Veterinary Infusion Pumps Market to Reach $110,777.6 Thousand, Globally, by 2031 at 3.8% CAGR: Allied Market Research
Increase in the number of animal accidents coupled with a rise in pet population across the globe drive the growth of the global veterinary infusion pumps market.
PORTLAND, Ore., Jan. 20, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Veterinary Infusion Pumps Market by Type (Large Volume Infusion Pumps, Syringe Infusion Pumps), by End User (Veterinary Hospitals, Veterinary Clinics, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global veterinary infusion pumps industry generated $76,000.0 thousand in 2021, and is anticipated to generate $110,777.6 thousand by 2031, witnessing a CAGR of 3.8% from 2022 to 2031.
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Prime determinants of growth
Increase in the number of animal accidents coupled with a rise in pet population across the globe drive the growth of the global veterinary infusion pumps market. However, the high cost of veterinary infusion pumps owing to their specialized raw material and manufacturing processes is anticipated to restrict the market growth. Moreover, growth & innovations in the industry for the manufacturing of veterinary infusion pumps owing to huge pool of animal health-conscious consumers create an opportunity for the veterinary infusion pumps market in the coming years.
- The outbreak of the Covid-19 pandemic had a negative impact on the global veterinary infusion pumps market, owing to disrupted workflows in the healthcare sector and closure of several sub-domains of animal healthcare around the world during the lockdown.
- In addition, the COVID-19 outbreak disrupted the supply chain across various end-user industries like food, animal healthcare, and industrial. Less focus on animal health during the pandemic also restrained the market growth.
- However, the market witnessed a recovery in 2021, and is expected to show a stable growth for veterinary infusion pumps market in the coming future. This is attributed to the increase in adoption of veterinary infusion pumps to treat diseases among animals as well as increase in animal-care trend coupled with the benefits offered by veterinary infusion pumps.
The large volume infusion pumps segment to maintain its leadership status throughout the forecast period
Based on type, the large volume infusion pumps segment held the highest market share in 2021, accounting for nearly three-fourths of the global veterinary infusion pumps market, and is estimated to maintain its leadership status throughout the forecast period, owing to the increase in the adoption of large-volume infusion pumps used for delivering fluids to animals during a blood transfusion, and administration of nutrition by parenterally and in emergency conditions. However, the syringe infusion pumps segment is projected to manifest the highest CAGR of 5.5% from 2022 to 2031, attributed to the adoption of syringe infusion pumps and rise in technological advancements in syringe infusion pumps.
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The veterinary hospitals segment to maintain its lead position during the forecast period
Based on end user, the veterinary hospitals segment accounted for the largest share in 2021, contributing to nearly three-fifths of the global veterinary infusion pumps market, and is projected to maintain its lead position during the forecast period. This is owing to increase in the prevalence of diseases among animals and a rise in the number of veterinary hospitals to treat animals. However, the veterinary clinics segment is expected to portray the largest CAGR of 4.6% from 2022 to 2031, attributed to a rapid growth in the number of veterinary clinics to treat animals, and the availability of veterinary services.
North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue in 2021, accounting for more than half of the global veterinary infusion pumps market, and is likely to dominate the market during the forecast period. Presence of several major players and advancement in manufacturing technology of veterinary infusion pumps in the region drive the growth of the market. However, the Asia-Pacific region is expected to witness the fastest CAGR of 5.9% from 2022 to 2031, due to rise in the adoption of companion animals in this region.
Leading Market Players: -
- Burtons Medical Equipment Ltd,
- Digicare Biomedical Technology Inc.,
- Heska Corporation,
- Grady Medical System Inc.,
- Eitan Medical Ltd.,
- B. Braun SE,
- Leading Edge Veterinary Equipment,
- Avante Health Solutions,
- Opto Circuits (India) Ltd.,
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd
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