Veterinary Monitoring Equipment Market Overview:
The Veterinary Monitoring Equipment Market is projected to reach USD 570 million by 2025 from USD 326 million in 2019, at a CAGR of 9.8%. The growth of this market is primarily attributed to factors such as the increasing awareness regarding animal health, increasing focus on animal health among pet owners, growing prevalence of diseases among companion animals, growing companion animal population, rising demand for pet insurance, growing animal health expenditure, and the rising number of veterinary practitioners income levels in developed economies. The need for continuous pet health evaluation diagnosis and wearable monitoring devices are gaining recognition as opportunity areas in the market.
DRE Veterinary (US) is one of the leading manufacturers of veterinary monitoring equipment and operates in collaborations with numerous veterinary hospitals and clinics, both small and large. It holds a leading position in the veterinary monitoring equipment market. The strong presence of DRE in the market can be attributed to the company’s robust product portfolio. To strengthen its market position, the company focuses on enhancing and upgrading its product portfolio in the rapidly evolving veterinary equipment market. In recent years, the company has upgraded its lineup of professionally refurbished veterinary equipment, such as anesthesia machines to strengthen its market share in the US and across the globe. The company’s economically priced equipment is used in universities and veterinary institutions to provide hands-on training to medical students. In addition, the company provides new equipment and services to top veterinary facilities, organizations, and academic institutes, which helps in increasing its share in the veterinary monitoring equipment market.
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The APAC market is expected to grow at the highest CAGR during the forecast period.
The market in the Asia Pacific is expected to grow at the highest CAGR during the forecast period. Factors such as the large domesticated animal population, growth in pet adoption, increasing awareness about animal health, growing per capita animal health expenditure (especially in India and China), and the large market for livestock farming are propelling the growth of the APAC market.
By type, vital sign monitors are expected to account for the largest share of the veterinary monitoring equipment market.
Based on type, the veterinary monitoring equipment market has been segmented into vital sign monitors, anesthesia monitors, capnography oximetry systems, ECG EKG monitors, MRI systems, and other equipment. In 2018, the vital sign monitors segment accounted for the largest share of the global veterinary monitoring equipment market. Growth in this segment is mainly driven by the increasing focus on companion animal health coupled with the need for continuous monitoring to prevent serious illnesses, increasing pet care expenditure, and technological advancements such as wireless monitors being introduced in the market.
The increasing adoption of small companion animals is driving the growth of the small companion animals segment.
Based on animal type, the veterinary monitoring equipment market is segmented into small companion animals, large animals, and other animals (zoo animals, aquatic animals, and exotic animals). The small companion animals segment accounted for the largest market share in 2018. Increasing adoption of companion animals, increased focus on safety, increased expenditure on animal health and preventive care, aging pet population, and advancements in animal health products are the major factors driving the growth of this market segment.
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The prominent players in this market are Smiths Group plc. (UK), DRE Veterinary (US), Digicare Biomedical Technology (US), Midmark Corporation (US), Medtronic plc. (Ireland), Bionet America, Inc. (Korea), SonoScape Medical Corporation (China), Hallowell EMC (US), MinXray, Inc. (US), Hallmarq Veterinary Imaging Ltd. (UK), Esaote S.p.A (Italy), Agfa-Gevaert N.V. (Belgium), Nonin Medical, Inc. (US), Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China), Covetrus, Inc. (US), Vetland Medical Sales Services LLC (US), Masimo Corporation (US), Burtons Medical Equipment Ltd. (UK), Vetronic Services (UK), and IMV Technologies (France).
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