Veterinary Patient Monitoring Equipment Market Set to Reach $1 Billion by 2029 with 8.1% Yearly Growth

What Is the Estimated Market Size and Growth Rate for the Veterinary Patient Monitoring Equipment Market?
In the past few years, there has been a significant expansion in the veterinary patient monitoring equipment market. It is projected to escalate from a market size of $0.67 billion in 2024 to $0.73 billion in 2025, marking a compound annual growth rate (CAGR) of 8.7%. Factors such as the surge in pet ownership, the trend of treating pets akin to humans, the increasing incidence of chronic illnesses in pets, and recognition of the advantages of veterinary patient monitoring have contributed to this historic period growth. Additionally, various government initiatives have also played a role.

The market size of veterinary patient monitoring equipment is projected to experience robust expansion in the upcoming years. By 2029, it's anticipated to hit $1 billion, growing at a compound annual growth rate (CAGR) of 8.1%. The factors leading to this growth during the forecast period include increased spending on pet healthcare, globalization of veterinary services, popularity of animal telemedicine, and a surge in demand for bespoke veterinary care and pet insurance. Key market trends expected to shape this period are technological advancements, the advent of wearable monitoring devices, remote surveillance, telehealth, wireless connectivity, and environmentally friendly monitoring.

What Are the Forces Behind the Rapid Growth of the Veterinary Patient Monitoring Equipment Market?
The surge in disease prevalence among animals serves as a key growth stimulator for the veterinary patient monitoring equipment market. The escalation in disease occurrence in both livestock and companion animals necessitates the use of monitoring equipment for disease diagnosis. For instance, in July 2023, the World Health Organization, a Switzerland-based United Nations' organization responsible for global public health, reported cases of H5N1 high pathogenic avian influenza outbreaks in chickens and wild birds from 67 countries across five continents. This led to the extermination of approximately 131 million farmed birds either due to illness or containment measures in the affected farms and communities in 2022. This upswing in the rate of animal diseases eventually fuels the need for improved veterinary patient monitoring equipment in the market.

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Who Are the Dominant Companies Influencing Veterinary Patient Monitoring Equipment Market Trends?
Major companies operating in the veterinary patient monitoring equipment market include Smiths Group plc, Hallowell Engineering & Manfufacturing Corporation, DRE Veterinary, Digicare Biomedical Technology Inc., Midmark Corporation, Medtronic plc., Jorgensen Laboratories, Vetland Medical Sales and Services LLC, Jorgen Kruuse A/S, Mila International Inc., Mindray Medical International Limited, Nonin Medical, B. Braun Melsungen AG, Henry Schein, Infiniti Medical LLC, 3M, Carestream Health, IDEXX Laboratories Inc., Agfa Healthcare, MinXray Inc., Diagnostic Imaging Systems, GE Healthcare, Esaote S.p.A, Shenzhen Comen Medical Instruments Co. Ltd., Lepu Medical, ALPHATEC, Shenzhen Witleaf Medical Electronics CO. Ltd, CONTEC Medical, Datex-Ohmeda, Respironics, VetSpecs Inc., Digicare Animal Health, Burtons Medical Equipment Ltd, Avante Animal Health, Cardiac Science Corporation, Bionet America Inc., dic*k, Criticare Systems Inc., Datascope Corp., Edan Instruments Inc., Masimo Corporation, Nihon Kohden Corporation

How Is the Veterinary Patient Monitoring Equipment Market Evolving?
The trend of using wearable technology is on the rise among pet or livestock owners and veterinarians to monitor animal behavior. Wearable devices are intelligent electronic gadgets that are either worn or integrated into clothing or accessories and they track body heat, actions, and movement of the animal. These wearable tracking devices offer real-time insight into the animal's overall health and enable veterinarians to provide accurate diagnosis. For instance, Vetrax, which is a wearable sensor attached to a dog's collar, permits healthcare providers and pet owners to watch the behavior of pets while not in their direct sight. A study from Veterinary Practice News reveals that 83% of pet owners are pleased with the application of wearable technology, and 68% see it as an effective tool in monitoring their pets' weight and diabetes.

What Are the Different Segmentations in the Veterinary Patient Monitoring Equipment Market?
The veterinary patient monitoring equipment market covered in this report is segmented -

1) By Product: Cardiac Monitoring Devices, Respiratory Monitoring Devices, Remote Patient Monitoring Devices, Multi-Parameter Monitoring Devices, Neuromonitoring Devices, Other Products
2) By Animal: Small Companion Animals, Large Companion Animals, Wild Animals, Zoo Animals, Aquatic Animals, Exotic Animals
3) By End User: Veterinary Hospitals, Veterinary Clinics, Veterinary Research Centers

Subsegments:
1) By Cardiac Monitoring Devices: ECG Or EKG Monitors, Heart Rate Monitors, Pulse Oximeters, Blood Pressure Monitors
2) By Respiratory Monitoring Devices: Capnography Monitors, Pulse Oximeters, Respiratory Rate Monitors, Spirometers
3) By Remote Patient Monitoring Devices: Wearable Monitors, Telemedicine Systems, Mobile Health Devices
4) By Multi-Parameter Monitoring Devices: Infusion Pumps, Vital Sign Monitors, Multivariable Monitors
5) By Neuromonitoring Devices: EEG Monitors, BIS Monitors, Evoked Potential Monitors
6) By Other Products: Temperature Monitors, Fetal Monitors, Glucose Monitoring Devices

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Which Region Is at the Forefront of the Veterinary Patient Monitoring Equipment Market?
North America was the largest region in the veterinary patient monitoring market in 2023. Asia-Pacific was the second-largest region in the global veterinary patient monitoring market share. The regions covered in the veterinary patient monitoring equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

What Is Covered In The Veterinary Patient Monitoring Equipment Global Market Report?

- Market Size Analysis: Analyze the Veterinary Patient Monitoring Equipment Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Veterinary Patient Monitoring Equipment Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Veterinary Patient Monitoring Equipment Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Veterinary Patient Monitoring Equipment Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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