Veterinary Monitoring Market Size
veterinary monitoring tools Estimated to increase at 9.4% to reach USD 1 billion by 2032, market size accounted for USD 427.5 million in 2022. Increasing prevalence of animal disorders, growing companion animal population, and increasing spending on pets health are some of the drivers fostering the market growth.
To get key market trends
Driving the market expansion is predicted to be mostly the growing demand for pet insurance and the rising veterinary expenditures. Pet insurance coverage pay for the expenses of treating a pet for a disease or injury. Pet insurance is often chosen by owners to help to reduce the financial load of getting medical treatment. These programs for many different animals, including dogs and cats among others, are offered by both public and private service providers. Such element will help the market income to be more beneficial.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Veterinary Monitoring Equipment Market Size in 2022 | USD 427.5 Million |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 9.4% |
| 2032 Value Projection | USD 1 billion |
| Historical Data for | 2018 to 2022 |
| No. of Pages | 180 |
| Tables, Charts & Figures | 387 |
| Segments covered | Type, Application, Animal Type, End-use and Region |
| Growth Drivers |
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| Pitfalls & Challenges |
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What are the growth opportunities in this market?
Veterinary monitoring equipment is a spectrum of specialist tools and systems used in veterinary clinics, hospitals, and research facilities to track and evaluate animal health conditions. Veterinarians' ability to track patient recovery, guarantee safe anesthesia delivery, monitor and identify diseases, and give best treatment for animals depends much on these tools.
COVID-19 Impact
The market for veterinary monitoring devices has survived despite the anarchy COVID-19 causes. Indeed, there were some hiccups in the path; consumers were unsure about the future and weren't spending as much on non-essentials, and supply chains and manufacturers confronted their own set of difficulties. Positively, though, the epidemic helped us to see the value of animal health and the benefit of having healthcare choices free from veterinarian visits. This resulted in a boom in telemedicine and remote monitoring technology, therefore providing more methods of keeping a check on our animal companions from distant distances. We have discovered that crucial is to spot issues early on and act aggressively to maintain our pets' health. Advanced multiparameter monitoring systems that can track anything from heart rate to temperature have so been more sought for. Furthermore, as everyone is focused on simplifying and increasing convenience, these systems are getting more linked and user-friendly. All things considered, the epidemic has forced us to welcome fresh veterinary monitoring tools and concepts. It's made caring for our pets simpler and opened the path for even better future healthcare for our furry family members.
Veterinary Monitoring Equipment Market Trends
The veterinary monitoring equipment sector finds great growth impetus from the rising frequency of animal diseases. Effective monitoring and healthcare solutions are more needed given the increase in diseases and health issues afflicting animals affectability. Early discovery, ongoing monitoring, and disease control depend critically on veterinary monitoring tools. Close monitoring of animals helps to improve animal welfare, control diseases, and allow quick actions. Demand for sophisticated monitoring systems is driven by increasing awareness of the need of proactive healthcare in animals.
Veterinary Monitoring Equipment Market Restraint
The great cost of veterinary monitoring tools can slow down the development of the sector. Higher production costs resulting from the advanced technology and specialized character of these monitoring systems are finally passed on to consumers. Smaller veterinary clinics and businesses with tighter resources find this high cost to be a hurdle that limits their capacity to implement modern monitoring systems. Furthermore adding to the total cost load are continuous maintenance and calibration charges. Therefore, the great expense of veterinary monitoring tools could limit market accessibility for some players and prevent general acceptance.
Veterinary Monitoring Equipment Market Analysis
Learn more about the key segments shaping this market
By type, the veterinary monitoring equipment market is classified into vital sign monitors, capnography and oximetry systems, anesthesia monitors, ECG and EKG monitors, magnetic resonance imaging (MRI) systems, and other veterinary monitoring equipment. The vital sign monitors segment accounted for 34.4% of the market share in 2022 and is projected to witness robust growth over the analysis timeframe. Vital sign monitors play a crucial role in tracking and assessing the essential physiological parameters of animals, including heart rate, respiratory rate, blood pressure, and temperature.
The increasing awareness among veterinary professionals about the importance of continuous monitoring and early detection of abnormalities in animals vital signs will drive the demand for these monitoring systems. Additionally, advancements in technology have led to the development of more accurate, user-friendly, and portable vital sign monitors, further fuelling market demand. The growing emphasis on preventive care, improved patient outcomes, and the need for efficient monitoring solutions in veterinary settings are key factors propelling the market expansion.
Learn more about the key segments shaping this market
Thanks to a variety of specialist veterinary tools, keeping an eye on your animal friend's health just became simpler. There's a tool for every requirement from tracking their weight and temperature to heart, lungs, and brain activity. Among all these, a true savior has been equipment to check your pet's respiration. Demand for these devices has exploded as pet owners and physicians are more conscious of the respiratory health of their animals. Then it makes sense! These specialist devices enable us to precisely identify and control respiratory problems, therefore ensuring that our animal friends can breathe freely. Still, this movement is driven by more awareness than only that. Portable gadgets, wireless connectivity, and sophisticated sensors among other tech innovations are simplifying respiratory monitoring. These developments give you peace of mind and the comfort your pet deserves as they make tracking her breathing simpler, more comfortable, and more accurate than ever before.
When it comes to veterinary monitoring equipment, the market is mainly divided into three groups based on the size of the animals they're meant forsmall pets, big animals, and all others. Small pets, like cats and dogs, have been driving the market the most. They're the most popular choice for companionship these days, and that's not going anywhere anytime soon. Just look at the UK – every year, about 1.5 million furry friends find new homes. In 2021 alone, the number of dogs adopted jumped by 5%, and cat adoptions rose by 2%. With more and more pets being welcomed into our homes, there's a growing need for ways to keep them healthy. That's why the market for veterinary monitoring equipment is expected to keep growing by 9.7% in the coming years.
Veterinary clinics and diagnostic facilities, veterinary hospitals, and research institutes split the end-use in veterinary monitoring equipment market. In 2022 veterinary hospitals generated USD 228.6 million market revenue. Modern monitoring tools are always needed in veterinary facilities to guarantee complete treatment and increase animal welfare. Veterinary hospitals thus need a range of monitoring systems to measure vital signs, evaluate physiological factors, and enable correct diagnosis. Moreover, the market development will be complemented by growing product launches and rise in operations in animals needing ongoing monitoring after surgery.
Pet owners are also treating their animals as members of their family, which explains why they are greatly spending more on them. For example, the Pets in Australia report shows that people's average yearly household expenditure to keep their pets healthy in 2019 exceeded 13 billion. Thus, raising animal expenditure will boost the market share.
Looking for region specific data?
With a massive 39.2% of the worldwide market, North America's veterinary equipment industry is expected to be Future experts estimate that this business will keep skyrocketing at an amazing speed. The fact that animals are suffering from increasingly more ailments is one of the key causes of this development. For instance, a research by the Association for Pet Obesity Prevention revealed that in 2022 around 60% of dogs and 61% of cats were overweight or even obese. Sadly, these extra weight carrying furry pals are more likely to have health issues including joint pain, respiratory problems, and other preventable diseases. The veterinary equipment industry is expected to grow mostly because all of these diseases need continuous observation. The rising number of veterinary businesses and their clever marketing techniques are another elements influencing the expansion of this industry. These businesses are always producing fresh, cutting-edge equipment that is driving even more demand.
Veterinary Monitoring Equipment Market Share
Major market players operating in the veterinary monitoring equipment market include
- Medtronic pl
- Dextronix
- ICU Medical (Smiths Medical)
- Avante Animal Health
- Midmark Corporation
- Bionet America, Inc.
These industry players majorly adopt various strategies including collaborations, acquisitions, mergers, and partnerships to create a global footprint and sustain market competition.
Veterinary Monitoring Equipment Industry News
- In April 2023, Hallmarq Veterinary Imaging launched a new zero-helium MRI system. Hallmarqs zero-helium small animal 1.5T MRI system has increased access to diagnostic care for small animal patients. This strategy helped the company to enhance its product offering in market and assist in strengthening the market position.
- In February 2020, Bionet America, Inc. launched BMVet PRO series of veterinary specific multiparameter monitors. The BMVet PRO series includes the BM3Vet PRO, the BM5Vet PRO, and the BM7Vet PRO. The veterinary-specific modules and algorithms are included in multiparameter monitors. This strategy helped the company to expand their product offering and customer base.
The veterinary monitoring equipment market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032, for the following segments
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By Type
- Vital Sign Monitors
- Capnography and Oximetry Systems
- Anesthesia Monitors
- ECG and EKG Monitors
- Magnetic Resonance Imaging (MRI) Systems
- Other Veterinary Monitoring Equipment
Application
- Weight and Temperature Monitoring
- Cardiology
- Respiratory
- Neurology
- Multi-parameter Monitoring
- Other Applications
Animal Type
- Small Companion Animals
- Dogs
- Cats
- Others Small Companion Animals
- Large Animals
- Equines
- Other Large Animals
- Other Animals
End-use
- Veterinary Clinics and Diagnostic Centers
- Veterinary Hospitals
- Research Institutes
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of MEA
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