The rapid introduction of advanced veterinary equipment along with technological advancements in veterinary equipment is estimated to bolster the demand for veterinary capital equipment in upcoming years. Along with that, the rising number of pet owners and swelled U.S. pet industry spending are expected to benefit the expansion of the North America veterinary capital equipment market with a compound annual growth rate of 4.2% over the forecast period 2018-2025. Further, the North America veterinary capital equipment market is estimated to reach USD 1136.4 Million by the end of 2025 from USD 800.3 Million in 2016.
The North America veterinary capital equipment market is segmented by product type into veterinary anesthesia (veterinary anesthesia machines, anesthesia ventilators, anesthesia vaporizers and others), surgical lights (operating room light, diagnostic & handheld lights and headlights), veterinary monitors (vital signs monitors, anesthesia gas monitors and others), veterinary tables (surgical tables, veterinary exam & procedure tables and others), veterinary telemetry systems, dental equipment, infusion pumps and others. Among these segments, the veterinary telemetry systems market is anticipated to have more than 20% of the total market share by the end of 2025 and is estimated to achieve absolute $ opportunity of USD 72.92 Million between the years 2018 and 2025. Additionally, veterinary telemetry systems segment is expected to grow at a CAGR of 5.0% over the forecast period 2018-2025. Growing use of the veterinary telemetry systems for immediate care and ambulatory monitoring in animal hospitals is likely to enhance the growth of this segment in upcoming years. Further, the number of infusion pumps is expected to increase in North America on the account of their ability to deliver nutrients or medications in animal’s body at a faster pace and less painfully as compared to the manual ways of doing it.
Growing Number of Pet Owners to Augment the Growth of the North America Veterinary Capital Equipment Market
The North America veterinary capital equipment market is riding on the back of the rising cases of infectious diseases among animals.
Rising Pet Ownership in North America – The continuous rise in the ownership of companion animals specially cats and dogs have been witnessed in the U.S. in recent years.
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Growth in U.S. Pet Industry Expenditure – Pet owners as well as the U.S. government are paying great attention towards animal health and wellness, and this has increased the overall expenditure on pet industry over the years.
Increasing Number of Veterinarians – The increase in the number of veterinarians in the region along with growing number of private veterinary facilities is anticipated to expand the North American veterinary capital equipment market over the forecast period.
Industry Players are Progressing towards Minimizing the Barriers faced by the North America Veterinary Capital Equipment Market
According to Research Nester, high cost associated with advanced veterinary capital equipment is restricting small animal hospitals to adopt these equipment, which in turn is expected to restrict the expansion of the market in the future.
High Cost of Veterinary Capital Equipment – High cost of advanced and giant veterinary equipment is expected to limit the market growth.
Availability of Refurbished Veterinary Equipment – Availability of used and refurbished veterinary capital equipment at a relatively much lesser cost is one of the key inhibiting factors behind the growth of the North American veterinary capital equipment market.
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The report titled “North America Veterinary Capital Equipment Market Outlook: Industry Demand Analysis & Opportunity Assessment 2016-2025″ delivers detailed overview of the North America veterinary capital equipment market in terms of market segmentation by product type and by country.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the North America veterinary capital equipment market which includes company profiling of Smiths Medical, Medtronic Plc., Abaxis, Welch Allyn, Bovie Medical, DRE Veterinary, VETLAND Medical, Midmark Corporation and Digicare Biomedical Technology, Inc.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the North America veterinary capital equipment market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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