DUBLIN--(BUSINESS WIRE)--The "Veterinary Patient Monitoring Equipment Global Market Report 2020" report has been added to ResearchAndMarkets.com's offering.
The global veterinary patient monitoring equipment market was valued at about $0.28 billion in 2018 and is expected to grow to $0.51 billion at a CAGR of 16.3% through 2022.
Major players in the market are Smiths Group, Hallowell Engineering & Manufacturing Corporation, DRE Veterinary, Digicare Biomedical Technology, and Midmark Corporation.
The veterinary patient equipment market has been geographically segmented into North America, Western Europe, APAC, Eastern Europe, South America and Middle East & Africa. The North American market is the largest market for Veterinary Patient Equipment and is expected to continue to be the largest market during the forecast period.
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 Banfield State of Pet Health report 2016, the prevalence of diabetes in dogs has increased by 79.7% from 13.1 cases per 10,000 in 2006 to 23.6 cases in 2015 whereas the prevalence rate increased by 18% in cats from 2006 to 2015. The increase in prevalence rate of diseases for animals results in increases demand for enhanced veterinary patient monitoring equipment.
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.
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 in 2018, 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 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.
Companies Profiled: Smiths Group, Hallowell Engineering & Manufacturing Corporation, DRE Veterinary, Digicare Biomedical Technology, and Midmark Corporation.
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