Veterinary Medical Equipment Market Analysis: Market Size, Major Drivers, And Key Trends 2023 – 2032 As Per The Business Research Company’s Veterinary Medical Equipment Global Market Report 2023

LONDON, March 30, 2023 (GLOBE NEWSWIRE) — The Business Research Company’s research on the veterinary medical equipment market forecasts the global veterinary medical equipment market grew from $2.2 billion in 2022 to $2.4 billion in 2023 at a compound annual growth rate (CAGR) of more than 7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, and affecting many markets across the globe. The veterinary medical equipment market is expected to grow from $3.1 billion in 2027 at a CAGR of more than 6%.

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During the forecast period, the global economy is expected to maintain its steady growth. During the historical period, the US economy grew steadily, and this is expected to continue during the forecast period. In 2020, emerging markets will grow by 4.8%, up from 3.6% in 2019. Continued economic growth is expected to raise the global population’s standard of living and strengthen the middle class’s presence. Increased living standards and a stronger middle class will drive demand for improved nutrition, particularly animal protein, as well as a greater emphasis on food quality and safety, supporting the growth of the animal medicine market in terms of feed additives. As a result, economic growth is expected to propel this market.

Major companies in the veterinary medical equipment market include Carestream Health, IDEXX Laboratories Inc., Agfa Healthcare, MinXray Inc., and Diagnostic Imaging Systems.

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Diagnostic tool advancements have improved veterinary services. Portable x-ray and ultrasound scanners, for example, have increased the efficiency of veterinary treatment (particularly in emergencies due to injury) for all equine/large animal, companion, exotic, and mixed animal practises. Wristscan V9, for example, is a diagnostic device that is used for animal pregnancy tests. The Alivecor iPhone app is also used to conduct electrocardiograms on animals for cardiologist review.

North America was the largest region in the veterinary medical equipment market in 2022. Asia-Pacific was the second-largest region in the veterinary medical equipment market. The regions covered in the veterinary medical equipment report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The global veterinary medical equipment market is segmented by type into veterinary diagnostic equipment, veterinary anesthesia equipment, veterinary patient monitoring equipment, and other veterinary medical equipment; by product into instruments/equipment, disposables; by animal type into small companion animals, large animals, other animals; by end user into veterinary hospitals, veterinary clinics, research institutes.

Veterinary Medical Equipment Global Market Report 2023 by The Business Research Company provides insights on the veterinary medical equipment market size, veterinary medical equipment market segments, veterinary medical equipment market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.

The Business Research Company has published over 3,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

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