 & the market is expected to reach 17585.2 million on USD by 2031, exhibiting a CAGR of 10.7 % during the forecast period. 

The COVID-19 pandemic has been staggering and unprecedented, with the pet medical equipment market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand during the pandemic.

The advanced medical equipment refers to the industry that manufactures and distributes medical devices and equipment developed specifically for use in veterinary care. These gadgets are critical in the diagnosis, monitoring, and treatment of numerous health issues in pets.

Several reasons have contributed to the tremendous expansion in the market for pet medical equipment in recent years. For starters, pet owners are becoming more conscious of the significance of giving proper treatment to their animal friends. Because of this increasing knowledge, there is a greater demand for improved medical technology that can help with precise diagnosis and effective treatment.

COVID-19 Impact: Pandemic has had a mixed impact on the market demand

The COVID-19 pandemic has had both beneficial and bad effects on the pet medical equipment sector. While the pandemic caused temporary disruptions in the supply chain and production processes as a result of lockdowns and restrictions, the increased emphasis on pet ownership and healthcare during the pandemic has raised demand for pet medical equipment. With more people spending time at home and looking for companionship, there has been a boost in pet adoption and a greater emphasis on pet health, resulting in an increased need for veterinarian services and medical equipment to support diagnosis and treatment, driving market expansion.

Latest Trends

"Integration of telemedicine and remote monitoring technology to contribute in market expansion "

Integration of telemedicine and remote monitoring technologies is one of the most recent advancements in the pet medical equipment market. Veterinarians are increasingly using telemedicine systems to give virtual consultations, remote monitoring of dogs' vital signs, and real-time connection with pet owners as digital health advances. This trend is being driven by the need to reduce stress for pets during veterinarian visits, as well as the necessity for efficient and accessible healthcare services, particularly in rural locations. The combination of telemedicine and remote monitoring technology is revolutionizing pet healthcare delivery and will continue to shape the pet medical equipment industry.

Pet Medical Equipment Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Diagnostic Instrument, Monitoring Equipment, Surgical Instruments, Beauty Equipment and Other.

• By Application Analysis

Based on application, the market can be divided into Pet Hospital, Pet Shop and Household Use.

Driving Factors

"Increasing Pet Ownership and Humanization to boost market demand "

The rising trend of pet ownership and the humanization of pets are significant driving factors in the pet medical equipment market. Pets are increasingly considered as family members, leading to a higher demand for quality healthcare services and medical equipment. Pet owners are willing to invest in advanced diagnostic tools, surgical equipment, and monitoring devices to ensure the well-being and longevity of their animal companions. The emotional bond between pet owners and their pets has fueled the pet medical equipment market growth, as people prioritize their pets' health and seek the best available medical equipment to meet their needs.

"Technological Advancements to stimulate market demand "

Technological advancements have played a crucial role in driving the pet medical equipment market forward. Continuous innovations in veterinary medicine and technology have led to the development of advanced medical equipment tailored specifically for pets. Digital imaging systems, such as X-ray machines and ultrasound devices, provide accurate and detailed diagnostic images, aiding in the identification of health conditions. Minimally invasive surgical tools and robotic-assisted surgery systems have improved surgical outcomes and reduced postoperative complications. Advanced diagnostic devices, such as blood analyzers and molecular diagnostics, enable veterinarians to detect diseases and monitor treatment progress effectively.

Restraining Factors

"High adoption cost to hamper market expansion"

The high cost of innovative equipment and technologies is one of the main restraints in the pet medical equipment industry. The creation and manufacture of novel medical equipment for pets necessitates significant investments in research, development, and manufacturing. The expensive cost of this equipment can be a barrier for veterinary clinics, particularly smaller practices or those in economically challenged areas, limiting their ability to acquire and use new medical equipment. Furthermore, pricing might influence pet owners' willingness to invest in costly treatments and procedures, affecting total demand for pet medical equipment.

Pet Medical Equipment Market Regional Insights

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"Well-established veterinary healthcare infrastructure to assist North America to lead the market"

In terms of market size and growth, the pet medical equipment market varies by region. Because of its well-established veterinary healthcare infrastructure, large pet ownership rates, and significant investments in advanced medical equipment, North America dominates the industry. Europe also has a significant stake, owing to the presence of key market players and rising pet adoption. The Asia Pacific region is predicted to develop significantly because of rising disposable income, increased pet health awareness, and a growing pet population. Latin America, the Middle East, and Africa are untapped rising regions with chances for market expansion in the next few years.

Key Industry Players

"Adoption Innovative Strategies by Key Players Influencing Market Development"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. The top key players in the market are IDEXX, Covetrus (Henry Schein), Johnson, Siemens, Midmark Corporation, Mindray, Smiths Medical, Olympus, Carestream Health, GE Healthcare, Yuesen Med, DBC (Shanghai) Medical Imaging Technology Co., Ltd., APK Technology, HFMED, Nonin Medical and Shinova. 

Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios. In addition, the strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the market competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession over pet medical equipment market share by the key players stimulates the market growth.

LIST OF TOP PET MEDICAL EQUIPMENT COMPANIES

• IDEXX: Westbrook, Maine, United States.
• Covetrus (formerly Henry Schein): Dublin, Ohio, United States.
• Johnson: New Brunswick, New Jersey, United States.
• Siemens: Munich, Germany.
• Midmark Corporation: Dayton, Ohio, United States.
• Mindray: Shenzhen, China.
• Smiths Medical: Minneapolis, Minnesota, United States.
• Olympus: Tokyo, Japan.
• Carestream Health: Rochester, New York, United States.

 Report Coverage

This report examines an understanding of the pet medical equipment market size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macroeconomic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.