Market Trends of Veterinary Equipment And Disposables Industry
Patient Monitoring Segment is Expected to Witness Significant Growth Over the Forecast Period
Recent technological advancements and innovations, such as wearables and other connected technologies, have shown great potential in the diagnosis and treatment of pets worldwide. Wearable technologies have extended the reach of veterinarians beyond the confines of their practices, enabling them to monitor the effects of their treatment recommendations on a 24/7 basis. These wearables include devices such as radio frequency identification, global positioning systems (GPS), and sensors that are used to monitor patients.
As the number of surgical procedures performed on animals increases, there has been a corresponding increase in the monitoring of animal physical health, which includes the monitoring of heart rate, respiratory rate, blood pressure, oxygen saturation, capillary refill time, and other vital signs. The high prevalence of chronic diseases in animals is also expected to drive the adoption of patient monitoring systems. For instance, according to a report published by the Journal of Small Animal Practice in April 2022, the prevalence of osteoarthritis was higher in aging dogs, as over 20% of dogs above the age of one year had osteoarthritis. Similarly, according to a report published by the Morris Animal Foundation in October 2023, in the United States, over 14 million adult dogs were affected with osteoarthritis in the country in 2022, and over 90% of cats over 12 years old were suffering from osteoarthritis.
In addition, the rising trend of pet adoption worldwide is another key factor driving growth in this segment. According to data updated in 2022 by Der Deutsche Heimtiermarkt, 47% of households in Germany had pets, and the population kept 34.7 million dogs, cats, small animals, and ornamental birds as pets. The number of cats adopted was higher than that of dogs, with 16.7 million cats living in 26% of German households compared to 10.3 million dogs in 21% of households. This trend is expected to continue to drive growth in the patient monitoring systems segment.
Furthermore, the increasing efforts of key market players to develop advanced technologies and devices are also contributing to the growth of this segment. For example, in March 2023, Zoetis inaugurated the expansion of its multi-purpose diagnostics platform, Vetscan Imagyst, to include two new applications, one for AI dermatology and another for AI equine FEC analysis.
In conclusion, due to the increasing technological advancements in patient monitoring, rising pet adoption, and growing awareness among pet owners, it is expected that the patient monitoring systems segment will continue to experience growth during the forecast period.
North America is Expected to Hold a Significant Share in the Market Over the Forecast Period
North America is expected to hold a significant share in the veterinary equipment and disposables market over the forecast period, owing to factors such as rising pet adoption and increasing per capita animal healthcare expenditure. The rise in the prevalence of various animal diseases was identified as the major driving factor for market growth.
The growing pet population and an increase in spending on pet care fueled market growth. For instance, according to a report published by the Forbes Advisor in January 2024, 66% of US households, that is 86.9 million homes, own a pet. Similarly, according to data from the Canadian Animal Health Institute (CAHI) in September 2022, it was estimated that more than half of Canadian households (60%) owned at least one dog or cat in 2022. The data also detailed that the dog population increased to 7.9 million, and the cat population increased to 8.5 million in 2022.
Moreover, the rising product launches by key market players were expected to boost market growth. For instance, in January 2023, EKF Diagnostics launched a new version of its Lactate Scout analyzer tailored to meet veterinary practitioners' needs. This new version is expected to provide accurate and reliable lactate measurements in veterinary settings, enabling practitioners to quickly and efficiently diagnose and monitor a range of conditions in animals.
Hence, owing to factors such as the rising prevalence of animal diseases, rising pet adoption, and increasing product launches by key market players, the market studied is expected to register growth in the region.
