Veterinary Patient Monitoring Equipment Global Market Report 2023
Major players in the veterinary patient monitoring market are Smiths Group plc; Hallowell Engineering & Manufacturing Corporation; DRE Veterinary; Digicare Biomedical Technology Inc.; Midmark Corporation; Medtronic plc.
New York, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Veterinary Patient Monitoring Equipment Global Market Report 2023" - https://www.reportlinker.com/p06281018/?utm_source=GNW
; Jorgensen Laboratories; Vetland Medical Sales and Services LLC; Jorgen Kruuse A/S; Mila International Inc.; and Mindray Medical International Limited.
The global veterinary patient monitoring equipment market will grow from $0.42 billion in 2022 to $0.45 billion in 2023 at a compound annual growth rate (CAGR) of 7.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The veterinary patient monitoring equipment market is expected to grow from $0.58 billion in 2027 at a CAGR of 6.4%.
The veterinary patient monitoring equipment market consists of sales of bedside patient monitoring systems, renal patient monitoring devices, circulatory system patient monitoring devices, and obesity patient monitoring devices.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Veterinary patient monitoring equipment refers to a type of devices and instruments that continuously track and record changes in patient wellbeing, monitor animals’ respiration, blood pressure, and other vital signs, and provide warning systems. These systems are used to continuously monitor the animals to detect diseases at early stages to prevent any risks.
North America was the largest region in the veterinary patient monitoring market in 2022.Asia Pacific was the second-largest region in the veterinary patient monitoring market.
The regions covered in the veterinary patient monitoring equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of veterinary patient monitoring equipment are cardiac monitoring devices, respiratory monitoring devices, remote patient monitoring devices, multi-parameter monitoring devices, neuromonitoring devices, and other products.The cardiac monitoring devices refer to the devices that deal with animal cardiac diseases.
These are used for animals such as small companion animals, large companion animals, wild animals, zoo animals, aquatic animals, and exotic animals. Veterinary patient monitoring equipment is used in veterinary hospitals, veterinary clinics, and veterinary research centers.
An increase in the prevalence rate of diseases among animals serves as one of the major drivers for the veterinary patient monitoring equipment market.An increase in the incidence of diseases in livestock and companion animals will require monitoring equipment to diagnose the diseases in animals.
For instance, according to the Banfield Pet Hospital’s 2020 Veterinary Emerging Topics (VET) Report, more than 50% of the dogs at 1,000 hospitals in 2019 were overweight or obese.Overweight pets are more likely to suffer from joint disease, respiratory disease, and other preventable conditions.
The increase in the prevalence rate of diseases for animals results in an increased demand for enhanced veterinary patient monitoring equipment.
Veterinary patient monitoring equipment is highly expensive.The cost of equipment will be a significant expense for a veterinary clinic or hospital.
For instance, the average wearable device ranges from $50 to $100 and will likely have a recurring software as a service (SaaS) fee to store and retrieve an animal’s health data analytics. These expenses hinder the growth of the veterinary patient monitoring equipment market.
Veterinarians and pet or cattle owners are shifting to wearable technology to keep track of animal behavior.Wearable technology is smart electronic devices that are worn on the body or integrated with clothing or accessories and monitor body temperature, behavior, and movement.
These wearable monitoring devices provide timely insights regarding the overall health of the animal and help the veterinarian provide an appropriate diagnosis for the animal.For instance, Vetrax, a wearable sensor worn on a dog’s collar, enables clinicians and pet owners to monitor aspects of an animal’s behaviour when they are unsupervised.
According to a report by Veterinary Practice News, 83% of pet owners are satisfied with the use of wearable technology and 68% find it an effective way of monitoring the weight and diabetes of their pets.
The veterinary patient monitoring equipment market is regulated by government agencies such as the European Medicines Agency (EMA), USFDA (the US Food and Drug Administration), and others.The EMA should certify the medical devices before they are marketed.
The EMA verifies the safety and quality of the devices before they can be certified and approved for use throughout the European Union. The EMA requires all devices to comply with the regulations stated under Directive 2001/82/EC and Regulation (EC) No. 726/2004.
In August 2020, Merck Animal Health, a US-based company specializing in veterinary products, technologies, and services, acquired IdentiGEN Ltd. for an undisclosed amount. Through this acquisition, Merck offers animal monitoring for food producers, processors, and retailers who are searching for precise and comprehensive animal traceability solutions that offer full accountability as well as increased transparency, food quality, and sustainability for consumers. In combination with Merck’s current identification and monitoring technology, which provides real-time, actionable data and insights to aid in, improve, or enhance animal management and health outcomes, the addition of specialized digital technology to our portfolio of medications, vaccines, and services offers comprehensive solutions to help advance animal health. IdentiGEN Ltd. is a land-based company pioneering in DNA-based analysis and diagnostics for animal health monitoring.
The countries covered in the veterinary anesthesia equipment market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The veterinary patient monitoring equipment research report is one of a series of new reports that provides veterinary patient monitoring equipment statistics, including veterinary patient monitoring equipment industry global market size, regional shares, competitors with veterinary patient monitoring equipment shares, detailed veterinary patient monitoring equipment segments, market trends and opportunities, and any further data you may need to thrive in the veterinary patient monitoring equipment industry. This veterinary patient monitoring equipment research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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