Veterinary Monitoring Equipment Market has been forecasted by Knowledge Sourcing Intelligence to grow at a CAGR of 10.14% in order for it to attain an estimated market value of US$482.191 million by 2025 from the market value of US$270.115 million estimated for 2019. Such growth of the market primarily stems from two factors. First is the need to maintain livestock animals in pristine health conditions and the second is the surge in the adoption of pets around the world. With regards to livestock it's important to note that with the emergence of developing economies, newly industrialized countries, shifting dietary preferences and the growing demand for proteins derived from animals has led to an increased production of animal products A few key determinants are being mentioned to put certain positive influences that are expected to partly drive the growth of the market are being mentioned below for a better comprehension of the livestock dimension of the market. As per FAO productivity gains in countries like the USA, increased carcass weights have sustained growth.
Further, total meat output is also expected to expand despite a decline in bovine meat production in the European Union. Moreover, due to the surge in demand for pigment from China EU production gains are expected to be experienced primarily by the pig meat category. Stemming from similar demands of foreign origins meat production was repeated to rise in Argentina as well. Due to China’s surge in import demand, the average prices in 2019 measured by the FAO Meat Price Index was 5.6% higher than that of 2018. Further, the global exports of meat increased to 36 Mt in 2019 which was reportedly an increase of 4% from 2018. This increase has been reportedly driven by the increased imports by China due to ASF-related production losses. Further, FAO forecasts the consumption of meat over the next decade to increase by 12% by 2029 when compared to 2019. Further, global expansion in meat supply is expected to increase by 40 Mt carcass weight equivalent (c.w.e.) by 2029.
Beef and Veal Consumption, Canada
Source: Foreign Agricultural Service/USDA, October 9, 2020. (1,000 METRIC TONS CARCASS WEIGHT EQUIVALENT)
Besides, associated with animal husbandry is the EU Methane Strategy which as a part of the European Green Deal was published in the EU in October 2020 is also expected to drive the growth of the veterinary monitoring equipment market. This mainly due to the aspirations of this strategy which encompasses the reduction of methane emission by 35 % to 37 % by 2030 compared to 1990 levels. Also, because 53 % of anthropogenic methane emissions stem from the agricultural sector. Albeit due to the reduction of in ruminant livestock numbers that have led to the minimization of methane emissions by 22 %, the increment of herd sizes during the 5 years has led to a slight increase in methane emissions in that period. As a remedy, the commission has reportedly announced the setting up of an expert group will examine a range of issues pertaining to livestock despite an emphasis on various aspects related to feed intake.
Number of Pets in Europe, by Type of Animal
The growing rate of pet adoption around the world is also expected to drive market growth
The inclination of owning a pet is gradually on the rise across the world. This particularly pertinent with regards to the growing proportion of the aging population around the world who considers animals as their companions. Also, the growing number of singles and childless couples are responsible for driving the market growth. Additionally, the increasing availability of disposable income has facilitated the adoption of pets in relatively higher numbers. Pets are no longer an extension of families or a mere trophy with which the industrial age aristocrats were known to get their portraits paints or had them photographed. They are now known to occupy an intimate space and are part of the family. The concerns of their wellbeing are at par with the concerns of any human members. Thus, arises the concept of humanization of pets which has paved the way for a variety of innovations in the veterinary space. Coupled with the need for constantly monitoring livestock animals, the rising adoption of pets has also led to developments in certain markets of the healthcare industry that are poised to reinforce the growth of the veterinary monitoring market. For instance, the global veterinary X-ray market has been forecasted by Knowledge Sourcing Intelligence to grow at a CAGR of 5.58% enabling the market to attain a value of US$664.660 million by 2024 from a value of US$479.855 million that has been estimated for 2018.
Similarly veterinary endoscopes market is by Knowledge Sourcing Intelligence to grow at a CAGR of 5.28% to attain a value of US$378.182 million by 2024 from a value of US$277.665 million that has been estimated for 2018. Another market which to a certain extent is complementary the veterinary equipment market is that of veterinary surgical instruments that are estimated to attain a market size of US$1,180.213 million in 2024 after growing at a CAGR of 5.73% from a market value of US$844.881 million that has been estimated for 2018. These factors along with the previously mentioned factors also suggest the rising growing inclination to spend on the health of animals, prioritization of governments emphasizing the importance of upkeep of sound animal health due to the recognition of pathogens circulating in animal populations can threaten both animal and human health. Consequently, the acknowledgment of the prevention, detection, assessment, and response to pathogens transmitted through contact between humans, animals, food, water, and contaminated environments. While the outbreak of African Swine Fever and the COVID 19 have emphasized the importance of awareness of zoonotic diseases or zoonoses, the most recently reported equine influenza outbreak by the Riverside County Animal Services in November 2020, which have led to the death of at least 3 dozen burros, is a stark reminder reinforcing the aforesaid.
A recent launch of the BMVet PRO Series multiparameter monitors which comprise BM3Vet PRO, the BM5Vet PRO, and the BM7Vet PRO, and are specifically intended for veterinary is one example of product offerings that have the potential to drive the growth of the market. It was announced by Bionet America, Inc in February 2020 which has been carefully engineered with 100% Veterinary specific modules and algorithms.