Global Veterinary Monitoring Equipment Market, By Type (Cardiac Monitoring Devices, Respiratory Monitoring Devices, Remote Veterinary Patient Monitoring Devices, Multi-Parameter Monitoring Devices, Neuromonitoring Devices, Others), Target Area (Weight and Temperature Monitoring, Multi-Parameter Monitoring, Cardiology, Respiratory Disorders, Neurology, Others), Animal Type (Small Companion Animals, Large Animals, Others), End-User (Veterinary Clinics and Diagnostic Centers, Veterinary Clinics, Veterinary Hospitals, Research Institutes) – Industry Trends and Forecast to 2030.
Veterinary Monitoring Equipment Market Analysis and Size
According to the North American Pet Health Insurance Association's (NAPHIA) 2019 statistics, an estimated 2.16 million pets were insured in the United States in 2018. Furthermore, according to NAPHIA 2021 statistics, the total number of pets insured in the United States reached 3.1 million by the end of 2020. The rising demand for and supply of veterinary monitoring equipment in healthcare facilities is reflected in the annual increase in the number of pets insured. As a result of the abovementioned factors, the market is expected to grow significantly during the forecast period.
Data Bridge Market Research analyses that the veterinary monitoring equipment market which is USD 8323.39 million in 2022, is expected to reach USD 14844.58 million by 2030, at a CAGR of 7.5% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Veterinary Monitoring Equipment Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Cardiac Monitoring Devices, Respiratory Monitoring Devices, Remote Veterinary Patient Monitoring Devices, Multi-Parameter Monitoring Devices, Neuromonitoring Devices, Others), Target Area (Weight and Temperature Monitoring, Multi-Parameter Monitoring, Cardiology, Respiratory Disorders, Neurology, Others), Animal Type (Small Companion Animals, Large Animals, Others), End-User (Veterinary Clinics and Diagnostic Centers, Veterinary Clinics, Veterinary Hospitals, Research Institutes)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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DRE Veterinary (U.S.), Hallmarq Veterinary Imaging (U.K.), Smiths Group plc (U.K.), Hallowell EMC (U.S.), Vetronic Services (U.K.), Agfa-Gevaert Group (Belgium), B. Braun SE (Germany), Midmark Corporation (U.S.), Vetland Medical Sales & Services (U.S.), Digicare Biomedical (U.S.), Sonoscape Medical Corp. (China), MinXray Inc. (U.S.), Nonin (U.S.), General Electric (U.S.), Covetrus (U.S.), IDEXX Laboratories (U.S.), Carestream Health (U.S.) and Medtronic (Ireland)
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Market Opportunities
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Market Definition
Monitoring is the regular observation and recording of activities and vital signs while animals are sedated, as well as the identification of other disease conditions. This helps to avoid further complications during surgery. Animal health professionals prefer hands-on monitoring devices due to their effectiveness and simplicity.
Veterinary patient monitors are devices that help assess the veterinary patient's heart and respiratory rate, blood pressure, and other vital parameters that aid in the prevention of veterinary risk.
Veterinary Monitoring Equipment Market Dynamics
Drivers
- Growing emphasis on animal health
The growing emphasis on animal health is contributing to an increase in demand for veterinary monitoring equipment. According to Health for Animals, a global animal health association, one in every five farm animals is lost annually due to disease. Furthermore, according to HealthforAnimals 2021 statistics, 60% of diseases are zoonotic and responsible for approximately 2.4 billion cases of human illness and 2.2 million deaths annually. As a result, there is a growing emphasis on monitoring animals and improving their health, which contributes to the rising demand for monitoring equipment.
Opportunities
- Rising Government programmes
According to the American Pet Products Association's (APPA) 2019-2020 National Pet Owners Survey, 67% of households, or approximately 85 million families, in the United States own a pet. Furthermore, the presence of several market players in the region contributes to the region's market growth. Furthermore, the National Animal Health Monitoring System (NAHMS) Program is conducting national studies on the health and health management of domestic livestock and poultry populations in the United States. As a result of the abovementioned factors, the market is expected to grow significantly during the forecast period.
Restraints/Challenges
- Rising cost of pet care
The rising cost of pet care and the presence of various alternatives to animal testing in the workplace will impede the growth of the veterinary monitoring equipment market from 2023 to 2030. Low animal health awareness, insufficient animal testing infrastructure in several countries, and a veterinarian shortage will all pose challenges to market growth during the forecast period.
This veterinary monitoring equipment market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the veterinary monitoring equipment market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Developments
- In 2020, Bionet America, Inc introduced the BMVet PRO Series multiparameter monitors, which included the BMRVet PRO, the BM5Vet PRO, and the BM7Vet PRO. The veterinary-specific modules and algorithms are included in multiparameter monitors.
- In 2020, Midmark Corporation launched the Midmark Multiparameter Monitor, with veterinary-specific algorithms for veterinary hospitals, including exam, treatment, surgery, and recovery areas.
- In 2019, Agfa signed an agreement with Universal Imaging, a multi-modality veterinary company, to provide low-dose, high-quality imaging in the North American veterinary market. This aided the company in expanding its veterinary supplies market in the United States and Canada.
Global Veterinary Monitoring Equipment Market Scope
The veterinary monitoring equipment market is segmented on the basis of type, target area, animal type and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Cardiac Monitoring Devices
- Respiratory Monitoring Devices
- Remote Veterinary Patient Monitoring Devices
- Multi-Parameter Monitoring Devices
- Neuromonitoring Devices
- Others
Target Area
- Weight and Temperature Monitoring
- Multi-Parameter Monitoring
- Cardiology
- Respiratory Disorders
- Neurology
- Others
Animal Type
- Small Companion Animals
- Dogs
- Cats
- Others
- Large Animals
- Equines
- Others
- Others
End-User
- Veterinary Clinics and Diagnostic Centers
- Veterinary Clinics
- Veterinary Hospitals
- Research Institutes
Veterinary Monitoring Equipment Market Regional Analysis/Insights
The veterinary monitoring equipment market is analyzed and market size insights and trends are provided by country, type, target area, animal type and end-user as referenced above.
The countries covered in the veterinary monitoring equipment market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the veterinary monitoring equipment market because of the region's well-developed healthcare infrastructure and favourable reimbursement policies.
Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2023 to 2030 owing to the region's large domesticated animal population, increased pet adoption, and growing awareness about animal health.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure Growth Installed base and New Technology Penetration
The veterinary monitoring equipment market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for veterinary monitoring equipment market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the veterinary monitoring equipment market. The data is available for historic period 2011-2021.
Competitive Landscape and Veterinary Monitoring Equipment Market Share Analysis
The veterinary monitoring equipment market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to veterinary monitoring equipment market.
Some of the major players operating in the veterinary monitoring equipment market are:
- DRE Veterinary (U.S.)
- Hallmarq Veterinary Imaging (U.K.)
- Smiths Group plc (U.K.)
- Hallowell EMC (U.S.)
- Vetronic Services (U.K.)
- Agfa-Gevaert Group (Belgium)
- B. Braun SE (Germany)
- Midmark Corporation (U.S.)
- Vetland Medical Sales & Services (U.S.)
- Digicare Biomedical (U.S.)
- Sonoscape Medical Corp. (China)
- MinXray Inc. (U.S.)
- Nonin (U.S.)
- General Electric (U.S.)
- Covetrus (U.S.)
- IDEXX Laboratories (U.S.)
- Carestream Health (U.S.)
- Medtronic (Ireland)
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