Dublin, Sept. 22, 2023 (GLOBE NEWSWIRE) -- The "Veterinary Monitoring Equipment Market - Growth, Trends, and Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The global veterinary monitoring equipment market is poised for robust growth with a projected Compound Annual Growth Rate (CAGR) exceeding 9% over the forecast period. The unprecedented challenges posed by the COVID-19 pandemic have propelled the veterinary monitoring equipment market into the spotlight as essential medical equipment to safeguard our beloved pets.
In response to the pandemic, esteemed organizations like the World Small Veterinary Association (WSAVA), OIE World Animal Health Information System, the World Veterinary Association (WVA), and local veterinary associations united in declaring veterinary services as vital, mirroring the importance of human healthcare services.
This collective acknowledgment led to a surge in demand for crucial medical supplies, including atomizers, life-support machines, oxygen generators, and monitors, which are pivotal tools in primary clinical treatment for the affected animal population.
The market's robust growth can be largely attributed to the rising incidence of animal disorders, a growing emphasis on animal health, and the increasing adoption of pet insurance policies worldwide. These factors are pivotal drivers behind the surging demand for veterinary monitoring equipment.
The escalating focus on animal health is a key driver of the growing demand for veterinary monitoring equipment. According to 2021 statistics from the global animal health association, HealthforAnimals, a staggering one out of five farm animals succumbs to diseases each year on a global scale. Worryingly, 60% of these diseases are zoonotic, responsible for approximately 2.4 billion cases of human illnesses and approximately 2.2 million deaths annually.
This underscores the imperative need to monitor animals and enhance their health, leading to a surging demand for monitoring equipment. The Food and Agriculture Organization (FAO) of the United Nations underscores the necessity of animal health for sustainable livestock production, further fueling the focus on animal monitoring. This collective drive has spurred manufacturers to invest heavily in research and development, resulting in innovative equipment designed to monitor and improve animal health.
Additionally, the growing preference for pet health insurance has significantly contributed to market growth. Much like health insurance for humans, pet health insurance has gained popularity with pet owners.
The surge in veterinary expenditure in the United States, as per 2021 statistics from the NAPHIA, where the total number of insured pets reached 3.1 million by the end of 2020, further emphasizes the burgeoning demand for veterinary monitoring equipment. Pet owners' increased willingness to engage in regular veterinary visits and heightened pet health awareness is set to propel the market to substantial growth.
Nevertheless, the high cost of monitoring equipment remains a key hindrance to market expansion.
Veterinary Monitoring Equipment Market Trends
Vital Sign Monitors are Expected to Witness Significant Growth Over the Forecast Period
Among equipment types, the vital sign monitors segment is anticipated to exhibit remarkable growth during the forecast period. Monitoring is pivotal for ensuring the survival and welfare of animals.
Anesthetics can induce central nervous system, cardiovascular system, and respiratory depression in animals, often leading to hypothermia and related cardiac and respiratory changes. Monitoring vital signs such as heart rate, core body temperature, and respiration rate is vital for animal well-being, especially in surgical procedures. Recognizing the importance of vital sign monitoring, several manufacturers have introduced specialized monitoring equipment.
North America is Expected to Witness Significant Growth Over the Forecast Period
In North America, the United States holds a major share of the market and is poised to dominate over the forecast period. Key factors contributing to market growth include the rising prevalence of animal disorders in the region, increased pet expenditures, and a surge in pet adoption.
The American Pet Products Association's (APPA) 2021-2022 National Pet Owners Survey reveals that approximately 70% of U.S. households own pets, totaling 90.5 million homes, with 45.3 million cats and 69 million dogs. The survey also highlights the average annual expenditure on routine visits for dogs at USD 242 and USD 178 for cats.
This surge in pet ownership is further augmented by an increase in pet insurance adoption, with 3.9 million pets insured in the United States by the end of 2021, marking a 20% increase compared to 2020, as reported by the Insurance Information Institute. Notably, California, New York, and Florida lead the way with the highest percentage of insured pets. This growing adoption of pet insurance reflects the rising focus on pet healthcare and opens avenues for advanced and innovative veterinary monitoring equipment.
Furthermore, the presence of numerous market players in the region, along with initiatives like the National Animal Health Monitoring System (NAHMS) Program, reinforces the region's potential for significant market growth.
Veterinary Monitoring Equipment Market Competitor Analysis
The veterinary monitoring equipment market exhibits moderate competition, with a select group of companies dominating the landscape. Notable players include Midmark Corporation, Smiths Medical, Masimo, AgfaGevaert Group, Covetrus, and others. These companies are well-established and have secured substantial market shares, underscoring their prominence in the industry.
A selection of companies mentioned in this report includes
- Covetrus
- Agfa-Gevaert Group
- Smiths Medical
- Avante Animal Health
- Midmark Corporation
- Bionet America Inc.
- Hallmarq Veterinary Imaging
- Nonin
- VETLAND MEDICAL SALES AND SERVICES
- Masimo
- Vetronic Services
For more information about this report visit https://www.researchandmarkets.com/r/y971zt
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