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%. The growth of this market is primarily attributed to factors such as the increasing awareness regarding animal health, increasing focus on animal health among pet owners, 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. The need for continuous pet health evaluation & diagnosis and wearable monitoring devices are gaining recognition as opportunity areas in the market.
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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).
By type, vital sign monitors dominated the veterinary monitoring equipment market
Based on type, the veterinary monitoring equipment market has been segmented into vital sign monitors, anaesthesia monitors, capnography & oximetry systems, ECG & EKG monitors, MRI systems, and other equipment. The vital sign monitors segment accounted for the largest market share in 2018 due to 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 the development of wireless monitors).
The weight & temperature monitoring segment accounted for the largest share of the veterinary monitoring equipment market
Based on target area, the veterinary monitoring equipment market has been segmented into cardiology, neurology, respiratory disorders, weight & temperature monitoring, multi-parameter monitoring, and other target areas (including dentistry, pain, trauma, gynaecology, orthopaedics, and ophthalmology). The weight & temperature monitoring segment dominated the market, due to the need for effective weight & temperature monitoring for detecting diseases, monitoring progression and response to treatment, and checking both fluid retention & overload in animals during the assessment of hydration levels.
Small companion animals formed the largest animal type segment of veterinary monitoring equipment
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). In 2018, small companion animals accounted for the largest share of the veterinary monitoring equipment market, due to the increasing adoption of companion animals, increased focus on safety, increased expenditure on animal health & preventive care, aging pet population, and advancements in animal health products.
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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.
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In April 2019, Agfa signed an agreement with Universal Imaging, a multi-modality veterinary provider, to provide high-quality, low-dose imaging in the North American veterinary market. This helped Agfa extend its footprint in the US and Canadian markets for veterinary supplies.
In December 2018, Henry Schein, Inc. and Vets First Choice underwent a corporate rebranding and changed its name to Covetrus, as a result of the planned spin-off of the Henry Schein Animal Health business and the subsequent merger with Vets First Choice.
In October 2018, Midmark Corporation (US) opened its new corporate headquarters at Austin Landing, strengthening its position in the healthcare industry in this region.
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