Veterinary Monitoring Equipment Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 9.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Veterinary Monitoring Equipment Market Analysis
The veterinary monitoring equipment market is expected to register a CAGR of more than 9% during the forecast period.
COVID-19 significantly impacted the veterinary monitoring equipment market since the routine check-up for animals by vets were delayed due to the lockdown and travel restrictions. For instance, as per the report published by the American Veterinary Medical Association in September 2021, as a result of COVID-19, veterinary practices had a difficult situation adjusting to the real changes that occurred across the globe. Veterinary clinics accepted only urgent cases in the early months of the pandemic, which resulted in a substantial backlog in appointments. However, as the restrictions were lifted and COVID-19 cases were reduced, the market is likely to witness growth in the coming years due to the increase in focus on animal health and the rise in the prevalence of animal diseases.
The market growth can be largely attributed to the increasing prevalence of animal disorders, increasing focus on animal health, and increasing preference for pet insurance across the globe. These factors are majorly contributing to the increasing demand for veterinary monitoring equipment. For instance, as per the 2022 statistics by HealthforAnimals, the estimated total worldwide companion animal diagnostics spending was 4.6 billion in 2022. Thus, the focus on monitoring animals and improving their health is growing, contributing to the rising demand for monitoring equipment.
Moreover, increasing preference for pet health insurance is contributing to market growth. For instance, as per the 2022 statistics by the NAPHIA, close to 4.41 million pets were insured in North America at the end of 2021, and the pet health insurance marketplace increased by 27.7% over the past year. Such an increase in pets insured each year is expected to drive the demand for veterinary monitoring equipment as the owners would be more willing in terms of regular veterinary visits and increased pet health awareness. Thus, given the above-mentioned factors, the market is anticipated to grow significantly over the forecast period. Also, the rise in chronic diseases in animals that require continuous monitoring is likely to fuel market growth. For instance, research was conducted in collaboration with a group of scientists from the United Kingdom and Spain, which was published in October 2021 in Nature journal; cancer was a major reason for veterinary consultation in the United Kingdom, especially in companion animals. Cancer surveillance and monitoring play a key role in the veterinary monitoring device market, which is predicted to create opportunities for the market studied.
Thus, due to the rise in focus on animal health, increase in insurance coverage on animal health, and surge in animal diseases, the studied market is anticipated to witness growth over the forecast period. However, the high cost of monitoring equipment is one of the few factors hindering the growth of the market.
Veterinary Monitoring Equipment Market Trends
This section covers the major market trends shaping the Veterinary Monitoring Equipment Market according to our research experts:
Vital Sign Monitors are Expected to Witness Significant Growth Over the Forecast Period
The vital sign monitors segment is anticipated to grow significantly over the forecast period owing to the factors such as the rise in diseases in animals, increase in product launches and rise in surgeries in animals which require continuous monitoring post-surgery. Monitoring helps improve the consistency of the surgical outcome, thereby improving the quality of data obtained from each animal. 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.
Furthermore, studies associated with the development of vital sign monitors for animals are anticipated to boost segment growth. For instance, as per the article published in June 2022 in the MDPI journal, to prevent population losses and enhance image quality, it is crucial to monitor the mice's vital signs during imaging procedures. In order to achieve this, a system comprised of a trio of components, a piezoelectric sensor and an optical module that can measure the body temperature, respiratory rate, heart rate, and arterial blood oxygen saturation in mice was developed. Hence, such vital sign monitor development for small animals is anticipated to drive the market growth over the forecast period.
In addition, in January 2022, French technology firm Invoxia came up with a novel Smart Dog Collar ahead of CES (Consumer Electronics Show) 2022. It does not only help offer GPS tracking but also gives details on the pet's vital signs monitoring, such as heart rate, respiratory rate, sleeping, resting time, and more. Hence, such product introduction in vital sign monitoring for animals is expected to boost market growth over the forecast period.
Thus, due to the rise in focus on animal health, and the increase in vital sign monitor product launches, the studied segment is anticipated to witness growth in the market over the forecast period.
North America is Expected to Witness Significant Growth Over the Forecast Period
North America is anticipated to hold a significant share of the market over the forecast period. The major factors contributing to the growth of the market are the increasing prevalence of animal disorders in the region and technological advancements in veterinary monitoring equipment. In addition, the surge in the adoption of pets in the country is also one of the primary factors contributing to the market growth. According to the 2021-2022 National Pet Owners Survey conducted by the American Pet Products Association (APPA), around 70% of US households own a pet, equating to 90.5 million homes, including 45.3 million cats and 69 million dogs. The rising instances of pet insurance in the country are also expected to boost the market growth. For instance, according to the 2022 statistics published by the Insurance Information Institute, California (19.3%), New York (8.4%), and Florida (6.1%) are the three states with the highest percentage of insured pets. Thus, the growing pet adoption is leading to an increase in the focus on the availability of pet insurance. Due to the availability of pet insurance, pet owners are spending more on pet healthcare. This is creating opportunities for the development and availability of advanced and innovative veterinary monitoring equipment.
Moreover, the presence of several market players and their strategic activities in the region is further contributing to the market growth in the region. For instance, in October 2022, Midmark Corp., a company providing medical, dental, and animal health solutions, entered a partnership with SignalPET, the creator of the SignalSMILE software that uses artificial intelligence and machine learning technology to help veterinarians detect common pathologies on companion animal dental X-rays. Similarly, in June 2022, Dextronix launched a new Chest Adapter for VET-ECG. This adapter makes resting ECGs a breeze by eliminating clips or pads and allows for super-fast and accurate six-lead ECG patient screenings. The device is held to the patient's chest while the ECG data is streamed directly to the computer screen or preferred mobile device.
Thus, due to the surge in focus on animal health and the increase in funding and product launches for veterinary monitoring devices, North America is anticipated to witness growth in the market over the forecast period.
Veterinary Monitoring Equipment Industry Overview
The veterinary monitoring equipment market is moderately competitive, and a few companies are currently dominating the market. The competitive landscape includes an analysis of a few international as well as local companies that hold market shares and are well known. These companies include Midmark Corporation, Smiths Medical, Masimo, and ICU medical, among others.
Veterinary Monitoring Equipment Market Leaders
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Covetrus
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Agfa-Gevaert Group
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Smiths Medical
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Masimo
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Midmark Corporation
*Disclaimer: Major Players sorted in no particular order
Veterinary Monitoring Equipment Market News
- October 2022: Darvall launched a new range of anesthetic monitoring equipment at the London Vet Show. The Darvall Express allows practitioners to begin monitoring patients at the critical start of anesthesia and incorporates high-tech instrumentation with easy-to-use features such as simple push-button operation.
- March 2022: Hacarus Inc, a provider of lightweight and explainable AI, launched its ECG platform, along with DS Pharma Animal Health. The device measures and analyzes the heart condition of dogs to aid in the early detection of cardiac disease, the second leading cause of death for canines. The innovative ECG platform creates a stress-free and easy-to-use environment for both canine patients and veterinary technicians.
Veterinary Monitoring Equipment Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Increasing Focus on Animal Health
- 4.2.2 Rise in Preference for Pet Insurance
- 4.2.3 High Prevalence of Animal Disorders
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4.3 Market Restraints
- 4.3.1 High Cost of Monitoring Equipment
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4.4 Porter Five Forces
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
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5.1 By Equipment Type
- 5.1.1 Vital Sign Monitors
- 5.1.2 Capnography and Oximetry Systems
- 5.1.3 Anesthesia Monitors
- 5.1.4 ECG and EKG Monitors
- 5.1.5 Magnetic Resonance Imaging (MRI) Systems
- 5.1.6 Other Veterinary Monitoring Equipment
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5.2 By Target Area
- 5.2.1 Cardiology
- 5.2.2 Respiratory
- 5.2.3 Neurology
- 5.2.4 Other Target Areas
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5.3 By Animal Type
- 5.3.1 Small Companion Animals
- 5.3.2 Large Animals
- 5.3.3 Other Animal Types
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5.4 By End User
- 5.4.1 Veterinary Clinics and Diagnostic Centers
- 5.4.2 Veterinary Hospitals
- 5.4.3 Other End Users
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5.5 Geography
- 5.5.1 North America
- 5.5.1.1 United States
- 5.5.1.2 Canada
- 5.5.1.3 Mexico
- 5.5.2 Europe
- 5.5.2.1 Germany
- 5.5.2.2 United Kingdom
- 5.5.2.3 France
- 5.5.2.4 Italy
- 5.5.2.5 Spain
- 5.5.2.6 Rest of Europe
- 5.5.3 Asia-Pacific
- 5.5.3.1 China
- 5.5.3.2 Japan
- 5.5.3.3 India
- 5.5.3.4 Australia
- 5.5.3.5 South Korea
- 5.5.3.6 Rest of Asia-Pacific
- 5.5.4 Middle East and Africa
- 5.5.4.1 GCC
- 5.5.4.2 South Africa
- 5.5.4.3 Rest of Middle East and Africa
- 5.5.5 South America
- 5.5.5.1 Brazil
- 5.5.5.2 Argentina
- 5.5.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 Dextronix Inc.
- 6.1.2 Agfa-Gevaert Group
- 6.1.3 ICU Medical (Smiths Medical)
- 6.1.4 Avante Animal Health
- 6.1.5 Midmark Corporation
- 6.1.6 Bionet America Inc.
- 6.1.7 Hallmarq Veterinary Imaging
- 6.1.8 Nonin
- 6.1.9 VETLAND MEDICAL SALES AND SERVICES
- 6.1.10 Masimo
- 6.1.11 Vetronic Services
- 6.1.12 Digicare Biomedical
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Veterinary Monitoring Equipment Industry Segmentation
As per the scope of the report, veterinary monitoring equipment is the equipment used in monitoring the vital signs in animals, such as blood pressure and respiration, and the detection of diseases in animals in the early stages. Veterinary monitoring equipment is also used to monitor the body temperature of animals. The market consists of companies engaged in manufacturing monitoring devices for disease detection in animals. The Veterinary Monitoring Equipment Market is Segmented by Equipment Type (Vital Sign Monitors, Capnography and Oximetry Systems, Anesthesia Monitors, ECG and EKG Monitors, Magnetic Resonance Imaging (MRI) Systems, and Other Veterinary Monitoring Equipment), Target Area (Cardiology, Respiratory, Neurology, and Other Target Areas), Animal Type (Small Companion Animals, Large Animals, and Other Animals), End User (Veterinary Clinics and Diagnostic Centers, Veterinary Hospitals, and Other End Users) and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above segments.
| By Equipment Type | Vital Sign Monitors | |
| Capnography and Oximetry Systems | ||
| Anesthesia Monitors | ||
| ECG and EKG Monitors | ||
| Magnetic Resonance Imaging (MRI) Systems | ||
| Other Veterinary Monitoring Equipment | ||
| By Target Area | Cardiology | |
| Respiratory | ||
| Neurology | ||
| Other Target Areas | ||
| By Animal Type | Small Companion Animals | |
| Large Animals | ||
| Other Animal Types | ||
| By End User | Veterinary Clinics and Diagnostic Centers | |
| Veterinary Hospitals | ||
| Other End Users | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Italy | ||
| Spain | ||
| Rest of Europe | ||
| Geography | Asia-Pacific | China |
| Japan | ||
| India | ||
| Australia | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | Middle East and Africa | GCC |
| South Africa | ||
| Rest of Middle East and Africa | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America |
Veterinary Monitoring Equipment Market Research FAQs
What is the current Veterinary Monitoring Market size?
The Veterinary Monitoring Market is projected to register a CAGR of 9% during the forecast period (2024-2029)
Who are the key players in Veterinary Monitoring Market?
Covetrus, Agfa-Gevaert Group, Smiths Medical, Masimo and Midmark Corporation are the major companies operating in the Veterinary Monitoring Market.
Which is the fastest growing region in Veterinary Monitoring Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Veterinary Monitoring Market?
In 2024, the North America accounts for the largest market share in Veterinary Monitoring Market.
What years does this Veterinary Monitoring Market cover?
The report covers the Veterinary Monitoring Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Veterinary Monitoring Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Veterinary Monitoring Industry Report
Statistics for the 2024 Veterinary Monitoring market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Veterinary Monitoring analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
