(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Feb. 13, 2024 (GLOBE NEWSWIRE) -- The "Veterinary Anesthesia Equipment Global Market Report 2024" report has been added to ResearchAndMarkets's offering.
The veterinary anesthesia equipment market size has grown strongly in recent years. It will grow from $0.79 billion in 2023 to $0.85 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth observed in the historical period can be attributed to several key factors, including the increasing trend of pet ownership, the expansion of the livestock industry, a rise in the prevalence of chronic diseases in pets, growing awareness of the importance of pain management in animals, an increasing demand for treatments that enhance the quality of life for animals, and government support for veterinary research and development.
The veterinary anesthesia equipment market size is expected to see strong growth in the next few years. It will grow to $1.14 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The anticipated growth in the forecast period can be attributed to several factors, including the increasing trend of veterinary specialization, a rise in pet healthcare expenditure, a growing emphasis on pain management for animals, and the globalization of veterinary services. Additionally, significant trends expected in the forecast period encompass advancements in anesthesia techniques, the adoption of minimally invasive surgical procedures, the integration of smart and connected devices, the development of eco-friendly anesthesia solutions, and the implementation of customized anesthesia plans. These trends are poised to influence the veterinary anesthesia equipment market.
The anticipated growth of the veterinary anesthesia equipment market in the upcoming years is expected to be driven by the increasing prevalence of pet ownership. Pet ownership involves the care and keeping of domesticated animals such as cats, dogs, birds, fish, and other small creatures, encompassing responsibilities like providing them with food, water, shelter, physical activity, and healthcare. In the context of pet ownership, veterinary anesthesia equipment plays a crucial role in ensuring the safety of pets during surgical procedures. As the number of pets continues to rise, there is a corresponding increase in the demand for veterinary anesthesia equipment. For example, in October 2023, data from the World Animal Foundation, a US-based platform advocating for animal rights, responsible pet ownership, and compassionate awareness, indicated that dog ownership was more prevalent, with 65.1 million dogs compared to 46.5 million cats. Additionally, there are 2.2 million horses owned by their caregivers, and approximately 11 million households maintain saltwater fish tanks. Hence, the surge in pet ownership is a significant driving force behind the growth of the veterinary anesthesia equipment market.
The increasing prevalence of oral diseases in dogs and cats is a significant driver of the veterinary anesthesia equipment market, particularly for its use during oral examinations, diagnosis, and treatment of these dental conditions. Dental cleaning procedures for pets necessitate the administration of general anesthesia because handling animals during such procedures is challenging when they are awake and conscious. According to the American Veterinary Dental College, periodontal disease stands as the most common clinical condition affecting adult dogs and cats. Consequently, the growing incidence of oral diseases in pet animals is contributing to the heightened demand for veterinary anesthesia equipment, thereby fueling the growth of the veterinary anesthesia equipment market.
The elevated costs associated with veterinary anesthesia equipment represent a constraint on the veterinary anesthesia equipment market. The expense of acquiring and maintaining this equipment poses a challenge, especially for smaller veterinary hospitals and clinics, which may have limitations on their budgets, thus restricting market accessibility. The high price of this equipment can be attributed to the utilization of advanced technology in its design and manufacturing.
Manufacturers of veterinary anesthesia equipment are obligated to comply with rigorous regulations established by various regulatory authorities. For instance, in the United States, the market for veterinary devices falls under the oversight of the US Food and Drug Administration's (FDA) Center for Veterinary Medicine (CVM). The FDA is responsible for formulating guidelines and regulations related to the production, procurement, packaging, branding, sale, and usage of veterinary medical devices. Furthermore, the FDA actively encourages veterinarians and pet owners to report any defects or issues with veterinary medical equipment.
Manufacturers of veterinary anesthesia equipment are innovating by introducing products with enhanced features to ensure safe and dependable treatment. These new offerings are designed to address issues like power failure, battery depletion, or electronic component malfunctions. Companies such as DRE Veterinary and Supera have been making investments in the development of anesthesia machines equipped with advanced safety features.
Prominent companies in the veterinary anesthesia equipment industry are actively pursuing strategic partnerships to better serve the needs of their existing customers. A notable example is the collaboration between Respirair Global and Dechra Pharmaceuticals PLC, with the goal of enhancing the field of veterinary anesthesia while maintaining a commitment to delivering proven, reliable, and high-quality solutions. This partnership primarily focuses on isoflurane and sevoflurane veterinary vaporizers and aspires to establish a robust and innovative presence in the veterinary anesthesia sector. For instance, in April 2022, Respirair Global, a UK-based company known for producing environmentally sustainable anesthetic vaporizers and related products, announced a groundbreaking strategic partnership with Dechra for veterinary vaporizers, including isoflurane and sevoflurane, as well as anesthetic accessories. This alliance is positioned to combine Respirair Global's market-leading precision-engineered vaporizers, carts, and accessories with Dechra's expertise in isoflurane and sevoflurane inhalation anesthetic drugs, thereby creating a significant emerging player in the field of veterinary anesthesia.
North America was the largest region in the veterinary anesthesia equipment market in 2023. Asia-Pacific was the second-largest region in the global veterinary anesthesia equipment market share.
1) By Type: Standalone Anaesthesia Machines; Portable Anaesthesia Machines
2) By Animal Type: Small; Large
3) By End User: Veterinary Hospitals; Veterinary Clinics; Emergency Service Centres; Veterinary Homecare Settings
Key Companies Mentioned: JD medical; Midmark Corporation; Smiths medical; Mindray Medical; Kent Scientific
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes:
JD medical Midmark Corporation Smiths medical Mindray Medical Kent Scientific Everest Veterinary Technology Dispomed Ltd. Henry Schein Company Mediquip Patterson Scientific DRE Veterinary Beijing Yei Shinhang electronic technology Vetronic Services LTD Synthomer plc Hallowell Engineering Manufacturing corporation Supera innovations Vetland Medical Synthomer plc. General Electric BPL limited Penlon Limited Tenessee anaesthesia CRH medical Jorgensen Laboratories LLC VetEquip Inc. Mds Medical Limited Advanced Anesthesia Specialists SurgiVet Hallowell Engineering & Manufacturing Corporation Supera Anesthesia Innovations Burtons Medical Equipment Ltd Cattani S.p.A. Eickemeyer Veterinary Equipment Inc. Jorgen Kruuse A/S Patterson Veterinary Supply Inc. Henry Schein Animal Health Inc. ICU Medical Inc.
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