Harrisburg, NC -- (SBWIRE) -- 10/20/2020 -- The Veterinary Patient Monitoring Equipment Market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies. We analyzed the impact of COVID-19 (Corona Virus) on the product industry chain based on the upstream and downstream markets, on various regions and major countries and on the future development of the industry are pointed out.
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.
The veterinary patient monitoring equipment market consists of sale of veterinary patient monitoring equipment which are used to monitor animal's respiration, blood pressure, and other vital signs. Veterinary patient monitoring equipment are used to monitor the animals to detect diseases at early stages to prevent any risks. Veterinary patient monitoring equipment industry includes companies that manufacture monitoring devices to detect diseases which affect animals.
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The report presents the market competitive landscape and a corresponding detailed analysis of the major vendor/key players in the market. Top Companies in the Global Veterinary Patient Monitoring Equipment Market: Smiths Group plc, Hallowell Engineering & Manufacturing Corporation, DRE Veterinary, Digicare Biomedical Technology Inc. and Midmark Corporation.
Veterinary-specific multiparameter patient monitoring systems can play an invaluable role in diagnostics for companion animals during each phase of a surgical procedure, namely perioperative, operative, and postoperative. Many times, the trauma of surgery or the use of anesthetic agents can frequently induce heart issues in patients, expose undetected conditions, or activate other complications. Multiparameter monitoring allows veterinarians to make treatment decisions based on the entire surgical picture.
Evaluating a patient's vital signs with multiparameter monitors significantly increases a veterinarian's ability to address the gamut of issues that can arise in a surgical scenario. Multiparameter monitors can detect irregular heart rates, arrhythmias, hypoventilation, systemic vasodilation, respiratory acidosis, and hypoxemia. Monitoring makes the veterinarian aware of the issue, but also helps them decide a course of action to either correct a problem or strategize the next steps for treatment.
Key Market Trends
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.
Markets Covered:
1) By Product: Cardiac Monitoring Devices, Respiratory Monitoring Devices, Remote Patient Monitoring Devices, Multi-Parameter Monitoring Devices, Neuromonitoring Devices, Others
2) By End User: Veterinary Hospitals, Veterinary Clinics, Veterinary Research Centers
3) By Animal: Small Companion Animals, Large Companion Animals, Wild Animals, Zoo Animals, Aquatic Animals, Exotic Animals
Influence Of The Veterinary Patient Monitoring Equipment Market Report:
-Comprehensive assessment of all opportunities and risk in the Veterinary Patient Monitoring Equipment market.
- Veterinary Patient Monitoring Equipment market recent innovations and major events.
-Detailed study of business strategies for growth of the Veterinary Patient Monitoring Equipment market-leading players.
-Conclusive study about the growth plot of Veterinary Patient Monitoring Equipment market for forthcoming years.
-In-depth understanding of Veterinary Patient Monitoring Equipment market-particular drivers, constraints and major micro markets.
-Favourable impression inside vital technological and market latest trends striking the Veterinary Patient Monitoring Equipment market.
The report has 150 tables and figures browse the report description and TOC:
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What Are The Market Factors That Are Explained In The Report?
Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
Analytical Tools: The Global Veterinary Patient Monitoring Equipment Market Report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter's five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity
utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
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