Pune, Maharashtra, India, February 23, 2021 (Wiredrelease) Allied Analytics -: The growth in this veterinary monitoring device market is being driven by the increasing focus on animal health among pet owners, the increasing prevalence of diseases in pets and the growing population of pets , increasing demand for pet insurance, increasing animal health spending, and the increasing numbers of veterinarians and income levels in developed countries.
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The increase in the prevalence rate of disease in animals is a major driver of the veterinary monitoring device market. The increase in the incidence of diseases in farm animals and pets requires monitoring devices to diagnose the diseases in animals. For example, in 2019, more than 50% of dogs in 1,000 hospitals were overweight or obese, according to the 2020 Veterfield Emerging Topics (VET) report from Banfield Pet Hospital. Obese pets are more likely to suffer from joint disease, respiratory disease, and other preventable conditions. The increase in the prevalence rate of disease in animals leads to an increased demand for improved veterinary monitoring devices.
The veterinary monitoring equipment is very expensive. The price of equipment is the significant expense of a veterinary clinic or hospital. For example, the average wearable device costs between $ 50 and $ 100, and a recurring software as a service (SaaS) fee is likely to be charged to store and retrieve an animal’s health data analysis. These costs are hindering the growth of the veterinary monitoring device market.
Introduction of new products / news:
In April 2019, Agfa entered into an agreement with Universal Imaging, a multi-modality veterinary company, to provide low-dose, high-quality imaging in the North American veterinary market. This helped Agfa expand its veterinary supplies market in the US and Canada.
Key drivers and restraints of the global Veterinary Monitoring Devices Market
• Technological advances in veterinary monitoring equipment, including the development of endoscopic intubation techniques, airway devices, invasive and non-invasive blood pressure monitors, and intermittent positive pressure ventilators, play an important role in improving anesthesia outcomes and patient safety of exotic animals. This further strengthens the market for veterinary monitoring devices.
• The increasing prevalence of diseases in pets, coupled with increasing human awareness of animal health, increasing numbers of veterinarians and increasing spending on animal health, is fueling the market for veterinary monitoring equipment
• The vital signs monitor is expected to make a significant contribution to the increased demand for veterinary monitoring equipment as there is an increased emphasis on the health of pets and the focus on continuous monitoring of vital signs to prevent serious illness
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Major Players in the Global Veterinary Monitoring Equipment Market
The major players in the market are focused on expanding their presence in the global Veterinary Monitoring Devices market primarily through the adoption of inorganic growth strategies. Leading Players in the Global Veterinary Monitoring Devices Market Are:
• DRE Veterinary, Smiths Group plc.
• Midmark Corporation
• Medtronic plc
• Digicare Biomedical Technology
• Hallmarq Veterinary Imaging Ltd.
• Hallowell EMC
• Agfa-Gevaert N V.
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