World News: 09:36 GMT Friday 14th September 2018. [Research and Markets via Globe Newswire via SPi World News]
Dublin, Sept. 14, 2018 (GLOBE NEWSWIRE) -- The report has been added to offering.
The global veterinary equipment and disposables market is projected to reach USD 2.40 billion by 2023 from USD 1.63 billion in 2018, at a CAGR of 8.0% during the forecast period of 2018 to 2023.
Rising animal health expenditure and growing demand for pet insurance, increasing number of veterinary practitioners in developed regions, and growth in the companion animals market are the primary drivers for the global veterinary equipment and disposables market during the forecast period. However, the increasing cost of pet care and a focus on alternatives to animal testing are expected to restrain the growth of this market to a certain extent.On the basis of type, the veterinary equipment and disposables market is segmented into anesthesia equipment, temperature management equipment, critical care consumables, rescue & resuscitation equipment, fluid management equipment, research equipment, and patient monitoring equipment. The critical care consumables segment is expected to register the highest CAGR during the forecast period. The high growth rate of this segment is mainly due to the increasing use of consumables in the monitoring and treatment of animals owing to the growing incidence of diseases.Based on end user, the veterinary equipment and disposables market is broadly segmented into veterinary clinics, veterinary hospitals, and research institutes. The veterinary clinics segment is the fastest-growing segment in the veterinary equipment and disposables market during the forecast period. The growing number of patient visits, an increasing number of private clinical practices, and increasing revenues of veterinary clinics are therefore key factors driving the demand for veterinary equipment and disposables in veterinary clinics.North America is expected to hold the largest share of the global veterinary equipment and disposables market in 2018. On the other hand, the APAC region is expected to witness the highest CAGR during the forecast period, due to the growing population of companion & livestock animals and rising per capita income in these countries.
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Related Topics: Animal Healthcare/Veterinary
Globe Newswire: 09:36 GMT Friday 14th September 2018
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