Global Veterinary Furniture Market, By Product Type (Tables (Exam Tables, Surgery Tables, Lift Tables, and Other), Mobile/ Procedure Carts, Workstation, Boarding & Containment, Chairs & Stools and Others), By Usage (Veterinarian/ Technician Use and Patient Use), By Purchasing Mode (Direct and Distributor), By End User (Veterinary Hospitals, Veterinary Clinics, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 3.98 Bn in 2023 and is expected to exhibit a CAGR of 6.1% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
The key market players are focused on adopting various business development activities, such as funding and others, which in turn, is expected to propel the market growth over the forecast period. For instance, in August 2022, Petfolk, the new breed of veterinary care that offers a better connected community for vets, pets, and the humans announced the closing of a US$ 40 Mn Series A fundraise. The round was led by White Star Capital and Mr.Michael Wystrach, founder of Freshly, with participation from Triple Point Capital, and celebrity animal lovers Mrs.Miranda Lambert, Mr. Dierks Bentley, Midland's Mr. Mark Wystrach and Mr. Cameron Duddy, Mr. Jimmie Johnson, Mr. Erik Jones, and Mrs. Danica Patrick.
Global Veterinary Furniture Market – Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China), in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems regarding the transportation of drugs from one place to another.
Lockdowns or shutdowns imposed in many countries had a negative impact on the economy of the private healthcare sector globally.
Lockdowns resulted in the closure of industrial establishments, except for the manufacturing of essential commodities, and disruptions in the supply chain of veterinary furnitures .
Global Veterinary Furniture Market: Key Developments
On December 18, 2023, IntelGenx Corp., a pharmaceutical company, announced that they had entered into development and license agreements with a wholly-owned subsidiary of Covenant Animal Health Partners, LLC, an animal health company.
On October 17, 2023, veterinary chain Bond Vet, a chain of walk-in veterinary offices, announced that they had secured US$ 50 Mn in new funding from private equity firms and its founders, to redefine pet health in communities nationwide.
On May 25, 2023, PetSmart, a U.S. based chain of pet superstores charities named an endowed chair at the University of California, Davis, School of Veterinary Medicine for US$ 6 Mn. The landmark partnership marks the largest gift, till date, made by the top funder of animal welfare in the U.S. to bolster the commitment in improving access to veterinary care.
Browse 44 Market Data Tables and 37 Figures spread through 172 Pages and in-depth TOC on Global Veterinary Furniture Market, By Product Type (Tables (Exam Tables, Surgery Tables, Lift Tables, and Other), Mobile/ Procedure Carts, Workstation, Boarding & Containment, Chairs & Stools and Others), By Usage (Veterinarian/ Technician Use and Patient Use), By Purchasing Mode (Direct and Distributor), By End User (Veterinary Hospitals, Veterinary Clinics and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
Link: https://www.coherentmarketinsights.com/industry-reports/global-veterinary-furniture-market
Key Takeaways of the Global Veterinary Furniture Market:
- Global veterinary furniture market is expected to exhibit a CAGR of 6.1% during the forecast period. Market players are adopting funding strategies, which in turn is expected to fuel market growth over the forecast period. For instance, on October 19, 2023, -Petfolk, the modern veterinary care company, announce a US$ 40 Mn Series B. The investment was led by Movendo Capital, a family-backed growth equity investor with a focus on food and beverage, retail, and branded consumer companies throughout Europe and North America. Existing investors including White Star Capital, Idea Farm Ventures, and others (venture capital firms), also participated in the round.
- Among product type, tables segment in the veterinary furniture is expected to be the dominant segment in the global veterinary furniture market, dueto the increasing launch of new technologically advanced product by the market players. For instance, in February 2022, Anatomage Inc., a 3D medical virtualization technology company, launched the Anatomage Dog, the most detailed dog cadaver in the world. Featured in the Anatomage Table Vet, the new virtual dissection table is designed to help veterinary programs, zoology, and relevant health and medicine studies learn more about the canine anatomy.
- Among regions, North America is expected to be the dominant region in the global veterinary furniture market, due to the increasing pet ownership in the region. For instance, according to the 2021-2022 data published by the American Pet Products Association (APPA), 45.3 Mn in the U.S. households owned cat and 69.0 Mn households owned a pet in 2022.
- Major players operating in the global veterinary furniture market include Everest-Tecnovet, VETINOX, DRE Veterinary, PetLift, Midmark Corporation, TECHNIK Ltd, OLYMPIC VETERINARY, Covetrus, Suburban Surgical Co., Inc., GPC Medical Limited, David Bailey Furniture Systems Ltd, North American Pet Products, Go Pet Club , PetPals Group, Inc , MidWest Homes For Pets and Ultra Modern Pet
