The veterinary equipment and supplies market is undergoing a phase of dynamic expansion, offering strategic opportunities for investors, healthcare executives, and technology innovators. Valued at USD 2.2 billion in 2023, the market is projected to reach USD 3.2 billion by 2028, growing at a robust CAGR of 7.1%. This growth is being driven by several factors: the rising companion animal population, greater use of telemedicine and remote monitoring in veterinary care, and increasing veterinary healthcare expenditure worldwide.
For senior executives, the sector is not just about animal health—it is a fast-growing healthcare vertical shaped by technology adoption, consumer demand, and regulatory shifts. The implications span investment opportunities, ROI optimization, and the potential for leadership in an increasingly competitive global market.
Why the Veterinary Equipment and Supplies Market Matters to C-Level Leaders
Veterinary care has evolved into a sophisticated field, leveraging technologies once reserved for human healthcare. With the global pet care industry projected to surpass USD 500 billion by the end of the decade, veterinary equipment and supplies represent a high-growth niche within this ecosystem.
For executives, the market presents multiple benefits:
- Consistent growth trajectory: Driven by the rising demand for advanced veterinary procedures and diagnostics.
- Technology-driven disruption: Digital monitoring, AI-enabled diagnostics, and connected care solutions are becoming mainstream.
- Expanding customer base: Companion animal owners are spending more on healthcare, while the livestock sector remains a stable demand driver.
- Attractive ROI potential: Strong growth rates combined with relatively low saturation compared to human healthcare markets.
This creates a unique opportunity for stakeholders to diversify portfolios, establish long-term partnerships, and capture market leadership.
Where Regional Growth is Driving Market Expansion
The veterinary equipment and supplies market is global in scope, but regional dynamics play a critical role in shaping opportunities.
- North America: The largest market, with high adoption of advanced veterinary technologies and strong pet ownership trends. Well-established players such as Covetrus and Midmark are headquartered here, reinforcing regional dominance.
- Europe: A mature market with a high standard of animal healthcare. Countries like Germany and France are strong adopters of advanced surgical and monitoring equipment.
- Asia Pacific: The fastest-growing region, fueled by rising disposable incomes, increasing pet ownership, and government-led initiatives in veterinary care. China, Japan, and India are key growth engines.
- Emerging markets (Latin America & Middle East): Expanding middle classes and livestock healthcare initiatives are creating demand, though infrastructure challenges remain.
Executive Insight: Strategic expansion into Asia Pacific and Latin America offers significant growth potential, while North America and Europe remain strongholds for high-value technologies.
Who the Key Market Leaders Are and Their Strategic Plays
The competitive landscape of the veterinary equipment and supplies industry is defined by a few global leaders, each leveraging distinct strategies.
Covetrus Inc. (US)
- Holds a leading position in veterinary supplies and equipment.
- Offers anesthesia machines, surgical instruments, and patient monitoring systems.
- Focuses on cutting-edge technology platforms, supply chain solutions, and integrated services for companion, equine, and large animal markets.
- Strong global presence in North America, Europe, and Asia Pacific, making it a comprehensive service provider.
BD Animal Health (US)
- A global leader with a diverse portfolio of syringes, catheters, fluids, and surgical instruments.
- Products are distributed across 100+ countries, with subsidiaries in Europe, Canada, and Asia Pacific.
- Competitive advantage lies in its scale, global distribution, and reliability, enabling it to outcompete regional manufacturers.
ICU Medical, Inc. (US)
- Entered the market through the acquisition of Smiths Medical, adding veterinary-focused brands like SurgiVet and Portex.
- Specializes in critical care, anesthesia, wound drainage, and monitoring devices tailored for veterinary use.
- Pursues growth through acquisitions and product diversification, strengthening both domestic and international reach.
Midmark Corporation (US)
- Offers a wide portfolio of dental, medical, and veterinary equipment.
- Strong presence across North America, Europe, Asia Pacific, Middle East, and South America.
- Growth strategy includes expanding in developing Asian markets and introducing innovative veterinary solutions for both small and large animal practices.
- Braun Melsungen AG (Germany)
- A global healthcare company with a veterinary division.
- Known for high-quality surgical instruments and infusion therapy equipment.
- Leverages its European base to expand globally with premium products.
Executive Insight: Each player has a clear strategy—Covetrus leads in integrated solutions, BD dominates through scale, ICU Medical grows by acquisitions, and Midmark focuses on global expansion. For C-suite decision-makers, partnerships or investments aligned with these leaders can de-risk entry into this market.
What is Driving Demand for Veterinary Equipment Applications
The demand for veterinary equipment and supplies is expanding across multiple applications:
- Telemedicine and Remote Monitoring – The integration of digital health tools in veterinary care allows remote consultations, continuous monitoring, and AI-driven diagnostics.
- Companion Animal Healthcare – Rising pet ownership, especially in urban centers, has led to higher demand for surgeries, diagnostic imaging, and preventive care tools.
- Critical and Emergency Care – Advanced monitoring systems and anesthesia equipment are becoming standard in veterinary practices.
- Livestock and Large Animal Care – While slower in adopting cutting-edge technology, this segment provides steady demand for basic surgical and monitoring equipment.
How Executives Can Capture Value and Ensure Long-Term ROI
To secure a sustainable foothold in the veterinary equipment and supplies market, executives should consider these strategic pathways:
- Expand into High-Growth Regions – Asia Pacific offers the highest CAGR, while Latin America provides untapped demand in livestock healthcare.
- Leverage Digital Transformation – Investing in remote monitoring, telemedicine integration, and connected devices will position companies for long-term leadership.
- Form Strategic Alliances – Partnerships with established players like Covetrus or BD Animal Health can provide rapid market entry and shared innovation.
- Focus on R&D and Customization – Tailoring solutions for companion animals versus livestock will improve adoption rates and brand loyalty.
- Prioritize Sustainability and Affordability – Emerging markets value cost-effective solutions, creating opportunities for scalable product lines.
Conclusion: Why the Veterinary Equipment and Supplies Market Deserves Boardroom Attention
The veterinary equipment and supplies market is no longer a peripheral healthcare sector—it is a strategic growth opportunity with strong ROI potential. With global revenues set to surpass USD 3.2 billion by 2028, the market is being reshaped by digital innovation, regional expansion, and rising animal healthcare expenditures.
For C-level executives and decision-makers, the key lies in identifying where to invest, who to partner with, and how to differentiate offerings. Those who align their strategies with emerging trends—such as telemedicine, companion animal care, and global expansion—will be best positioned to lead this high-growth market over the next decade.