Major players in the veterinary patient monitoring equipment market are Smiths Group plc, Hallowell Engineering & Manufacturing Corporation, DRE Veterinary, Digicare Biomedical Technology Inc. and Midmark Corporation.
New York, May 03, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Veterinary Patient Monitoring Equipment Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06067875/?utm_source=GNW
The global veterinary patient monitoring equipment market is expected to grow from $0.33 billion in 2020 to $0.38 billion in 2021 at a compound annual growth rate (CAGR) of 15.2%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $0.46 billion in 2025 at a CAGR of 4.9%.
The veterinary patient monitoring equipment market consists of sale of veterinary patient monitoring equipment which are used to monitor animal’s respiration, blood pressure, and other vital signs. Veterinary patient monitoring equipment are used to monitor the animals to detect diseases at early stages to prevent any risks. Veterinary patient monitoring equipment industry includes companies that manufacture monitoring devices to detect diseases which affect animals
The veterinary patient monitoring equipment market is regulated by government agencies such as European Medicines Agency (EMA), USFDA (the US food and drug ministration), and others.EMA should certify the medical devices before they are marketed.
EMA verifies the safety and quality of the devices before they can be certified and approved for use throughout the European Union. The EMA requires all the devices to comply with the regulations stated under Directive 2001/82/EC and Regulation (EC) No 726/2004.
American pharmaceutical company Merck & Co. headquartered at New Jersey, acquired Antelliq in April 2019 for $2.4 billion. Antelliq will now work in Merck’s animal health division. This acquisition marks the beginning of the trend for pharmaceutical companies to give equal importance to their veterinary devices as well as their human healthcare equipment. Antelliq, a company in the field of animal identification and monitoring will not only re-establish and widely improve Merck’s reach in the veterinary monitoring devices market but it will also enhance the quality of the devices. Antelliq is an American company established in 2013 and is headquartered in Dallas, Texas.
Increase in the prevalence rate of diseases among animals serves as one of the major drivers for the veterinary patient monitoring equipment market. Increase in the incidence of diseases in livestock and companion animals will require monitoring equipment to diagnose the diseases among animals.. For instance, according to the Banfield Pet Hospital’s 2020 Veterinary Emerging Topics (VET) Report, more than 50% of the dogs at 1,000 hospitals in 2019 were overweight or obese. Overweight pets are more likely to suffer from joint disease, respiratory disease, and other preventable conditions. The increase in prevalence rate of diseases for animals results in increases demand for enhanced veterinary patient monitoring equipment.
Veterinarians and pet or cattle owners are shifting to wearable technology to keep track of the animal behavior.Wearable technology are smart electronic devices that are worn on the body or integrated in the clothing or accessories and monitor body temperature, behavior and movement.
These wearable monitoring devices provide timely insights regarding the overall health of the animal and help veterinarian to provide appropriate diagnosis to the animal.For instance, Vetrax, a wearable sensor worn on a dog’s collar, enables clinicians and pet owners to monitor aspects of an animal’s behavior when they are unsupervised.
According to a report by Veterinary Practice News, 83% of pet owners are satisfied with the use of wearable technology and 68% are finding it an effective way of monitoring weight and diabetes of their pets.
The veterinary patient monitoring equipment is highly expensive.The price of an equipment will be the significant expense for a veterinary clinic or hospital.
For instance, price of average wearable devices ranges from $50 to $100 and will likely have a recurring software as a service (SaaS) fee to store & retrieve an animal’s health data analytics. These expenses hinder the growth of the veterinary patient monitoring equipment market.
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