The veterinary monitoring equipment market is evaluated at US$255.583 billion for the year 2020, growing at a CAGR of 12.22%, to reach the market size of US$572.834 billion by the year 2027. The very rationale for the growth of the veterinary monitoring equipment market has changed during the last few months due to the COVID 19 and has brought into focus, concomitantly raising the awareness of zoonotic diseases, or zoonoses, which is a negative externality arising from human-animal interaction that occurs almost daily. The ways individuals can get infected with germs that can cause zoonotic diseases generally include direct as well as indirect contact with animals. It also includes vector-borne, foodborne, and waterborne diseases.
According to the U.S. Department of Health and Human Services, 6 out of every 10 known infectious diseases in people can be spread from animals, and 3 out of every 4 new or emerging infectious diseases in people come from animals. The pandemic has also affected the global livestock trade with global export forecasts for the beef and chicken meat trade being trimmed due to emerging threats from the spread of the pandemic.
Further, due to the same, the Economic growth forecasts have been cut for 2020, concomitantly leading to reduced demand for animal protein. The demand for animal protein is also poised to shift due to the widespread closure of restaurants and food service outlets as well as a reduction in tourism and travel [Source: USDA]. Further, at a plurilateral, the FAO-OIE-WHO Global Early Warning and Response System for Major Animal Diseases, including zoonoses, (GLEWS), has been formed with the vision of a “world capable of preventing, detecting, containing, eliminating, and responding to animal and public health risks attributable to zoonoses and animal diseases with an impact on food security through multi-sectoral cooperation and strong partnerships” which suggests the probable global impact of zoonoses.
Further, concerning the impact of African Swine Fever (ASF) between February 15 and March 01, 2019, 99,5% of all losses (27,393 of 27,510 animals) occurred in Asia. China notified 25,371 losses, while Vietnam notified 2,022. All losses reported in Europe (117) were notified by Romania. Further, during the period there were 13 country breaks reported in above period which comprised 9 in Europe (Belgium, Hungary, Bulgaria, Latvia, Moldova, Poland, Romania, Russia, and Ukraine) and 3 in Asia (China, Mongolia, and Vietnam). In Africa, the previously notified event in Zimbabwe is still ongoing [Source: OIE]. Therefore, in contrast with extensive economic headwinds, impacts from African swine fever in China and other countries remain a dominant factor in the market for pork.
Moreover, the global pork production forecast is lowered by 2 % to 94.3 million tons on lowered expectations for China where the industry struggles to recover from African swine fever (ASF). Additionally, global production is forecast 7 % lower year-over-year, largely due to reduced output in China, Vietnam, and the Philippines, all countries affected by ASF. Therefore, the aforementioned delineates the importance of veterinary monitoring equipment to sustain livestock farms and prevent disruption in the global food trade thereby ensuring world food security.
Pets have emerged as an inseparable part of human lives bond between people and their pets can increase fitness, lower stress, and bring happiness to their owners. Therefore, the aforementioned advantages are manifested into health benefits of as decreased blood pressure, decreased cholesterol levels, decreased feelings of loneliness, decreased triglyceride levels, increased opportunities for exercise and outdoor activities, and creased opportunities for socialization, among others [Source: Centers for Disease Control and Prevention, U.S. Department of Health & Human Services]. Further, dogs who have emerged integral to Animal-assisted therapy (AAT) are also laying additional emphasis on the upkeep and sustenance of sound animal health. Moreover, in Europe, an estimated 80 million European households own at least one pet animal, among which at least 24% own one dog and at least 25% own one cat. Due to the increased pet ownership, at least 1,000,000 direct and indirect jobs are generated by pet ownership Viz. veterinarians or breeders or connected supply industries. Therefore, the aforesaid suggests the symbiotic relationship between a human and an animal companion has led to an increased propensity for pet ownership and is poised to fuel the need for medical attention through the means of veterinarian services is expected to catapult the Veterinary Monitoring Equipment Market to a new echelon during the forecast period.
The vital sign monitors market is expected to develop significantly over the projected period, based on type. Monitoring is critical for the survival and well-being of animals. The monitoring aids in enhancing the consistency of surgical outcomes and, as a result, the reliability of data collected from each animal. Animals' central nervous systems, cardiovascular systems, and respiratory systems are all affected by anaesthetics, and temperature control is also disrupted in many species, resulting in hypothermia and concomitant cardiac and respiratory alterations. Monitoring vital signs including heart rate, core body temperature, & respiration rate is crucial to an animal's health, especially to ensure survival and quick recovery after surgery. Because vital sign monitoring is so important, various firms are releasing monitoring equipment. For example, Bionet America, Inc announced the BMVet PRO Series, multi-parameter monitors, in February 2020, which includes the BMRVet PRO, the BM5Vet PRO, & BM7Vet PRO. The veterinary-specific components and algorithms make up the multiparameter monitors. As a result of the causes described above, as well as the product release, the category is expected to increase significantly throughout the projected period.
North America has dominated the market and is likely to continue to do so during the forecast period. The increased prevalence of animal illnesses in the region, as well as rising expenditures, are two important factors driving the market forward. In addition, one of the key reasons leading to market growth is the increase in pet adoption in the country. According to the American Pet Products Association's (APPA) 2019-2020 National Pet Owners Survey, 67 percent of households, or about 85 million families, in the United States own a pet. In addition, the National Animal Health Monitoring System (NAHMS) Programme is undertaking national research on the health and management of domestic cattle and poultry populations in the United States. As a result of the factors mentioned above, the market is expected to increase significantly during the forecast period.
COVID-19 has had an impact on the market for veterinary monitoring equipment. The virus that causes covid has been found in a small number of pets around the world, including cats and dogs. As a result, organizations like the World Veterinary Association (WVA), World Small Veterinary Association (WSAVA), the OIE World Animal Health Information Network, and local veterinary organizations have deemed veterinary services to be as important as human healthcare. As a result, the market for medical supplies such as atomizers, life-support equipment, oxygen generators, and monitors, which are among the most commonly used medical equipment in primary clinical treatment, is rising to meet the needs of the affected animal population.
|Market size value in 2020||US$255.583 billion|
|Market size value in 2027||US$572.834 billion|
|Growth Rate||CAGR of 12.22% from 2022 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, Application, Animal Type, End-Users, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Agfa-Gevaert Group, Bionet America, Inc., Burtons Medical Equipment, Covetrus, Digicare Biomedical, DRE Veterinary (Avante Health Solutions), ESAOTE SPA, Hallowell Engineering & Manufacturing Corporation, IMV Technologies, Jorgensen Labs, Masimo, Medtronic|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the veterinary monitoring equipment market size by 2027?
A1. The veterinary monitoring equipment market is projected to reach a market size of US$572.834 billion by 2027.
Q2. What is the size of the global veterinary monitoring equipment market?
A2. Veterinary Monitoring Equipment Market was valued at US$255.583 billion in 2020.
Q3. What are the growth prospects for the veterinary monitoring equipment market?
A3. The veterinary monitoring equipment market is projected to grow at a CAGR of 12.22% over the forecast period.
Q4. What factors are anticipated to drive the veterinary monitoring equipment market growth?
A4. The symbiotic relationship between human and animal companion has led to an increased propensity for pet ownership and is poised to fuel the need for medical attention through the means of veterinarian services is expected to catapult the Veterinary Monitoring Equipment Market to a new echelon during the forecast period.
Q5. How is the global veterinary monitoring equipment market segmented?
A5. The global veterinary monitoring equipment market has been segmented by type, application, animal type, end-user, and geography.
Bionet America, Inc.
Burtons Medical Equipment
DRE Veterinary (Avante Health Solutions)
Hallowell Engineering & Manufacturing Corporation
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