DUBLIN, June 23, 2023 /PRNewswire/ — The “Veterinary Monitoring Equipment Market – Forecasts from 2023 to 2028” report has actually been contributed to ResearchAndMarkets.com’s offering.
The worldwide veterinary tracking equipment market is anticipated to grow at a CAGR of 10.07% from a market appraisal of US$293.18 million in 2021 to reach US$574.03 million in 2028.
The veterinary tracking equipment market is poised to grow due to the increasing quantity of family pet owners, in addition to the growing awareness towards animal health care. For example, according to the Insurance Information Institute, in 2022, about 3.9 million family pets in the United States were guaranteed at the end of the year 2021, which was an increment of 20% when compared to the 2020 data. Such elements are anticipated to hold financially rewarding opportunities for the veterinary tracking equipment suppliers as more individuals continue to invest in animal health care.
Furthermore, it is vital for keeping an eye on essential indications of animal health consisting of heart rate, core body temperature level, and breathing rate, especially to make sure survival and quick healing following surgical treatment. Numerous business are launching tracking equipment considering that essential indication tracking is extremely vital.
Moreover, the big animals population in numerous parts of the world is likewise anticipated to drive the need for this tracking equipment. For circumstances, according to the Department of Animal Husbandry and Dairying of India’s 20th Livestock Census, the overall animals population in the nation grew by almost 4.8% in contrast to the Livestock Census-2012, to 536.76 million in 2019.
Further, according to information from Eurostat, the European Union was reported to have an overall animals population of about 289 million. Such a big population of animals is therefore anticipated to drive the need for veterinary tracking equipment due to a greater likelihood of health problem.
The veterinary tracking equipment market is driven by increased family pet ownership
The veterinary tracking equipment market is anticipated to see substantial development due to the high percentage of individuals owning family pets, which is anticipated to enhance the requirement for animal health care and undoubtedly, keeping an eye on equipment too. For instance, according to data from the national pet owner survey run by the APPA (American Pet Product Association) for the year 2021-22, approximately 70% of the households in the United States were reported to own a pet 69 million pet dogs and 45.3 million pet cats were reported according to the data from this survey.
The increased number of pet owners and their inclination towards spending on animal healthcare has also opened up major opportunities for businesses to develop novel veterinary tracking equipment.
Key Developments
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In October 2022, Darvall launched its fresh new range of cutting-edge equipment for anesthesia monitoring. The introduction of such modern products in response to the growing customer demographic due to rising family pet ownership is thus expected to drive significant market growth.
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Bionet America, Inc. unveiled the BMVet PRO Series of multi-parameter monitors in February 2020, which comprised the BMRVet PRO, the BM5Vet PRO, & BM7Vet PRO. The multiparameter monitors were made up of veterinary-specific parts and algorithms.
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In July 2020, the Midmark Multiparameter Monitor, which has veterinary-specific algorithms for use in the screening, treatment, surgery, and recovery sectors of veterinary clinics, was announced by Midmark Corporation.
North America accounts for major shares of the veterinary tracking equipment market
There is a growing emphasis on animal health combined with rising awareness among pet owners and veterinarians about the importance of proper care for animals. For instance, in October 2022, a new manufacturing facility was launched by Merck Animal Health for Merck Animal Health’s animal intelligence products in Baton Range, Louisiana. This facility will expand the company’s production capacity.
Moreover, the US market is dominated by the strong presence of leading market players, increased investment in research and development, and growing demand for advanced technology products the speed of both the development and application of digital technologies in animal health is increasing exponentially.
Due to the growing awareness about the benefits of pet health insurance and the introduction of new affordable pet health insurance policies, a large number of pet owners are getting insurance for their family pets. For instance, in the United States, 3.9 million pets were insured at the end of 2021, a 20% increase from 2020, according to 2022 statistics published by the Insurance Information Institute.
Additionally, veterinarians and pet or cattle owners are turning to wearable technology to monitor animal behavior. These wearable keeping an eye on devices provide timely insights regarding the animal’s overall health and help the veterinarian provide an appropriate diagnosis for the animal. For circumstances, a wearable sensor worn on a dog’s collar, Vetrax allows clinicians and pet owners to monitor aspects of it. According to a Veterinary Practice News report, 83% of pet owners are satisfied with the use of wearable technology and 68% consider it an effective way to monitor their pet’s weight and diabetes.
Market Segmentation
By Type
By Application
By Animal Type
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Companion Animals
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Livestock
By End-user
By Geography
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North America
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South America
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Europe
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Middle East and Africa
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Asia Pacific
Companies Mentioned
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Agfa-Gevaert Group
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Bionet America Inc
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Burtons Medical Equipment
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Covetrus
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Digicare Biomedical
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DRE Veterinary (Avante Health Solutions)
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ESAOTE S.p.A.
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Hallowell Engineering & Manufacturing Corporation
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IMV Technologies
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Jorgensen Labs
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Masimo
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Medtronic
For more information about this report visit https://www.researchandmarkets.com/r/e6meb1
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