It is estimated that the global veterinary equipment and disposables market is expected to register a CAGR ~ 14.70% with an estimated market value of 1.63 billion during the forecast period of 2018–2023.
Numerous factors such as increasing incidence rate of zoonotic diseases, increased spending on animal health and growing pet insurance is anticipated to fuel the growth of the market. For instance, according to the data published by the World Health Organization (WHO) in 2016, the expenses related to the prevention and control of rabies is estimated at USD 590 million annually in Asia and Africa, whereas the expenses for the prevention and control of rabies in 2015 was USD 545 million in Asia and Africa.
However, the lack of awareness regarding animal health, high cost of veterinary equipment, and unaffordability of veterinary services in certain economies is restraining the growth of veterinary equipment and disposables market. For instance, Vet Times UK in 2016 stated that more than 60% of the population in Europe were not aware that vet medicines have a positive impact on the welfare of animals are are some of the factors restraining the growth of this market.
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The global veterinary equipment and disposables market is currently dominated by many market players. The key players in the market are involved in new product launches and strategic collaborations to strengthen its market position. For instance, in August 2017, Henry Schein Inc. announced the acquisition of Merritt Veterinary Supplies Inc., an independent supplier of animal health products.
The market in the Americas is expected to dominate the global veterinary equipment and disposables market during the forecast period owing to the increasing per capita animal healthcare expenditure, increase in product innovation, and heavy adoption of new technology in the region. Europe is expected to hold the second largest position in the global veterinary equipment and disposables market. The market growth in this region is because of the presence of a well-established healthcare system and increase in insurance coverage for pets. The growth in the number of animal population coupled with the increase in the number of veterinarians is also contributing to the growth in the region. For instance, according to the facts and figures from the Royal College of Veterinary Surgeons, there were about 19,682 practicing surgeons in the UK in 2014.
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