(PharmaNewsWire.Com, June 30, 2021 ) 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%. Growth in this market is driven by the increasing focus on animal health among pet owners, the 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.
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.
Veterinary clinics form the largest end-user segment in the veterinary monitoring equipment market.
Based on end user, the veterinary monitoring equipment market is segmented into veterinary hospitals, veterinary clinics & diagnostic centers, and research institutes. Veterinary clinics & diagnostic centers accounted for the largest share of the veterinary monitoring equipment market in 2018. The increasing pet population across the globe, increasing awareness regarding pet insurance, rising disposable income, and the increasing number of private practices are supporting the growth of this market segment.
In 2018, North America accounted for the largest share of the veterinary monitoring equipment market.
In 2018, North America dominated the global veterinary monitoring equipment market, followed by Europe. The large share of North America can be attributed to the increasing population of companion animals, rising veterinary healthcare expenditure, growing population of livestock (due to the high and growing consumption of meat and dairy products), and growing penetration of pet insurance in the region.
Prominent players in the veterinary monitoring equipment market include 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).
Smiths Group (UK) is one of the leading players in the global veterinary monitoring equipment market. This is mainly attributed to its wide geographic presence with various distribution partners across the globe. The company primarily focuses on strengthening its extensive global sales network. Smiths offers various capnographs and oximeters, such as Handheld Capnograph and the Tabletop Pulse Oximeter V3304. Nearly three-quarters of its end-user customers are hospitals, with other end users comprising the alternate care market, such as home care, clinics, and other surgery centers and OEM relationships. The company also provides clinical support to its customers with information pertaining to clinical aspects of veterinary products, which helps the company increase its customer base. In addition, Smiths also offers clinical education for veterinary professionals, which helps increase the adoption of the company’s products among veterinary professionals. The company has a diversified revenue system, which helps it to sustain its position in the market. The major competitors of Smiths in the veterinary monitoring equipment market are DRE Veterinary (US), Digicare Biomedical Technology (US), Midmark Corporation (US), and Medtronic plc (Ireland).
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