Veterinary Monitoring Equipment Market - By Type (Capnography, Oximetry, Vital Sign, ECG, EKG, Anesthesia Monitors), Application (Respiratory, Cardiology), Animal (Small Companion, Large), End-use (Clinics, Hospitals), Global Forecast, 2023 - 2032

Published Date: July - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Animal Health and Nutrition | Format: Report available in PDF / Excel Format

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Veterinary Monitoring Equipment Market - By Type (Capnography, Oximetry, Vital Sign, ECG, EKG, Anesthesia Monitors), Application (Respiratory, Cardiology), Animal (Small Companion, Large), End-use (Clinics, Hospitals), Global Forecast, 2023 - 2032

Veterinary Monitoring Market Size

Veterinary Monitoring Equipment Market size accounted for USD 427.5 million in 2022 and is estimated to grow at 9.4% to reach USD 1 billion by 2032. Increasing prevalence of animal disorders, growing companion animal population, and increasing spending on pets health are some of the drivers fostering the market growth.

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The rising demand for pet insurance and increasing veterinary costs is expected to be a significant factor in driving the market expansion. The costs of treating a pet for a disease or injury are covered by pet insurance policies. Owners frequently choose pet insurance to lessen the financial burden of obtaining veterinary care. Numerous public and private service providers offer these programmes for various animals, including dogs and cats among others. Such factor will positively impact the market revenue.
 

Veterinary Monitoring Equipment Market Report Attributes
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
  • Increasing prevalence of animal disorders
  • Rising adoption of pet insurance
  • Growing companion animal population
  • Increasing spending on pets health
Pitfalls & Challenges
  • High cost of monitoring equipment

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Veterinary monitoring equipment refers to a range of specialized devices and systems used in veterinary clinics, hospitals, and research facilities to monitor and assess the health status of animals. These devices play a crucial role in enabling veterinarians to monitor and diagnose conditions, ensure safe anesthesia administration, track patient recovery, and provide optimal care for animals.

COVID-19 Impact

Despite the chaos caused by COVID-19, the market for veterinary monitoring equipment has managed to stay afloat. Sure, there were some bumps in the road—people were uncertain about the future and weren't spending as much on non-essentials, and supply chains and manufacturing faced their own set of challenges. But on the bright side, the pandemic made us realize how important animal health is, and how helpful it can be to have healthcare options that don't require a vet visit. This led to a surge in telemedicine and remote monitoring technologies, which means more ways to keep an eye on our furry friends from afar. We also learned that catching problems early and taking proactive steps to keep our pets healthy is key. That's why there's been a growing demand for advanced multiparameter monitoring systems that can track everything from heart rate to temperature. And because we're all about making things easier and more convenient, these systems are becoming more user-friendly and connected. All in all, the pandemic has pushed us to embrace new technologies and ideas in veterinary monitoring. It's made it easier for us to take care of our pets, and it's opened the door to even better healthcare for our furry family members in the future.

Veterinary Monitoring Equipment Market Trends

The increasing prevalence of animal disorders serves as a strong growth driver for the veterinary monitoring equipment industry. With a rise in diseases and health conditions affecting animals, there is a growing need for effective monitoring and healthcare solutions. Veterinary monitoring equipment plays a vital role in early detection, continuous monitoring, and disease management. The ability to closely monitor animals enables timely interventions, improved disease management, and enhanced animal welfare. This growing awareness of the importance of proactive healthcare in animals drives the demand for advanced monitoring systems.

Veterinary Monitoring Equipment Market Restraint

The high cost of veterinary monitoring equipment may restraint the market progress. The advanced technology and specialized nature of these monitoring systems result in higher production costs, which are eventually passed on to customers. This high cost creates a barrier for smaller veterinary clinics and practices with limited budgets, limiting their ability to adopt advanced monitoring solutions. Additionally, ongoing maintenance and calibration expenses further contribute to the overall cost burden. Thus, the high cost of veterinary monitoring equipment may restrict market accessibility for some players and hampers widespread adoption.

Veterinary Monitoring Equipment Market Analysis

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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.

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Monitoring your furry friend's health just got easier thanks to a range of specialized veterinary equipment. From keeping a close eye on their weight and temperature to monitoring their heart, lungs, and brain activity, there's a tool for every need. Out of all these, equipment for checking your pet's breathing has been a real lifesaver. As pet owners and vets become more aware of how important it is to monitor their animals' respiratory health, the demand for these devices has skyrocketed. And it's no wonder! These specialized gadgets help us spot and manage respiratory issues accurately, making sure our furry companions can breathe easy. But it's not just the increased awareness that's driving this trend. Tech advancements like portable devices, wireless connections, and fancy sensors are also making respiratory monitoring a breeze. These innovations make it easier, more convenient, and more precise than ever before to keep tabs on your pet's breathing, giving you peace of mind and them the comfort they deserve.

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.

The end-use in veterinary monitoring equipment market is divided into veterinary clinics and diagnostic centers, veterinary hospitals, and research institutes. Veterinary hospitals accounted for USD 228.6 million market revenue in 2022. Veterinary hospitals have a constant requirement for advanced monitoring equipment to ensure comprehensive care and promote animal well-being. Thus, veterinary hospitals require a variety of monitoring solutions to track vital signs, assess physiological parameters, and facilitate accurate diagnoses. Moreover, increasing product launches and rise in surgeries in animals that require continuous monitoring post-surgery will supplement the market growth.

Additionally, pet owners have been treating their pet as a family member, due to which they are significantly spending more on their pets. For instance, according to the Pets in Australia report, in 2019, the average annual household spending of people to keep their pets healthy was over 13 billion. Thus, increasing spending on animals will escalate the market share.

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In the year 2022, North America's veterinary equipment market held a whopping 39.2% of the global market. Experts predict that this market will continue to soar at an impressive pace in the years to come. One of the main reasons for this growth is that animals are suffering from more and more diseases. For example, a study by the Association for Pet Obesity Prevention found that nearly 60% of dogs and 61% of cats in 2022 were overweight or even obese. Sadly, these furry friends who carry extra weight are more prone to health issues, such as breathing problems, joint pain, and other ailments that can be prevented. All of these conditions require constant monitoring, which is a major reason why the veterinary equipment market is set to flourish. Another factor driving the growth of this market is the increasing number of veterinary companies and their smart marketing strategies. These companies are constantly developing and releasing new and innovative equipment, which is creating 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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