Market Trends of Veterinary Equipment and Disposables Industry
Patient Monitoring Segment is Expected to Witness Significant Growth Over the Forecast Period
- Recent technological advancements and innovations, such as wearables and other connected technologies, have shown great potential in the diagnosis and treatment of pets worldwide. Wearable technologies have extended the reach of veterinarians beyond the confines of their practices, enabling them to monitor the effects of their treatment recommendations on a 24/7 basis. These wearables include devices such as radio frequency identification, global positioning systems (GPS), and sensors that are used to monitor patients.
- As the number of surgical procedures performed on animals increases, there has been a corresponding increase in the monitoring of animal physical health, which includes the monitoring of heart rate, respiratory rate, blood pressure, oxygen saturation, capillary refill time, and other vital signs. The high prevalence of chronic diseases in animals is also expected to drive the adoption of patient monitoring systems. For instance, according to data published by RSPCA South Australia in September 2021, arthritis is a very common disease among older animals such as dogs and cats in Australia. In some cases, it is also observed in younger pets.
- In addition, the rising trend of pet adoption worldwide is another key factor driving growth in this segment. According to data updated in 2022 by Der Deutsche Heimtiermarkt, in 2021, 47% of households in Germany had pets, and the population kept 34.7 million dogs, cats, small animals, and ornamental birds as pets. The number of cats adopted was higher than that of dogs, with 16.7 million cats living in 26% of German households compared to 10.3 million dogs in 21% of households. This trend is expected to continue to drive growth in the patient monitoring systems segment.
- Furthermore, the increasing efforts of key market players to develop advanced technologies and devices are also contributing to the growth of this segment. For example, in March 2021, DVMPro Inc., a leading provider of veterinary diagnostic equipment for veterinary health professionals, partnered with MTMC Animal Health to create veterinary monitoring, ventilators and anesthesia, and ultrasound devices, among others.
- In conclusion, due to the increasing technological advancements in patient monitoring, rising pet adoption, and growing awareness among pet owners, it is expected that the patient monitoring systems segment will continue to experience growth during the forecast period of the study.
Understand The Key Trends Shaping This Market
Download Sample
North America is Expected to Hold a Significant Share in the Market Over the Forecast Period
- North America held a significant share in the veterinary equipment and disposables market over the forecast period, owing to factors such as rising pet adoption and increasing per capita animal healthcare expenditure. The rise in the prevalence of various animal diseases was identified as the major driving factor for market growth.
- The growing pet population and an increase in spending on pet care fueled market growth. For instance, according to the National Pet Owners Survey 2021-2022 conducted by the American Pet Products Association (APPA), 70% of households owned a pet in the United States, which equated to 90.5 million homes in 2021. Similarly, according to data from the Canadian Animal Health Institute (CAHI) in September 2022, it was estimated that more than half of Canadian households (60%) owned at least one dog or cat in 2022. The data also detailed that the dog population increased to 7.9 million, and the cat population increased to 8.5 million in 2022.
- In addition, a Gallup survey conducted in March 2022 found that the prevalence of dogs with cancer in 2021 was 3.4% in the United States. The survey also found that the incidence of dogs newly diagnosed with cancer in 2021 was approximately 2.8%. Thus, the burden of cancer among dogs in the country was rising, driving demand for the availability of veterinary equipment and disposables for cancer diagnosis and treatment for dogs. This was further expected to fuel the studied market growth.
- Moreover, the rising product launches by key market players were expected to boost market growth. For instance, in October 2021, Butterfly Network, Inc., a United States-based innovative digital health company, launched the new Butterfly iQ+ Vet device. It was a second-generation device that brought sharper imaging, a new procedural guidance tool, and hardware improvements that made the solution more powerful, versatile, and easy to use.
- Hence, owing to factors such as the rising prevalence of animal diseases, rising pet adoption, and increasing product launches by key market players, the studied market experienced growth in the region.
Get Analysis on Important Geographic Markets
Download Sample
