Projected Growth: Veterinary Patient Monitoring Equipment Market to Hit $0.64 Billion by 2028

The veterinary patient monitoring equipment market size has grown strongly in recent years. It will grow from $0.46 billion in 2023 to $0.49 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to increasing pet ownership and humanization of pets, rising prevalence of chronic diseases in pets, awareness of the benefits of veterinary patient monitoring, government initiatives.

The veterinary patient monitoring equipment market size is expected to see strong growth in the next few years. It will grow to $0.64 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to rising pet healthcare expenditure, veterinary telemedicine, globalization of veterinary services, rising demand for personalized veterinary care, growing popularity of pet insurance. Major trends in the forecast period include advancements in technology, wearable monitoring devices, remote monitoring and telehealth, wireless connectivity, eco-friendly monitoring.

Market Overview -
Veterinary patient monitoring equipment refers to a type of devices and instruments that continuously track and record changes in patient wellbeing, monitor animals' respiration, blood pressure, and other vital signs, and provide warning systems. These systems are used to continuously monitor the animals to detect diseases at early stages to prevent any risks.

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Rising Rate Of Diseases Enhance The Veterinary Monitoring Market
An increase in the prevalence rate of diseases among animals serves as one of the major drivers for the veterinary patient monitoring equipment market. An increase in the incidence of diseases in livestock and companion animals will require monitoring equipment to diagnose the diseases in animals. For instance, in July 2023, according to the World Health Organization, a Switzerland-based United Nations' specialized organization with oversight of global public health, WOAH received reports of H5N1 high toxicity avian influenza outbreaks in chickens and wild birds from 67 nations on five continents, with approximately 131 million farmed fowl destroyed due to illness or culling in affected farms and neighborhoods in 2022. The increase in the prevalence rate of diseases for animals results in an increased demand for enhanced veterinary patient monitoring equipment market.

Competitive Landscape -
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., Criticare Systems Inc., Datascope Corp., Edan Instruments Inc., Masimo Corporation, Nihon Kohden Corporation

Revolutionizing Animal Healthcare The Adoption Of Wearable Technology In Veterinary Medicine
Veterinarians and pet or cattle owners are shifting to wearable technology to keep track of animal behavior. Wearable technology is smart electronic devices that are worn on the body or integrated with 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 the veterinarian provide an appropriate diagnosis for 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 behaviour 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% find it an effective way of monitoring the weight and diabetes of their pets.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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