The veterinary monitoring equipment market is projected to reach USD 570 million by 2025 from USD 326 million in 2019, at a CAGR of 9.8%
NEW YORK, May 29, 2020 /PRNewswire/ --
The veterinary monitoring equipment market is projected to grow at a CAGR of 9.8% during the forecast period (2019–2025).
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The veterinary monitoring equipment market is projected to reach USD 570 million by 2025 from USD 326 million in 2019, at a CAGR of 9.8%. The increasing focus on animal health among pet owners and the growing prevalence of diseases among companion animals are the key factors driving market growth. Also, the growing companion animal population, rising demand for pet insurance, growing animal health expenditure, and the rising number of veterinary practitioners & income levels in developed economies are aiding the adoption of veterinary monitoring equipment.
The vital sign monitors segment is expected to grow at the highest rate during the forecast period.
On the basis of type, the veterinary monitoring equipment market segmented into vital sign monitors, anesthesia monitors, capnography & oximetry systems, ECG & EKG monitors, MRI systems, and other equipment.The vital sign monitors segment is projected to witness the highest growth in the veterinary monitoring equipment market during the forecast period.
The need for such monitors to decipher the overall health of the patient during regular check-ups, surgical procedures, pre-or post-surgery, and during anesthetic use is expected to support market growth.
The small companion animals segment is expected to grow at the highest CAGR during the forecast period.
Based on animal type, the veterinary monitoring equipment market is segmented into small companion animals, large animals, and other animals (zoo animals, aquatic animals, and exotic animals).Small companion animals are further segmented into dogs, cats, and other small companion animals.
Large animals are subsegmented into equines and other large animals.The small companion animals segment will continue to dominate the market by 2025, growing at the highest CAGR during the forecast period.
Increasing adoption of companion animals, increased focus on safety, increased expenditure on animal health and preventive care, aging pet population, and advancements in animal health products are the major factors driving the growth of this market segment.
APAC is projected to witness the highest growth during the forecast period.
Although, North America is expected to account for the largest share of the global veterinary monitoring equipment market in 2018, the APAC is expected to witness the highest CAGR during the forecast period. The large domesticated animal population, growth in pet adoption, increasing awareness about animal health, growing per capita animal health expenditure (especially in India and China), and the large market for livestock farming are propelling the growth of the APAC market.
A breakdown of the primary participants referred to for this report is provided below:
• By Company Type: Tier 1–35%, Tier 2–45%, and Tier 3– 20%
• By Designation: C-level–35%, Director-level–25%, and Others–40%
• By Region: North America–45%, Europe–30%, Asia Pacific–20%, Latin America–3%, and the Middle East & Africa–2%
The prominent players in the veterinary monitoring equipment market are Smiths Group plc. (UK), DRE Veterinary (US), Digicare Biomedical Technology (US), Midmark Corporation (US), Medtronic plc. (Ireland), Bionet America, Inc. (Korea), SonoScape Medical Corporation (China), Hallowell EMC (US), MinXray, Inc. (US), Hallmarq Veterinary Imaging Ltd. (UK), Esaote S.p.A (Italy), Agfa-Gevaert N.V. (Belgium), Nonin Medical, Inc. (US), Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China), Covetrus, Inc. (US), Vetland Medical Sales & Services LLC (US), Masimo Corporation (US), Burtons Medical Equipment Ltd. (UK), Vetronic Services (UK), and IMV Technologies (France).
Research Coverage:
The report analyzes the market for various veterinary monitoring equipment and their adoption patterns.It aims at estimating the market size and future growth potential of the veterinary monitoring equipment market and its subsegments.
The report also includes an in-depth competitive analysis of the key players in this market, along with their company profiles, product offerings, and recent developments.
Reasons to Buy the Report
The report will enable established firms as well as entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them to garner a larger market share. Firms purchasing the report could use one or a combination of the below-mentioned strategies for strengthening their market presence.
This report provides insights on the following pointers:
• Market Penetration: Comprehensive information on the product portfolios offered by the top players in the veterinary monitoring equipment market
• Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the veterinary monitoring equipment market
• Market Development: Comprehensive information on lucrative emerging regions
• Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the veterinary monitoring equipment market
• Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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