Veterinary Telemetry Systems Market - Growth, Trends, and Forecasts (2022 - 2027)

The veterinary telemetry systems market is expected to register a CAGR of around 6% over the forecast period.

The emergence of COVID-19 during the year 2020 has affected the market studied significantly due to the lockdown across the major countries around the globe. However, currently, the market is gaining momentum and is believed to witness significant growth over the forecast period. As per the article published in Consumer News and Business Channel (CNBC) in 2020, animal rescues and adoptions spiked during the initial days of the pandemic. However, the need for vaccination, neuter programs, and frequent veterinary doctor visits during the COVID-19 pandemic have been considered to restrict continued pet adoption during the pandemic. Additionally, according to the study, 'The Impact of COVID-19 Pandemic During Lockdown on the Veterinary Profession in Romania: A Questionnaire-Based Survey', published in November 2021, COVID-19 impacted four main categories of importance in veterinarian professional's life: human resources, activity management, the relationship between veterinarian and authorities, and continuing education. Therefore, it is observed that the COVID-19 pandemic has significantly affected the growth of the veterinary telemetry systems market.

The veterinary telemetry market is majorly driven by the factors such as increasing demand for remote monitoring in veterinary practice and technological advancements in veterinary healthcare. In addition, pet ownership has been growing globally, especially in the Southeast Asian region. According to the report from Rakuten Insight published in February 2021, more than half of people in Asia (59%) owned a pet in their home, and the Philippines was estimated to have the highest dog ownership rate of 67%, followed by China at 53% and Thailand at 47% in 2021. Moreover, as per a December 2021 published study titled, "Spatial Distribution and Population Estimation of Dogs in Thailand: Implications for Rabies Prevention and Control" the number of estimated dogs in the entire country was 12.8 million heads, including 11.2 million owned dogs. Thus, the adoption of pets among the population globally is increasing the demand for pet monitoring which is believed to propel the market growth.

However, the high cost of equipment is expected to hinder the market growth.

Key Market Trends

Wearables are Expected to Witness Significant Growth Over the Forecast Period

Pet wearables refer to devices worn on the pet's body to serve various purposes, such as identification, tracking, monitoring, controlling, medical diagnosis, treatment, facilitation, safety, and security. One of the most common uses of pet wearables, such as smart collars, is tracking the whereabouts of pet animals. With the help of wearables, owners not only track their pets but also help other people identify pets that have strayed off and return them to their rightful owners. Owners can track the location of their pets and identify them easily within a limited time by using their smartphones. The advantages of the wearable are identification and tracking are expected to drive the segment growth during the forecast period.

With the advancements in telemetry, devices such as wireless ECG systems are largely being used in veterinary practices. For instance, Bionet, a telemetry systems developer provides VEMO which is the first wireless wearable ECG device for animals. Additionally, scientists from Imperial College London in the United Kingdom have developed a wearable sensor that can track and monitor the vital signs of pets through fur and clothing. With the development of such devices, the segment is believed to witness strong growth over the forecast period.

North America is Expected to Witness Strong Share in the Veterinary Telemetry Market During the Forecast Period

In the North American region, the United States is believed to hold a significant share in the veterinary telemetry systems market. The growing awareness among pet owners about pet monitoring in the United States is one of the major factors driving the growth of the market in the country.

The growing pet population in the United States with an increase in spending on pet care is fueling the market growth. For instance, according to the 2021-2022 National Pet Owners Survey conducted by the American Pet Products Association (APPA), 70% of the United States households own a pet, which equates to 90.5 million homes up from 56% of United States households in 1988. In addition, during 2019-20, around 69 million United States households owned a dog, and 45.3 million families owned a Cat. In addition, the Society for the Prevention of Cruelty to Animals, Los Angeles reported that the rate of adoption of pets doubled in June 2020 and daily adoptions of pet animals were about 10 to 13 per day. This rising adoption of pets may drive the growth of the veterinary telemetry market in the longer-term process in the United States during the forecast period.

Further, the North American Pet Health Insurance Association (NAPHIA), State of the Industry Report for 2021 shows that the total number of pets insured in 2020 was nearly 3.1 million, an increase from 2.5 million in 2019. This report also mentioned that dogs are the major insured pets with 82.9% and cats with 17.1%. These above-mentioned factors create an opportunity for the major players in the pet wearable market for new product launches and are expected to fuel the studied market growth in this region.

Hence, looking at the high pet adoption in the country and the well-established veterinary healthcare system, the United States is expected to witness a strong share in the veterinary telemetry market.

Competitive Landscape

The veterinary telemetry systems market is moderately competitive with a presence of key global companies across various regions. Some of the key companies that are in the market include Medtronic, Masimo, Shenzhen Mindray Animal Medical Technology Co., LTD., and Nonin, among others.

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