Asia Pacific Veterinary Equipment And Disposables Market – Industry Insights by End-use, 2028

The Asia Pacific veterinary equipment and disposables market size was valued at USD 345.3 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 9.3% from 2021 to 2028.

The Asia Pacific Veterinary Equipment And Disposables Market size is anticipated to reach USD 692.8 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 9.3% from 2021 to 2028. Increasing pet adoption, advancements in veterinary care and treatment, and the presence of market participants are factors likely to drive the market.

Equipment such as ventilators, patient monitors, fluid warmers, and disposables, such as wound care products and needles, are used in a variety of veterinary procedures, ranging from breeding to surgery, and diagnostics to treatment. The rising population of companion and livestock animals across the Asia Pacific region is a major driver contributing to market growth.

According to a 2019 report by Animal Medicines Australia, around 61% of Australian households own at least one pet. A similar trend is observed in South Korea as well. In 2019, 4.5 million households owned a dog in the country, while 1.1 million households owned a cat, according to Statistics Korea.

The COVID-19 pandemic significantly affected the animal health industry including the market for veterinary equipment and disposables in Asia Pacific. Some of the major points of impact include supply chain disruptions, the decline in sales, low demand, and operational hurdles due to changing policies and restrictions.

The market is dominated by many small and large players, including B. Braun Vet Care GmbH; Nonin Medical; and Midmark Corporation. There are many regional players as well, functioning as manufacturers, traders, and exporters. These organizations are undertaking various strategic initiatives, such as product launches, mergers and acquisitions, and collaborations, to gain market share. For instance, in July 2020, Midmark Corporation launched the Midmark Multiparameter Monitor for enhanced veterinary care.

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Asia Pacific Veterinary Equipment and Disposables Market Report Highlights

• Advancements in monitoring and therapy equipment and disposables, such as ventilation support, IV fluid therapy, temperature management, and pain control are further impelling demand
• In the product segment, major revenue share was held by critical care consumables owing to their cost-effectiveness and increasing usage in veterinary procedures
• The companion animals segment dominated the market in 2020 in terms of revenue share. Growth in the pet population and rising emphasis on pet care and wellness by owners are contributing to segment growth
• The veterinary hospitals/clinics segment held the largest revenue share in 2020. Factors driving this growth are the increasing number of animal hospitals and clinics, investments by the private sector, and rising pet ownership
• For example, in September 2020, Tencent and Boehringer Ingelheim along with other companies invested in China’s largest animal hospital chain-New Ruipeng Pet Healthcare Group-bringing its market valuation to about USD 4.4 billion
• In terms of country, China, Hong Kong, and Taiwan grabbed the largest revenue share of the market in 2020 owing to increasing research activities and the presence of market players in these countries