Veterinary Monitoring Equipment Market – Enabling Sound Health Monitoring of Veterinary Patients
The growing awareness regarding the availability of a myriad of ways by which sound animal health can be ensured to facilitate a plethora of benefits that ensue is instrumental to the growth of the veterinary monitoring equipment market which as per Knowledge Sourcing Intelligence has been forecasted to grow at a CAGR of 10.14% during the forecast period. Further, the market is forecasted to attain US$482.191 million in 2025 from a market value of US$270.115 million that has been estimated from 2019. Further, this market is expected to be augmented with the launch of services that complement it. For example, IDEXX Laboratories, Inc. (NASDAQ: IDXX), which is a world leader in veterinary diagnostics and software had in January 2020 announced the launch of a new rapid digital cytology service that reportedly connects veterinarians digitally to the largest global network of more than 100 veterinary clinical pathologists and facilitates the receipt of cytology interpretations within 2 hours.
A few developments that are being elucidated below are a reaffirmation of the sky-bound orientation of the market growth. For instance, in October 2020, Trividia Health has reportedly released a pet-monitoring blood glucose system called Test Buddy, which is intended to help dogs and cats with diabetes. This reaffirms the increasing tendencies of pet humanization that makes pet owners seek advanced healthcare monitoring systems for their beloved companion animals. Further in February 2020, the Swiss-based Stonehaven Incubate was formed in February 2018 and is a dedicated, animal health group committed to creating new companies de novo applying disruptive human technology, had reportedly collaborated with Sports Performance Tracking (SPT) and veterinary pain specialist, Dr. B Duncan X Lascelles to facilitate the creation of a new venture that will commercialize sensor technology to improve animal health. AniV8 which is pronounced as An-i-vate has been reportedly designed to emerge as the leading developer of clinical sensor technology which is recommended by veterinarians to facilitate the diagnosis and monitoring of common companion animal disease states. It has also been formed to commercialize its initial offering of a novel approach to measuring the impact of osteoarthritis pain in companion animals by using proprietary algorithms to measure the quality of movement. This is also an example of the advantage of capturing data through more reliable and accurate means over subjective questionnaires completed by caregivers to facilitate clinical trials, diagnosis, and treatment efficacy. Further in October 2020, BioTraceIT which is a medical monitoring/device company with offices in the United States and Canada committed to the development of tools for Veterinary Medicine had reportedly launched PainTrace® which is reportedly an objective monitoring system that detects, quantifies, and tracks pain in mammals. This particularly important because unlike humans, animals can’t verbalize the pain that they experience. To this end, this device will provide veterinarians with a groundbreaking technology to visualize and read direct pain biosignals to help lead the path to wellness.
Further as of April 2020, it has been reported that wearable biosensors are being developed to facilitate the monitor the livestock health especially that of dairy cows to identify the disease brucellosis at an earlier stage. Accordingly, a portable test is being developed to allow rapid confirmatory diagnosis of suspected cases. funded by the Department of Health and Social Care (administered by Innovate UK) this UK-China project has Cranfield University as the academic lead working with Scottish companies IceRobotics and Biotangents. Further, the Chinses consortium is funded by the Chinese Ministry of Science and Technology and includes Shanghai Veterinary Research Institute and Nanjing Agricultural University. IceRobotics Ltd’s product of livestock wearable sensors is non-invasively placed on livestock that monitors daily activities 24/7. The reported high advanced processing of this information will reportedly enable vets to closely monitor any changes in behavior which could be early indicators for illness and allow them to shortlist livestock at an early stage. With regards to dairy and dairy products, FAO estimates that world milk production comprising 81% cow milk grew by 1.3% in 2019 to about 852 Mt. In the People’s Republic of China, milk production has reportedly grown by 3.6% in 2019. Further, World milk production is projected to grow at 1.6% p.a. to reach 997 Mt by 2029. Further strong production growth is expected in Africa, mostly due to larger herds. Additionally, the proportion of fresh dairy products among in global consumption as per FAO estimates is expected to increase over the coming decade due to stronger demand growth, particularly in India and Pakistan. The latter stems from the anticipated income and population growth. The aforesaid in part is expected to contribute to the veterinary monitoring equipment market growth, among others.
Besides the need for animal healthcare industry across the world to bring about a variety of developments which can aid in addressing a variety of animal diseases as well as the communique from the Food and Agriculture Organization of the United Nations (FAO) and the World Organisation for Animal Health (OIE), which as of 2018 had 182 Member Countries urging all nations and partners to join forces to keepAfrican swine fever (ASF) at bay under a new initiative as of October 2020 is an attestation of the importance of veterinary monitoring equipment market. To re-establish the vital link between sound animal health between food security and livelihood of some of the world’s most vulnerable populations, it is pertinent to note that as of November 2020, China continues to deal with a devastating outbreak since 2018 when the first case was identified. Feral swine in Russia has primarily been affected by ASF. From the first case of ASF in feral swine in Brandenburg state, reported in September 2020 by Germany the number has reached 90+ as of November 2020. Whereas Romania continues to be a hotspot of ASF. To this end it is important to note that as a part of the Global Control of ASF GF-TADs Initiative the OIE and FAO has called on members to take several steps which involve national risk analysis and re-enforce risk management through early detection among others that will necessitate the employment of veterinary monitoring equipment among others veterinary services, leading to healthy market growth.
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