Global veterinary equipment and supplies market is projected to witness a CAGR of 6.07% during the forecast period 2024-2031F, growing from USD 2.51 billion in 2023 to USD 4.02 billion in 2031F. The market has experienced significant growth in recent years and is expected to maintain a strong pace of expansion in the coming years.

Veterinary equipment is advanced precision-based tools that are involved in the examination and treatment of animals. They are essential in treating, diagnosing, and managing any health-related issues that may occur to animals. These tools are widely used in veterinary hospitals, clinics, and animal care centers. This market is growing manifold due to factors such as people owning more pets, people becoming more concerned about their pet’s health and treating them more like a family, advancing technology, and even rising prevalence of infections in animals. Additionally, the industry has seen the launch of smart devices that provide faster and more precise medical findings and are being helpful in the early detection of many disorders. Giants in the industry and vet practitioners collaborate to provide the best tools and diagnostic solutions for animals. Both public and commercial organizations are raising money and investing a sizable sum of it to provide quality solutions. These massive corporations use strategic maneuvers like collaborations, investments, and mergers and acquisitions when they are striving to develop or introduce a new product. For example, SunTech Medical, Inc. expanded its offering in January 2024 by introducing Vet40, an animal surgical vital signs monitor.

The U.S. Food and Drug Administration (FDA) granted ICU Medical 510(k) regulatory clearance in August 2023 for the Plum Duo infusion pump with LifeShield infusion safety software. Customers in the United States were supposed to be able to purchase the Plum Duo pump and LifeShield software in early 2024.

Rising Pet Ownership Drives Market Growth
The increasing trend of owning pets is one of the main factors propelling the worldwide veterinary equipment and supplies market's huge spike. Due to the growing trend of pet ownership worldwide, there has never been a more pressing need for high-quality veterinary care equipment and diagnostic services. Around the world, pet ownership has increased dramatically in recent years. For instance, in September 2022, according to the data released by the Canadian Animal Health Institute (CAHI), the expected number of dog or cat owners in Canadian households in 2022 was over 60%. The statistics also showed that by 2022, there would be 7.9 million more dogs and 8.5 million more cats overall. More dogs and cats are being adopted, and people's tastes are growing to include exotic animals, birds and even reptiles.

Numerous factors, such as shifting lifestyles, urbanization, and increased knowledge of the advantages of owning pets for both physical and mental health have contributed to this rising trend. These days, pet owners consider their animals as essential family members rather than just companions. Due to this, more and more pet owners are looking for the greatest healthcare services, such as routine checkups, vaccines, and diagnostic services, for their pets. Veterinarian equipment have changed with the incorporation of cutting-edge technologies as pet owners strive to provide the finest care possible to their pets. This includes automated diagnostic tools like sophisticated imaging instruments that improve testing precision and deliver quicker results. Innovation in diagnostic tools and techniques has been spurred by the substantial research and development expenditure resulting from the growing demand for veterinary equipment. As a result, diagnostic options are now more effective and affordable.

The number of veterinary clinics and diagnostic service providers has increased along with the rise in pet ownership, especially in urban areas. Owing to rise in competition, pet owners can now obtain more services at a lower cost. The significance of routine veterinary examinations and diagnostics is being recognized by pet owners due to growing awareness. The rise in pet ownership is anticipated to continue to drive up the demand for veterinary equipment. The veterinary equipment industry is expected to increase steadily as long as pet owners continue to prioritize the health and welfare of their animal friends. Telemedicine and telehealth solutions are also being integrated into the worldwide veterinary equipment and supplies market. These solutions provide remote consultations and tests, further facilitating pet owners' access to healthcare services for their animals. These developments in digital technology have the potential to completely transform the veterinary diagnostics industry and open new business opportunities. In 2022, the Pet Food Manufacturers Association (PFMA) projected that 34.9 million pets (13 million dogs and 12 million cats) will be owned by people in the United Kingdom. Consequently, the growing pet adoption is anticipated to boost market growth for veterinary equipment during the forecast period.

Growing Zoonotic Disease Concern to Fuel the Market Growth
The growing concern over zoonotic infections drives the growing global market for veterinary diagnostic services. A variety of examinations and treatments are included in veterinary diagnostics with the ultimate goal of diagnosing and treating illnesses in animals so as to stop them from spreading to people. Zoonoses, another name for zoonotic illnesses, are infections that can spread from animals to people. These illnesses can vary from basic colds and the flu to more serious ailments like COVID-19 and Ebola. For example, scientists at Ginkgo Bioworks Holdings, Inc., a United States biotech business, expressed concern about the zoonotic disease epidemic. These infections are spread from animals to humans and might cause a twelvefold increase in deaths between 2020 and 2050. The exchange of bodily fluids, contaminated settings, or direct contact with diseased animals are common ways for zoonotic disease transmission to occur. Veterinary equipment are essential for the early diagnosis and control of zoonotic infections in animal populations, which is a crucial part of zoonotic disease management. Governments, healthcare institutions, and the public are now increasingly conscious of the necessity of taking preventative, diagnostic, and management actions in order to avoid, identify, and control zoonotic illnesses. The early detection of animal diseases depends on veterinary diagnostic services, which require sophisticated tools. They cover a broad range of examinations and treatments, such as pathology, imaging, molecular diagnostics, blood testing, and more. Early detection of zoonotic illnesses in animal populations allows for prompt and appropriate prevention of human-to-animal transmission. Appropriate veterinary diagnostic equipment are in high demand as zoonotic diseases continue to originate and change. This covers the testing and observation of wildlife and farm animals.

Veterinarian diagnostics is becoming increasingly important in the monitoring and management of zoonotic diseases, according to governments and international organizations. As a result, the industry is now receiving more money and investments. The precision and speed of veterinary diagnostics have improved due to technological developments, including point-of-care testing, next-generation sequencing, and polymerase chain reaction (PCR). These developments make it possible to react quickly to new threats. The international trade of animal and animal products also increases the risk of transmission of zoonotic disease. Consequently, numerous nations are enhancing their veterinary diagnostic capabilities to guarantee the security of trade and public health.

Increasing Demand for Diagnostic Equipment to Impact the Market Positively
Tests for diagnosis conducted in-vitro have a high degree of precision and dependability. They have the ability to precisely identify pathogens, certain biomarkers, and anomalies in biological samples, a feat that is frequently challenging to accomplish with other diagnostic techniques. In the veterinary industry, rapid and precise illness detection is critical, and this accuracy is essential for that. It helps vets make well-informed choices about treatment regimens and prophylactic actions, eventually improving animals' health. Tests for in-vitro diagnosis offer a thorough method of disease screening. These procedures can simultaneously evaluate numerous characteristics, ranging from simple blood counts to intricate molecular and serological investigations. Veterinarians can assess several facets of an animal's health in a single test because of this thorough screening capabilities, which are not always achievable with other diagnostic methods. Tests for in-vitro diagnosis usually have faster turnaround times. Using sophisticated technology and automated processes, modern diagnostic labs can process samples and produce results quickly. Both doctors and pet owners benefit from this quick turnaround since it makes diagnosis and treatment decisions more quickly and lessens the stress and uncertainty that come with waiting for findings. Tests for in-vitro diagnosis are flexible and can be used with various animal species. These tests are adaptable to meet the unique requirements of many animals, be they domestic pets, livestock, or wildlife. This adaptability is essential in a worldwide market with various species and healthcare needs.

For instance, IDEXX Laboratories, Inc. launched the animal diagnostic assay in June 2023, which is used to identify kidney injuries in dogs and cats. These examinations were expected to be conducted at the IDEXX Reference Laboratories in 2023 in the United States and were expected to be continued till 2024.

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North America to Dominate the Veterinary Equipment and Supplies Market
North America emerged as the leading region in the worldwide veterinary equipment and supplies market in 2023, having the highest market share in terms of value. North America is well known for having an advanced healthcare system. Modern diagnostic tools and technologies can be found in the region's veterinary clinics and diagnostic labs. This guarantees veterinarians access to precise and dependable diagnostic services, which is essential for the health of animals. Numerous pharmaceutical businesses and research and development centers specializing in animal health are located in North America. These organizations are always coming up with new innovative ways to diagnose problems and create cures and preventative measures. This ensures a continuous surge of cutting-edge diagnostic instruments and methods that assist the veterinary community worldwide. Many of the top veterinary colleges and schools worldwide are located in North America. These universities turn forth highly qualified experts who lead the way in the treatment of animals. Graduates from these schools frequently take the lead in embracing and advocating for novel diagnostic methods and services. All this makes North America the leading region in the market of veterinary equipment. Furthermore, a Gallup survey completed in March 2022 uncovered that 3.4% of American dogs had cancer in 2021. According to the report, 2.8% of dogs in the United States were expected to have a new cancer diagnosis in 2021. As a result, the number of dogs in the nation suffering from cancer was increasing, which increased demand for veterinary supplies and disposables for cancer diagnosis and treatment. This was also anticipated to support the market expansion.

Future Market Scenario (2024-2031F)

One of the main factors contributing to the anticipated growth of the veterinary equipment and supplies market is the increasing demand for diagnostic and treatment services. Given that technology is advancing, we can expect cutting-edge technology in the region. Players in this market are expanding at an unparalleled rate, introducing cost-effective and efficient technologies. For instance, a new version of EKF Diagnostics Holdings plc’s Lactate Scout analyser, designed specifically for veterinary practitioners, has been released. With the use of this updated version, veterinary professionals are able to reliably and accurately detect lactate in a variety of animal environments, facilitating prompt and effective diagnosis and condition monitoring.

Report Scope

“Veterinary Equipment and Supplies Market Assessment, Opportunities, and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of the global veterinary equipment and supplies market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031F. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.
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