Veterinary Monitoring Equipment Market by Type (Vital Signs Monitor, Anesthesia Monitor, ECG Monitor), Target Area (Respiratory diseases, Weight Monitoring), Animal Type (Dogs, Cats, Equines), End User (Veterinary Clinic), Region - Global Forecast to 2025", is projected to reach USD 570 million by 2025 from USD 326 million in 2019, at a CAGR of 9.8%. Growth in this market is driven by the increasing focus on animal health among pet owners, the growing prevalence of diseases among companion animals, 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.
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Prominent players in the veterinary monitoring equipment market include 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).
DRE Veterinary (US) is one of the leading manufacturers of veterinary monitoring equipment and operates in collaborations with numerous veterinary hospitals and clinics, both small and large. It holds a leading position in the veterinary monitoring equipment market. The strong presence of DRE in the market can be attributed to the company’s robust product portfolio. To strengthen its market position, the company focuses on enhancing and upgrading its product portfolio in the rapidly evolving veterinary equipment market. In recent years, the company has upgraded its lineup of professionally refurbished veterinary equipment, such as anesthesia machines to strengthen its market share in the US and across the globe. The company’s economically priced equipment is used in universities and veterinary institutions to provide hands-on training to medical students. In addition, the company provides new equipment and services to top veterinary facilities, organizations, and academic institutes, which helps in increasing its share in the veterinary monitoring equipment market.
Smiths Group (UK) is one of the leading players in the global veterinary monitoring equipment market. This is mainly attributed to its wide geographic presence with various distribution partners across the globe. The company primarily focuses on strengthening its extensive global sales network. Smiths offers various capnographs and oximeters, such as Handheld Capnograph and the Tabletop Pulse Oximeter V3304. Nearly three-quarters of its end-user customers are hospitals, with other end users comprising the alternate care market, such as home care, clinics, and other surgery centers and OEM relationships. The company also provides clinical support to its customers with information pertaining to clinical aspects of veterinary products, which helps the company increase its customer base. In addition, Smiths also offers clinical education for veterinary professionals, which helps increase the adoption of the company’s products among veterinary professionals. The company has a diversified revenue system, which helps it to sustain its position in the market. The major competitors of Smiths in the veterinary monitoring equipment market are DRE Veterinary (US), Digicare Biomedical Technology (US), Midmark Corporation (US), and Medtronic plc (Ireland).
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In 2018, North America accounted for the largest share of the veterinary monitoring equipment market.
In 2018, North America dominated the global veterinary monitoring equipment market, followed by Europe. The large share of North America can be attributed to the increasing population of companion animals, rising veterinary healthcare expenditure, growing population of livestock (due to the high and growing consumption of meat and dairy products), and growing penetration of pet insurance in the region.
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