Veterinary Monitoring Equipment Market to Gain a Stronghold During Forecast Period 2020 to 2027
Pune, Maharashtra, India, February 23 2021 (Wiredrelease) Allied Analytics –:Growth in this Veterinary Monitoring Equipment Market is driven by the increasing focus on animal health among pet owners, the growing prevalence of diseases among companion animals, 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.
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Increase in the prevalence rate of diseases among animals serves as one of the major drivers for the veterinary 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 monitoring equipment.
The veterinary 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 monitoring equipment market.
New Product Launch / News:
In April 2019, Agfa made an agreement with Universal Imaging, a multi-modality veterinary company, to provide low-dose, high quality imaging in the North American veterinary market. This helped Agfa to extend its market in US and Canada for veterinary supplies.
Key Drivers and Restraints of Global Veterinary Monitoring Equipment Market
• Technological advancements in veterinary monitoring devices, including the development of endoscopic intubation techniques, airway devices, invasive and noninvasive blood pressure monitors, and positive intermittent pressure ventilators, play a significant role in enhancing the anesthetic outcomes and patient safety of exotic animals. This further boosts the veterinary monitoring equipment market.
• Increase in prevalence of diseases among companion animals, combined with the rising awareness among people concerning animal health, increasing number of animal healthcare practitioners, and rising animal health expenditure, fuel the veterinary monitoring equipment market
• The vital signs monitor is anticipated to contribute significantly to the rise in demand for veterinary monitoring equipment owing to an increase in focus on companion animal health along with a rise in focus on continuous monitoring of the vitals to prevent serious illnesses
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Key Players Operating in Global Veterinary Monitoring Equipment Market
Major market players are focused on expansion of their presence in the global veterinary monitoring equipment market primarily by adopting inorganic growth strategies. Leading players operating in the global veterinary monitoring equipment market are:
• DRE Veterinary, Smiths Group plc.
• Midmark Corporation
• Medtronic plc
• Digicare Biomedical Technology
• Hallmarq Veterinary Imaging Ltd
• Hallowell EMC
• Agfa-Gevaert N V.
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