Veterinary Monitoring Equipment Market: Introduction
- Monitoring is the regular observation and recording of activities and vitals when animals are under anesthesia and also identifying other disease conditions. This aids in preventing further complications when performing surgery. Hands-on monitoring devices are preferred by animal health professionals, owing to their effectiveness and simplicity.
- Veterinary patient monitors are devices that help assess the heart and respiratory rate of the veterinary patient, the blood pressure, and other vital parameters that aid in preventing veterinary risk
- Demand for these devices has been increasing significantly owing to various factors including rising animal health expenditure, increasing demand for pet insurance, and expansion of the companion market
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
North America to Lead Global Veterinary Monitoring Equipment Market
- In terms of region, the global veterinary monitoring equipment market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
- North America dominated the global veterinary monitoring equipment market in 2019, owing to the strong presence of leading market players, increasing investments in research & development, and rising prevalence of diseases among companion animals in the region. Furthermore, an increase in the number of people adopting pets and rise in animal healthcare expenditure further propel the market in the region.
- Europe followed North America in terms of share of the global veterinary monitoring equipment market in 2019. The market in Asia Pacific is projected to expand at a rapid pace, followed by Latin America and Middle East & Africa. Significant growth in livestock farming, increase in per capita animal health expenditure, rise in pet adoption, presence of large domesticated animal population, and increase in awareness among people about animal health are key factors driving the veterinary monitoring equipment market in Asia Pacific.
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:
- Smiths Group plc
- DRE Veterinary
- Digicare Biomedical Technology
- Midmark Corporation
- Medtronic plc
- Bionet America, Inc.
- SonoScape Medical Corporation
- Hallowell EMC
- MinXray, Inc.
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
Global Veterinary Monitoring Equipment Market: Research Scope
Global Veterinary Monitoring Equipment Market, by Type
- Vital Sign Monitors
- Anesthesia Monitors
- Capnography Monitors
- Oximetry monitors
- MRI Systems
Global Veterinary Monitoring Equipment Market, by Indication
- Respiratory disorders
- Weight & Temperature Monitoring
Global Veterinary Monitoring Equipment Market, by Animal Type
- Small Companion Animals
- Large Animals
Global Veterinary Monitoring Equipment Market, by End-user
- Veterinary Hospitals
- Veterinary Clinics
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.