Veterinary Monitoring Market Size

Veterinary Monitoring Equipment Market Analysis

The veterinary monitoring equipment market is expected to register a CAGR of more than 9% during the forecast period.

COVID-19 significantly impacted the veterinary monitoring equipment market since the routine check-up for animals by vets were delayed due to the lockdown and travel restrictions. For instance, as per the report published by the American Veterinary Medical Association in September 2021, as a result of COVID-19, veterinary practices had a difficult situation adjusting to the real changes that occurred across the globe. Veterinary clinics accepted only urgent cases in the early months of the pandemic, which resulted in a substantial backlog in appointments. However, as the restrictions were lifted and COVID-19 cases were reduced, the market is likely to witness growth in the coming years due to the increase in focus on animal health and the rise in the prevalence of animal diseases.

The market growth can be largely attributed to the increasing prevalence of animal disorders, increasing focus on animal health, and increasing preference for pet insurance across the globe. These factors are majorly contributing to the increasing demand for veterinary monitoring equipment. For instance, as per the 2022 statistics by HealthforAnimals, the estimated total worldwide companion animal diagnostics spending was 4.6 billion in 2022. Thus, the focus on monitoring animals and improving their health is growing, contributing to the rising demand for monitoring equipment.

Moreover, increasing preference for pet health insurance is contributing to market growth. For instance, as per the 2022 statistics by the NAPHIA, close to 4.41 million pets were insured in North America at the end of 2021, and the pet health insurance marketplace increased by 27.7% over the past year. Such an increase in pets insured each year is expected to drive the demand for veterinary monitoring equipment as the owners would be more willing in terms of regular veterinary visits and increased pet health awareness. Thus, given the above-mentioned factors, the market is anticipated to grow significantly over the forecast period. Also, the rise in chronic diseases in animals that require continuous monitoring is likely to fuel market growth. For instance, research was conducted in collaboration with a group of scientists from the United Kingdom and Spain, which was published in October 2021 in Nature journal; cancer was a major reason for veterinary consultation in the United Kingdom, especially in companion animals. Cancer surveillance and monitoring play a key role in the veterinary monitoring device market, which is predicted to create opportunities for the market studied.

Thus, due to the rise in focus on animal health, increase in insurance coverage on animal health, and surge in animal diseases, the studied market is anticipated to witness growth over the forecast period. However, the high cost of monitoring equipment is one of the few factors hindering the growth of the market.