Veterinary Dental Equipment Market: Exploring Global Growth Trends
The global veterinary dental equipment market is projected to reach USD 500 million by 2026 from USD 334 million in 2021, at a CAGR of 8.4% during the forecast period. Growth in the global companion animal population, rising incidence of veterinary dental problems, and growth in the number of veterinary practitioners and their income levels in developed economies are the primary drivers for the veterinary dental equipment market. However, the increasing cost of pet care is expected to restrain the growth of this market to a certain extent. This problem will be further exacerbated by the low animal health awareness and a shortage of skilled veterinarians in emerging markets.
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Opportunity: Untapped emerging markets
Companion
animal ownership has grown significantly across the globe. This is
particularly evident in the emerging markets across APAC and Latin
America due to urbanization and increase in disposable incomes, which
have expanded access to animal healthcare and also enabled owners to
spend more on pet care. Historically, the adoption of veterinary dental
equipment in these countries has been comparatively less than that in
developed markets. However, currently, the number of veterinarians in
emerging markets is on the rise. Several veterinary practices in
developing regions are adopting technologically advanced solutions
commonly used by veterinarians in developed economies. With a surge in
the companion animal population, growing demand for veterinary dental
services from the livestock industry, and the growing companion animal
health expenditure, emerging countries across APAC and Latin America are
expected to offer significant growth opportunities for players
operating in the market.
Challenge: Low animal healthcare awareness in emerging markets
Emerging
economies such as India, China, Brazil, and some Southeast Asian
countries are home to large companion and farm animal populations.
However, animal health expenditure in these countries is relatively
lower as compared to developed countries across North America and
Europe. This is mainly due to a lack of awareness among pet owners and
veterinarians. In addition, animal health expenditure in the farm
animals’ segment in these countries is focused on therapeutic treatment
only. Veterinary dentistry is not widely used in large-animal practices
in these countries.
The global veterinary dental equipment market
are Planmeca Oy (Finland), Midmark Corporation (US), Henry Schein, Inc.
(US), Integra LifeSciences Corporation (US), Eickemeyer (Germany), Scil
Animal Care(Germany), iM3 (Australia), Dentalaire (US), Dispomed
(Canada), MAI Animal Health (US), Acteon Group (UK), Avante Health
Solutions(US), TECHNIK Veterinary Ltd. (UK), Cislak Manufacturing (US),
and J & J Instruments, Inc. (US), Charles Brungart(US), Covertus
Tm(US), Aribex(US), Healthymouth llc(US), MyVet(UK), NewTom(US). These
companies adopted strategies such as acquisitions, partnerships, and
product launches to enhance their presence in the Veterinary dental
equipment market.
Planmeca Oy is a leading player in the
veterinary dental equipment market and accounted for the largest share
of the market in 2020. Planmeca Oy offers a wide range of high-quality
dental equipment, imaging devices, and software as well as solutions for
veterinary surgery. Planmeca Oy is a global leader in many healthcare
technology fields, with products distributed in over 120 countries
worldwide. Its product range covers digital dental units, CAD/CAM
solutions, 2D and 3D imaging devices, and software solutions.
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North America to dominate the veterinary dental equipment market during the forecast period
The
veterinary dental equipment market in North America accounted for the
largest market during the forecast period. The large share of North
America in this market is attributed to the increasing number of
companion animals and rising companion animal healthcare expenditure in
the region. However, the Asia Pacific market is estimated to grow at the
highest CAGR during the forecast period owing to factors such as the
increasing pet adoption, rising awareness about animal health,
progressive urbanization, and the growing per capita animal health
expenditure in several APAC countries.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
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