Global Veterinary Monitoring Equipment Market 2023-2030

Global Veterinary Monitoring Equipment Market 2023-2030

Global Veterinary Monitoring Equipment Market Size, Share & Trends Analysis Report Market by Equipment Type (Vital Sign Monitors, Capnography and Oximetry Systems, Anesthesia Monitor, ECG and EKG Monitors, Magnetic Resonance Imaging (MRI) Systems, and Other Veterinary Monitoring Equipment), by Target Area (Cardiology, Respiratory, Neurology, and Others), by Animal Type (Small Companion Animals, Large Animals, and Others), and by End-User (Veterinary Clinics and Diagnostic Centers, Veterinary Hospitals, and Others), Forecast Period (2023-2030)

The global veterinary monitoring equipment market is anticipated to grow at a considerable CAGR of 8.3% during the forecast period. The increasing prevalence of animal disorders along with growing focus on animal health is a key factor driving the market growth. As per Pet Food Manufacturer Association, there were more than 54 million pets in the UK in 2022. About 44.0% household had at least 1 pet. There are approximately 12 million dogs as pets in the UK, with 31.0% of households owning a dog. There are approximately 11 million pet cats in the UK, with 26.0% of all households having a cat. The high adoption of pets in the country will lead to the demand for veterinary monitoring equipment monitoring market in the country.

The trend to adopt the companion animals is increasing across the globe especially in developed and emerging economies. A companion animal is a pet which is kept for the company with the human and not for a service. Most adopted companion animals are cats and dogs followed by rabbit, birds, pigs, snakes. According to the US National shelter, the adoption rate of cats and dogs has steadily increased in the recent years. Approximately 6.3 million companion animals enter US animal shelters nationwide every year. Of those, approximately 3.1 million are dogs and 3.2 million are cats. Approximately 4.1 million shelter animals are adopted each year (2 million dogs and 2.1 million cats). According to the estimation of American Pet Products Association, in 2022, 69 million dogs and 45.4 million cats are owned in the US. Approximately 44.0% of all households in the US have a dog, and 35.0% have a cat. The high number of companion animals across the region creates demand for their proper care hence driving the growth of the global veterinary monitoring equipment market.

According to the HealthforAnimals, the estimated total worldwide companion animal diagnostics spending was 4.6 billion in 2022. Thus, the rising focus on monitoring animals and improving their health is creating demand for veterinary monitoring equipment.

Segmental Outlook

The global veterinary monitoring equipment market is segmented based on equipment type, target area, animal type, and end-user. Based on equipment type, the market is segmented into vital sign monitors, capnography and oximetry systems, anesthesia monitor, ECG and EKG monitors, Magnetic Resonance Imaging (MRI) systems, and other veterinary monitoring equipment. Based on target area, the market is segmented into cardiology, respiratory, neurology, and other. Based on end-user, the market is sub-segmented into veterinary clinics and diagnostic centers, veterinary hospitals, other end-users.

Vital Sign Monitor Held Major Market Share in Global Market

The vital sign monitors segment held major market share in 2022. The significant rise in animal disorders, increase in product launches and rise in surgeries in animals which require continuous monitoring post-surgery are the key factors driving the growth of this market segment. Monitoring vital signs, such as heart rate, core body temperature, and respiration rate, is essential to animal well-being, especially to ensure survival and rapid recovery from surgery. Also, several manufacturers are launching monitoring equipment due to the importance of vital sign monitoring.

Regional Outlook

The global veterinary monitoring equipment market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America).

Asia-Pacific is anticipated to exhibit highest CAGR during the forecast period

The increasing demand for advanced veterinary monitoring equipment in emerging economies such as India and China have driven the regional market growth. In April 2023, Parshottam Rupala, Union Minister for Fisheries, Animal Husbandry, and Dairying, has launched the Animal Pandemic Preparedness Initiative and World Bank-funded Animal Health System Support for One Health to improve India's preparedness and response to potential animal pandemics in accordance with the One Health approach. Such developments are further contributing to the regional market growth.

Market Players Outlook

The major companies serving the global veterinary monitoring equipment market include Covetrus Inc., Agfa-Gevaert Group, Smiths Medical, Masimo Corp., and Midmark Corp. among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in December 2022, ALR Technologies SG Ltd. the diabetes management company, has entered into a co-branded distribution agreement with Covetrus, Inc. a provider of animal-health technology and services, for ALRT’s GluCurve Pet CGM, a continuous glucose monitoring (“CGM”) system for diabetic cats and dogs. The GluCurve Pet CGM is the first and only continuous glucose monitoring system designed for diabetic cats and dogs and sold directly to veterinarians. With this, the company has increased its dealership network.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global veterinary monitoring equipment market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.