Yahoo Finance Veterinary Patient Monitoring Equipment Global Market Report 2022
Major players in the veterinary patient monitoring market are Smiths Group plc; Hallowell Engineering & Manufacturing Corporation; DRE Veterinary; Digicare Biomedical Technology Inc. ; Midmark Corporation; Medtronic plc.
New York, May 26, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Veterinary Patient Monitoring Equipment Global Market Report 2022" - https://www.reportlinker.com/p06281018/?utm_source=GNW
; Jorgensen Laboratories; Vetland Medical Sales and Services LLC; Jorgen Kruuse A/S; Mila International Inc.; and Mindray Medical International Limited.
The global veterinary patient monitoring equipment market is expected to grow from $0.38 billion in 2021 to $0.42 billion in 2022 at a compound annual growth rate (CAGR) of 10.2%. The market is expected to grow to $0.59 billion in 2026 at a compound annual growth rate (CAGR) of 8.7%.
The veterinary patient monitoring equipment market consists of the sale of veterinary patient monitoring equipment which is used to monitor animals’ respiration, blood pressure, and other vital signs.Veterinary patient monitoring equipment is used to monitor the animals to detect diseases at early stages to prevent any risks.
The veterinary patient monitoring equipment industry includes companies that manufacture monitoring devices to detect diseases that affect animals.
The main types of veterinary patient monitoring equipment are cardiac monitoring devices, respiratory monitoring devices, remote patient monitoring devices, multi-parameter monitoring devices, neuromonitoring devices, and other products.The cardiac monitoring devices refer to the devices that deal with animal cardiac diseases.
These are used for the animals such as small companion animals, large companion animals, wild animals, zoo animals, aquatic animals, exotic animals. Veterinary patient monitoring equipment is used in veterinary hospitals, veterinary clinics, veterinary research centers.
North America was the largest region in the veterinary patient monitoring market in 2021.Asia Pacific was the second-largest region in the veterinary patient monitoring market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
An increase in the prevalence rate of diseases among animals serves as one of the major drivers for the veterinary patient monitoring equipment market.An increase in the incidence of diseases in livestock and companion animals will require monitoring equipment to diagnose the diseases among animals.
For instance, according to the Banfield Pet Hospital’s 2020 Veterinary Emerging Topics (VET) Report, more than 50% of the dogs at 1,000 hospitals in 2019 were overweight or obese.Overweight pets are more likely to suffer from joint disease, respiratory disease, and other preventable conditions.
The increase in the prevalence rate of diseases for animals results in increased demand for enhanced veterinary patient monitoring equipment.
The veterinary patient monitoring equipment is highly expensive.The price of equipment will be a significant expense for a veterinary clinic or hospital.
For instance, the price of average wearable devices ranges from $50 to $100 and will likely have a recurring software as a service (SaaS) fee to store & retrieve an animal’s health data analytics. These expenses hinder the growth of the veterinary patient monitoring equipment market.
Veterinarians and pet or cattle owners are shifting to wearable technology to keep track of animal behavior.Wearable technology is smart electronic devices that are worn on the body or integrated with clothing or accessories and monitor body temperature, behavior, and movement.
These wearable monitoring devices provide timely insights regarding the overall health of the animal and help the veterinarian to provide an appropriate diagnosis to the animal.For instance, Vetrax, a wearable sensor worn on a dog’s collar, enables clinicians and pet owners to monitor aspects of an animal’s behavior when they are unsupervised.
According to a report by Veterinary Practice News, 83% of pet owners are satisfied with the use of wearable technology and 68% are finding it an effective way of monitoring the weight and diabetes of their pets.
The veterinary patient monitoring equipment market is regulated by government agencies such as European Medicines Agency (EMA), USFDA (the US food and drug ministration), and others.EMA should certify the medical devices before they are marketed.
EMA verifies the safety and quality of the devices before they can be certified and approved for use throughout the European Union. The EMA requires all the devices to comply with the regulations stated under Directive 2001/82/EC and Regulation (EC) No 726/2004.
In April 2019, American pharmaceutical company Merck & Co. headquartered in New Jersey acquired Antelliq for $2.4 billion. Antelliq will now work in Merck’s animal health division. This acquisition marks the beginning of the trend for pharmaceutical companies to give equal importance to their veterinary devices as well as their human healthcare equipment. Antelliq, a company in the field of animal identification and monitoring will not only re-establish and widely improve Merck’s reach in the veterinary monitoring devices market but will also enhance the quality of the devices. Antelliq is an American company established in 2013 and is headquartered in Dallas, Texas.
The countries covered in the veterinary anesthesia equipment market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, and USA.
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