Market Trends of Veterinary Monitoring Industry
This section covers the major market trends shaping the Veterinary Monitoring Equipment Market according to our research experts:
Vital Sign Monitors are Expected to Witness Significant Growth Over the Forecast Period
The vital sign monitors segment is anticipated to grow significantly over the forecast period owing to the factors such as the rise in diseases in animals, increase in product launches and rise in surgeries in animals which require continuous monitoring post-surgery. Monitoring helps improve the consistency of the surgical outcome, thereby improving the quality of data obtained from each animal. Monitoring vital signs, such as heart rate, core body temperature, and respiration rate, is essential to animal well-being, especially to ensure survival and rapid recovery from surgery. Also, several manufacturers are launching monitoring equipment due to the importance of vital sign monitoring.
Furthermore, studies associated with the development of vital sign monitors for animals are anticipated to boost segment growth. For instance, as per the article published in June 2022 in the MDPI journal, to prevent population losses and enhance image quality, it is crucial to monitor the mice's vital signs during imaging procedures. In order to achieve this, a system comprised of a trio of components, a piezoelectric sensor and an optical module that can measure the body temperature, respiratory rate, heart rate, and arterial blood oxygen saturation in mice was developed. Hence, such vital sign monitor development for small animals is anticipated to drive the market growth over the forecast period.
In addition, in January 2022, French technology firm Invoxia came up with a novel Smart Dog Collar ahead of CES (Consumer Electronics Show) 2022. It does not only help offer GPS tracking but also gives details on the pet's vital signs monitoring, such as heart rate, respiratory rate, sleeping, resting time, and more. Hence, such product introduction in vital sign monitoring for animals is expected to boost market growth over the forecast period.
Thus, due to the rise in focus on animal health, and the increase in vital sign monitor product launches, the studied segment is anticipated to witness growth in the market over the forecast period.
North America is Expected to Witness Significant Growth Over the Forecast Period
North America is anticipated to hold a significant share of the market over the forecast period. The major factors contributing to the growth of the market are the increasing prevalence of animal disorders in the region and technological advancements in veterinary monitoring equipment. In addition, the surge in the adoption of pets in the country is also one of the primary factors contributing to the market growth. According to the 2021-2022 National Pet Owners Survey conducted by the American Pet Products Association (APPA), around 70% of US households own a pet, equating to 90.5 million homes, including 45.3 million cats and 69 million dogs. The rising instances of pet insurance in the country are also expected to boost the market growth. For instance, according to the 2022 statistics published by the Insurance Information Institute, California (19.3%), New York (8.4%), and Florida (6.1%) are the three states with the highest percentage of insured pets. Thus, the growing pet adoption is leading to an increase in the focus on the availability of pet insurance. Due to the availability of pet insurance, pet owners are spending more on pet healthcare. This is creating opportunities for the development and availability of advanced and innovative veterinary monitoring equipment.
Moreover, the presence of several market players and their strategic activities in the region is further contributing to the market growth in the region. For instance, in October 2022, Midmark Corp., a company providing medical, dental, and animal health solutions, entered a partnership with SignalPET, the creator of the SignalSMILE software that uses artificial intelligence and machine learning technology to help veterinarians detect common pathologies on companion animal dental X-rays. Similarly, in June 2022, Dextronix launched a new Chest Adapter for VET-ECG. This adapter makes resting ECGs a breeze by eliminating clips or pads and allows for super-fast and accurate six-lead ECG patient screenings. The device is held to the patient's chest while the ECG data is streamed directly to the computer screen or preferred mobile device.
Thus, due to the surge in focus on animal health and the increase in funding and product launches for veterinary monitoring devices, North America is anticipated to witness growth in the market over the forecast period.
