Veterinary Monitoring Equipment Market Analysis

Veterinary Monitoring Equipment Market Analysis

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By type, the veterinary monitoring equipment market is classified into vital sign monitors, capnography and oximetry systems, anesthesia monitors, ECG and EKG monitors, magnetic resonance imaging (MRI) systems, and other veterinary monitoring equipment. The vital sign monitors segment accounted for 34.4% of the market share in 2022 and is projected to witness robust growth over the analysis timeframe. Vital sign monitors play a crucial role in tracking and assessing the essential physiological parameters of animals, including heart rate, respiratory rate, blood pressure, and temperature.
 

The increasing awareness among veterinary professionals about the importance of continuous monitoring and early detection of abnormalities in animals vital signs will drive the demand for these monitoring systems. Additionally, advancements in technology have led to the development of more accurate, user-friendly, and portable vital sign monitors, further fuelling market demand. The growing emphasis on preventive care, improved patient outcomes, and the need for efficient monitoring solutions in veterinary settings are key factors propelling the market expansion.
 

Based on application, the veterinary monitoring equipment market is segmented into weight and temperature monitoring, cardiology, respiratory, neurology, multi-parameter monitoring, and other applications. The respiratory segment is expected to register around USD 338.2 million by 2032. There is a growing awareness among pet owners and veterinarians about the significance of monitoring respiratory health in animals. As a result, there is an increasing demand for specialized equipment that can accurately assess and monitor respiratory parameters in veterinary care. Moreover, advancements in respiratory monitoring technology, such as portable devices, wireless connectivity, and improved sensors, are driving the adoption of respiratory monitoring equipment in veterinary practices. These technological innovations enhance the accuracy, convenience, and ease of use in monitoring respiratory conditions in animals.
 

By animal type, the veterinary monitoring equipment market is segmented into small companion animals, large animals, and other animals. The small companion animals segment accounted for significant market revenue in 2022 and is expected to grow at 9.7% during the forecast period. A notable rise in the adoption of pet animals, including cats and dogs as companion of human has been observed over the past years. For instance, according to the Pet Keen statistics, the number of animals adopted each year in the UK is approximately 1.5 million. Similarly, in 2021, the number of dogs being adopted has increased by 5%, while that of cats being adopted has an increase of 2% in the UK. Thus, increasing population of adopted pets increases the animal healthcare spending, thereby fostering the market development.
 

The end-use in veterinary monitoring equipment market is divided into veterinary clinics and diagnostic centers, veterinary hospitals, and research institutes. Veterinary hospitals accounted for USD 228.6 million market revenue in 2022. Veterinary hospitals have a constant requirement for advanced monitoring equipment to ensure comprehensive care and promote animal well-being. Thus, veterinary hospitals require a variety of monitoring solutions to track vital signs, assess physiological parameters, and facilitate accurate diagnoses. Moreover, increasing product launches and rise in surgeries in animals that require continuous monitoring post-surgery will supplement the market growth.
 

Additionally, pet owners have been treating their pet as a family member, due to which they are significantly spending more on their pets. For instance, according to the Pets in Australia report, in 2019, the average annual household spending of people to keep their pets healthy was over 13 billion. Thus, increasing spending on animals will escalate the market share.
 

North America veterinary monitoring equipment market accounted for 39.2% business share in 2022 and is anticipated to grow at considerable growth rate during the forecast timeframe. Increasing prevalence of diseases among animals is one of the major factors contributing the market growth. For instance, according to the Association for Pet Obesity Prevention (APOP) report, in 2022, 59% of dogs and 61% of cats were classified as overweight or having obesity. Overweight dogs are more likely to suffer from respiratory diseases, joint disease, and other preventable conditions. Such diseases require constant monitoring, thereby fostering the market growth. Moreover, the presence of various market players and their strategic activities will further contribute to the regional market revenue.