Our in-depth analysis has segmented global veterinary capital equipment market into the following segments:
By Product Type
Global veterinary capital equipment market is further classified on the basis of region as follows:
Global veterinary capital equipment market is anticipated to witness robust growth over the forecast period. The market of veterinary capital equipment has builds an impregnable column in recent years and is expected to behold positive growth in near future. Rising expenditure on the animal health is driving the growth of veterinary clinics and hospitals which further, is expected to drive the growth of the veterinary capital equipment market during the forecast period.
In the terms of geography, North America accounted for a market share of 41% in 2016 in overall veterinary capital equipment market. Further, North America is expected to continue its dominance over the forecast period due to the increasing number of pet veterinary practitioners. Further, North America was held for the largest number of pets in the region. Additionally, number of pet owners is expected to rise in the North America region. Apart from this, pet owners are willing to spend more on their pets in the North America region. These factors are expected to fuel the growth of veterinary capital equipment market in the region during the forecast period. U.S. is the major country contributing significantly in the growth of veterinary capital equipment market. Increasing spending coupled with increasing number of pets in the country is anticipated to fuel the demand for veterinary capital equipment in the next few years. Europe is expected to grow at a significant pace during the forecast period. This growth can be attributed to the increasing pet care market in the region. Further, presence of large number of manufacturers and suppliers in the region is expected to supplement the growth of veterinary capital equipment market during the forecast period.
Asia Pacific is anticipated to be the fastest growing market across the globe. The market of Asia Pacific is mainly expanding on the back of the increasing number of veterinary clinics and rising adoption of companion animals. In Asia Pacific region, India, China and Japan are the key countries making the significant contribution to the growth of the veterinary capital equipment market. Latin America is projected to observe high growth rate during the forecast period on the account of high pet ownership and veterinary hospitals & clinics in the region.
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Rising number of veterinary clinics and hospitals across the globe is one of the major growth drivers of veterinary capital equipment market. Additionally, increasing spending on animal healthcare is supplementing the growth of veterinary clinic which is likely to drive the growth of global veterinary capital equipment market during the forecast period. Further, rising prevalence of animal diseases such as zoonotic diseases coupled with increasing animal population is resulting in expansion of the pet healthcare market. Thus factor is expected to trigger the growth of the veterinary capital equipment market globally.
Additionally, development and technological advancements in the veterinary capital equipment is expected to drive the growth of the global veterinary capital equipment market. Moreover, favorable government subsidiary policies such as tax exemption on veterinary equipment are anticipated to boost the growth of the veterinary capital equipment market.
In contrast, high cost of veterinary capital equipment market is expected to limit the growth of global veterinary capital equipment market.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.