DUBLIN, June 23, 2023 /PRNewswire/ — The “Veterinary Monitoring Equipment Market – Forecasts from 2023 to 2028” report has been added to ResearchAndMarkets.com’s offers.
The global veterinary monitoring equipment market is expected to grow at a CAGR of 10.07% from a market valuation of US$293.18 million in 2021 to reach US$574.03 million in 2028.
The veterinary monitoring equipment market is poised to grow due to the increasing number of pet owners, along with the growing awareness towards animal healthcare. For example, as per the Insurance Information Institute, in 2022, about 3.9 million pets in the United States were insured at the end of the year 2021, which was an increment of 20% when compared to the 2020 statistics. Such factors are expected to hold lucrative opportunities for the veterinary monitoring equipment vendors as more people continue to spend on animal healthcare.
Furthermore, it is essential for monitoring vital signs of animal health including heart rate, core body temperature, and breathing rate, particularly to ensure survival and speedy recovery following surgery. Numerous companies are releasing monitoring equipment since vital sign monitoring is very crucial.
Moreover, the large livestock population in various parts of the world is also expected to drive the demand for this monitoring equipment. For example, according to the Department of Animal Husbandry and Dairying of India’s 20th Livestock Census, the total livestock population in the country grew by almost 4.8% in comparison to the Livestock Census-2012, to 536.76 million in 2019.
Further, according to data from Eurostat, the European Union was reported to have a total livestock population of about 289 million. Such a huge population of livestock is thus expected to drive the demand for veterinary monitoring equipment due to a higher probability of illness.
The veterinary monitoring equipment market is driven by increased pet ownership
The veterinary monitoring equipment market is expected to see considerable growth due to the high proportion of people owning pets, which is expected to augment the need for animal healthcare and inevitably, monitoring equipment as well. For example, according to data from the national pet owner survey run by the APPA (American Pet Product Association) for the year 2021-22, approximately 70% of the households in the United States were reported to own a pet 69 million pet dogs and 45.3 million pet cats were reported according to the data from this survey.
The increased number of pet owners and their inclination towards spending on animal healthcare has also opened up major opportunities for businesses to develop novel veterinary monitoring equipment.
Key Developments
- in October 2022, Darvall launched its fresh new range of cutting-edge equipment for anesthesia monitoring. The introduction of such modern products in response to the growing customer demographic due to rising pet ownership is thus expected to drive significant market growth.
- Bionet America, Inc. unveiled the BMVet PRO Series of multi-parameter monitors in February 2020, which comprises the BMRVet PRO, the BM5Vet PRO, & BM7Vet PRO. The multiparameter monitors were made up of veterinary-specific parts and algorithms.
- in July 2020the Midmark Multiparameter Monitor, which has veterinary-specific algorithms for use in the screening, treatment, surgery, and recovery sectors of veterinary clinics, was announced by Midmark Corporation.
North America accounts for major shares of the veterinary monitoring equipment market
There is a growing emphasis on animal health combined with rising awareness among pet owners and veterinarians about the importance of proper care for animals. For instance, in October 2022a new manufacturing facility was launched by Merck Animal Health for Merck Animal Health’s animal intelligence products in Baton Range, Louisiana. This facility will expand the company’s production capacity.
Moreover, the US market is dominated by the strong presence of leading market players, increased investment in research and development, and growing demand for advanced technology products the speed of both the development and application of digital technologies in animal health is increasing exponentially.
Due to the growing awareness about the benefits of pet health insurance and the introduction of new affordable pet health insurance policies, a large number of pet owners are getting insurance for their pets. For instance, in the United States3.9 million pets were insured at the end of 2021, a 20% increase from 2020, according to 2022 statistics published by the Insurance Information Institute.
Additionally, veterinarians and pet or cattle owners are turning to wearable technology to monitor animal behavior. These wearable monitoring devices provide timely insights regarding the animal’s overall health and help the veterinarian provide an appropriate diagnosis for the animal. For instance, a wearable sensor worn on a dog’s collar, Vetrax allows clinicians and pet owners to monitor aspects of it. According to a Veterinary Practice News report, 83% of pet owners are satisfied with the use of wearable technology and 68% consider it an effective way to monitor their pet’s weight and diabetes.
Market Segmentation
ByType
- Anaesthesia Monitors
- Capnography & Oximetry Systems
- ECG & EKG Monitors
- MRI Systems
- Vital Sign Monitors
- Others
By Application
- Cardiology
- Multi-parameter Monitoring
- neurology
- Respiratory Disorders
- Weight & Temperature Monitoring
- Others
By AnimalType
- Companion Animals
- Livestock
By End-user
- Veterinary Clinics & Diagnostic Centers
- Veterinary Hospitals
- Research Institutions
By Geography
- North America
- South America
- europe
- Middle East and Africa
- Asia Pacific
Companies Mentioned
- Agfa-Gevaert Group
- Bionet America Inc
- Burton’s Medical Equipment
- Covetrus
- Digicare Biomedical
- DRE Veterinary (Avante Health Solutions)
- ESAOTE SpA
- Hallowell Engineering & Manufacturing Corporation
- IMV Technologies
- Jorgensen Labs
- Masimo
- Medtronic
For more information about this report visit https://www.researchandmarkets.com/r/e6meb1
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