Veterinary Monitoring Equipment Market Size by Type, Indication, End User, Animal Type, Region, Industry-Wide Analysis, Competitive Landscape Assessment & Long-Term Forecast to 2030
Overview
The Veterinary Monitoring Equipment Market size was valued at USD 8782.32 Million in 2023 and the total Veterinary Monitoring Equipment revenue is expected to grow at a CAGR of 7% from 2024 to 2030, reaching nearly USD 14102.49 Million.
Veterinary Monitoring Equipment Market Overview:
Veterinary monitoring is a process of continuous observation and recording of animal or pet activates to identify the cause of the disease and other mild to severe conditions of the body. This process helps in reducing further complications while performing surgery and aids in offering precise treatment and diagnosis to animals. These devices also help in tracking the heart rate and respiratory functions of animals.
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Veterinary Monitoring Equipment Market Dynamics:
The increasing focus on animal health and concern amongst the pet owner and growing animal diseases is likely to boost the growth of the market. The demand for wearable monitoring devices for continuous pet health monitoring is likely to lift the growth of the market and is anticipated to create opportunities for other market players to enter the market.
Technological advancements in veterinary monitoring devices like advancement in endoscopic intubation techniques, airways devices, blood pressure monitors, positive intermittent pressure ventilators are estimated to play a vital role in the Improvement of market activity and are likely to boost sustainability in the market. Further, the rising prevalence of animal diseases like avian influenza, aflatoxicosis, aka bane, anthrax is likely to motivate the market.
In addition, the growing number of medical practitioners in the animal healthcare sector and surge in animal health investment are likely to motivate the market growth. Moreover, the market growth is also stimulated by pet insurance, and the companies investing in the pet monitoring device market. Moreover, veterinary medicines are likely to gain larger market share in the forecast period. These factors are likely to lift the market growth.
Growing mergers and acquisitions in various regions are likely to hit the growth of the market. For instance, in 2023, Agfa signed a merger with universal Imaging (a multi-modality veterinary provider) to propose high-quality, low does imaging in the North American veterinary market. This acquisition further helped in proliferating the footprints in countries like the US and Canadian veterinary market.
Veterinary Monitoring Equipment Market Segment Analysis:
The Vital Signs monitoring Segment is dominating the Veterinary Monitoring Equipment Market:
The vital sign monitors segment is estimated to boost the market growth in the forecast period. as the technologies are growing with the latest advancement and innovation. For instance, various devices have been invented like non-contact vital signs Monitoring od dogs and cats using UWB radar. As pests cannot talk and complain, observation and progression of response to treatment becomes efficient. The primary advantage of Ultra-wideband radar is the capability to function remotely without electrodes or wires. This factor helps to monitor animals remotely and this device is likely to amplify the market growth.
The Small companion animals’ segment is considered to supplement the growth of the Veterinary Monitoring Equipment Market:
The small companion animal segment is dominating the global veterinary monitoring equipment market with the fastest growing CAGR of 6.7% in the segment. The key factors attributing to the growth of the market are increasing adoption of animals, growing attention in veterinary health, and safety measure. Moreover, the factors supplementing the growth of the market are rising expenditure on animal health and preventive measure to offer a proper line of treatment and diagnosis. In addition, animals are required to be vaccinated just like humans in the early days of their life’s considering the fact of animal disease contamination in humans due to high exposure. Moreover, petting has gained huge attraction globally.
The weight & temperature monitoring segment is gaining more attention in the Veterinary Monitoring Equipment Market:
The weight & temperature monitoring segment is likely to grow with a significant market share in the global veterinary monitoring equipment market. The factors attributing to the growth of the market are the need of monitoring effective weight and temperature detection for the disease, identify the deficiency, offering a proper line of treatment, and check whether the animal is healthy or unhealthy. Further, market players are investing a huge amount in the innovation of monitoring devices with multiple functions, fewer professional skills needed, and cost-effectiveness. Hence, these factors are projected to hit market growth in positive directions.
Veterinary Monitoring Equipment Market Regional Insights:
The Asia Pacific dominates the Veterinary Monitoring Equipment Market owing to increasing development strategies made by various industry verticals in the region and a larger domestic animal population. The key factors attributing to the growth of the market are adoption of the pet population, growing animal shelters, increasing awareness about animal health, together with investment in animal health expenditure is likely to boost the market growth in the forecast period.
The countries dominating Asia pacific are India and China as the countries have larger animal populations and the largest market of livestock farming. Henceforth, this factor is probable to lift the growth of the market in the forecast period.
North America is estimated to gain significant market share in the global veterinary monitoring equipment device market. Increasing investment in research and development and pet adoption in North America is likely to motivate the market growth. Moreover, expansion in the region by major market players is likely to boost the growth of the market. For instance, in 2018, Hallmarq Veterinary Imaging, Ltd opened its new headquarter in West Chicago, to fulfill the rapidly growing demand for small animal MRI business in countries like the US and Canada.
The objective of the report is to present a comprehensive analysis of the Global Veterinary Monitoring Equipment Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.
PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the Global Veterinary Monitoring Equipment Market dynamics, structure by analyzing the market segments and project the Global Veterinary Monitoring Equipment Market size. Clear representation of competitive analysis of key players by Type, price, financial position, Type portfolio, growth strategies, and regional presence in the Global Veterinary Monitoring Equipment Market make the report investor’s guide
Global Veterinary Monitoring Equipment Market Scope: Inquire before buying
| Global Veterinary Monitoring Equipment Market | |||
|---|---|---|---|
| Report Coverage | Details | ||
| Base Year: | 2023 | Forecast Period: | 2024-2030 |
| Historical Data: | 2018 to 2023 | Market Size in 2023: | USD 8782.32 Mn. |
| Forecast Period 2024 to 2030 CAGR: | 7% | Market Size in 2030: | USD 14102.49 Mn. |
| Segments Covered: | by Type | Vital Sign Monitors Anesthesia Monitors Capnography Monitors Oximetry monitors MRI Systems Others |
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| by Indication | Respiratory disorders Cardiology Weight & Temperature Monitoring Neurology Others |
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| by End User | Discectomy Laminotomy Foraminotomy Facetectomy Corpectomy |
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| by Animal Type | Small Companion Animals Large Animals Others |
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Veterinary Monitoring Equipment Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Veterinary Monitoring Equipment Market Key Players are:
1. Smiths Group plc
2. DRE Veterinary
3. Digicare Biomedical Technology
4. Midmark Corporation
5. Medtronic plc
6. Bionet America, Inc.
7. SonoScape Medical Corporation
8. Hallowell EMC
9. MinXray, Inc.
10. Shenzhen Mindray Bio-Medical Electronics Co., Ltd
FAQs:
1. What was the Global Veterinary Monitoring Equipment Market size in 2023?
Ans: The Global Veterinary Monitoring Equipment Market size was USD 8782.32 Million in 2023.
2. Which Animal Type segment is dominating the Veterinary Monitoring Equipment Market?
Ans: The small companion animal segment is dominating the global veterinary monitoring equipment market with the fastest growing CAGR of 7% in the forecast period.
3. Which End-User is expected to dominate the market during the forecast period?
Ans: The Veterinary Clinics & Diagnostic centers segment held the largest market share in the year 2023 accounting for 7% and is likely to grow at a high pace.
4. Which region is expected to dominate the Veterinary Monitoring Equipment Market during the forecast period?
Ans: the Asia Pacific is dominating the Veterinary Monitoring Equipment Market owing to increasing development strategies made by various industry verticals in the region and a larger domestic animal population and pet adoption.
5. What are the key players of the Prokaryotic Expression System market?
Ans: Following are the key players responsible for the growth of the market 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).