Market Size of Veterinary Monitoring Industry
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 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 | ||||||||
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Veterinary Monitoring Market Size Summary
The veterinary monitoring equipment market is poised for significant growth, driven by an increasing focus on animal health and the rising prevalence of animal diseases. The market's expansion is attributed to the growing demand for veterinary monitoring devices, fueled by the increasing incidence of animal disorders and a heightened awareness of pet health. The COVID-19 pandemic initially disrupted the market by delaying routine veterinary check-ups, but as restrictions eased, the market began to recover, with a renewed emphasis on animal health and disease prevention. The rising preference for pet insurance further propels market growth, as insured pet owners are more inclined to seek regular veterinary care, thereby increasing the demand for monitoring equipment.
North America is expected to hold a substantial share of the veterinary monitoring equipment market, supported by technological advancements and a high rate of pet adoption. The region's market growth is bolstered by the increasing prevalence of animal disorders and the availability of pet insurance, which encourages pet owners to invest in advanced healthcare solutions for their animals. The competitive landscape is moderately active, with key players like Midmark Corporation, Smiths Medical, and Masimo leading the market. These companies are actively engaging in strategic partnerships and product launches to enhance their market presence. Innovations such as the Smart Dog Collar and advanced vital sign monitors are anticipated to drive further growth, as they offer comprehensive health monitoring solutions for pets.
Veterinary Monitoring Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Focus on Animal Health
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1.2.2 Rise in Preference for Pet Insurance
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1.2.3 High Prevalence of Animal Disorders
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1.3 Market Restraints
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1.3.1 High Cost of Monitoring Equipment
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1.4 Porter Five Forces
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Equipment Type
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2.1.1 Vital Sign Monitors
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2.1.2 Capnography and Oximetry Systems
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2.1.3 Anesthesia Monitors
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2.1.4 ECG and EKG Monitors
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2.1.5 Magnetic Resonance Imaging (MRI) Systems
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2.1.6 Other Veterinary Monitoring Equipment
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2.2 By Target Area
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2.2.1 Cardiology
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2.2.2 Respiratory
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2.2.3 Neurology
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2.2.4 Other Target Areas
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2.3 By Animal Type
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2.3.1 Small Companion Animals
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2.3.2 Large Animals
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2.3.3 Other Animal Types
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2.4 By End User
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2.4.1 Veterinary Clinics and Diagnostic Centers
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2.4.2 Veterinary Hospitals
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2.4.3 Other End Users
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2.5 Geography
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2.5.1 North America
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2.5.1.1 United States
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2.5.1.2 Canada
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2.5.1.3 Mexico
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2.5.2 Europe
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2.5.2.1 Germany
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2.5.2.2 United Kingdom
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2.5.2.3 France
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2.5.2.4 Italy
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2.5.2.5 Spain
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2.5.2.6 Rest of Europe
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2.5.3 Asia-Pacific
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2.5.3.1 China
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2.5.3.2 Japan
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2.5.3.3 India
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2.5.3.4 Australia
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2.5.3.5 South Korea
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2.5.3.6 Rest of Asia-Pacific
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2.5.4 Middle East and Africa
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2.5.4.1 GCC
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2.5.4.2 South Africa
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2.5.4.3 Rest of Middle East and Africa
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2.5.5 South America
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2.5.5.1 Brazil
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2.5.5.2 Argentina
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2.5.5.3 Rest of South America
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Veterinary Monitoring Market Size 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.