The veterinary monitoring equipment market is projected to grow at a CAGR of 10.14% to reach US$482.191 million by 2025 from US$270.115 million in 2019. 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 in to 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. According to the U.S. Department of Health & 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 has 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 COVID-19 virus. 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 foodservice 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 to 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, with respect to 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 countries outbreaks were reported during the 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 global food trade thereby ensuring world food security.
Pets - They have emerged as inseparable from human lives bond between people and their pets can increase fitness, lower stress, and bring happiness to their owners. Therefore, the aforementioned is advantages are manifested into health benefits of like decreased blood pressure, decreased cholesterol levels, decreased feelings of loneliness, decreased triglyceride levels, increased opportunities for exercise and outdoor activities, increased 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, 2/3rd of the household in the USA own a pet in 2018. Additionally, veterinarians held about 84,500 jobs in 2018, with 78% of them being employed in veterinary services. Further, the projected employment in 2028 is 100,100 [Source: U.S. BUREAU OF LABOR STATISTICS]. 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 human and an animal companion has led to an increased propensity of pet ownership and 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.
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