Veterinary Wearable Devices Market
Global Industry Analysis (2017 – 2020) – Growth Trends and Market Forecast (2021 – 2025)
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Technological Advancement Creating New Space in Animal Healthcare Industry
Wireless technology to track animal health has pushed frontiers, giving pet owners and vets life-altering insights. Incredible leaps by the Internet of Things (IoT) is playing a crucial role in gathering and analysing health statistics related to animal health. Veterinary wearable devices track locations, health issues, keeping records of various types of diseases, their progression, and analyse misbehaviour among pets and livestock.
Growing demand for real-time information, live tracking, and concern about the safety and security of animals and pets is expected to drive the global veterinary wearable devices market. The inclusion of superior functional components such as GPS-enabled devices, which plays on the sentiment of preventing pets from being lost is truly expected to garner the market a steady clientele.
Identification and Tracking to Remain Sought After Features
The identification and tracking segment will lead the global veterinary wearable devices market followed by the medical diagnosis and treatment segment. In coming years, several pet owners are expected to microchip their pets to prevent loss should the animal wander away. These IoT-enabled pet wearable devices can be easily monitored through well-designed smartphone applications, giving the owners control over pet safety with instant alerts and mapping. In addition, identification and tracking also ensure record-keeping of information such as breed, sex, feeds, and pharmaceutical products used in raising the animals. Over a period of time, the data collected via these wearable devices serves as a useful understanding in treating the animal.
Veterinary wearable devices, equipped with RFID, are estimated to have the largest value share. However, the sensor segment is expected to register the highest CAGR during the forecast period. RFID technology is increasingly gaining popularity as it enables saving exotic and endangered wildlife animals, identifying lost pets, and pointing out medical records.
On the other hand, sensors are highly effective in gaining information about various diseases and conditions an animal could be suffering on real-time basis for timely intervention. Heart-rate monitoring, temperature records, breathing patterns, and mapping motion are some of the basic readings sensors allow to ensure pets and animals receive immediate attention whenever required. Thus, these factors are expected to support the sensor segment demand during the forecast period.
Livestock Wearable Devices Garner as COVID-19 Serves as Reality-check
The livestock segment is expected to be the key end user of veterinary wearable devices as the spread of COVID-19 serves as a gruesome reminder that animal diseases pose a threat to human life as well. This is expected to drive the demand for biosensors in the livestock rearing industry, which is a formidable human achievement in tracking animal health.
Equipped with advanced techniques such as detection of infectious diseases in cattle, ability to conduct serodiagnosis, and overall introduction of precision in animal farming to prevent further outbreak are likely to lure in a growing number of farmers to this segment.
To the end consumer, the use of veterinary wearable devices in animal farming will offer information from birth to final processing of the product, making the supply chain as transparent as possible. The unwavering promise of clarity committed by these devices in assuring consumers safety going forth will boost the segment over the forecast period.
North America to Lead as Consumer Sentiment towards Pet Care Strengthens
Globally, North America is estimated to occupy the largest value share on the pie. In the U.S. presently 68% of the households have at least one pet. The market is expected to remain bullish throughout the forecast period as the consumers lean towards sophisticated pet care gadgets. This has led to higher adoption of veterinary wearable devices to understand and treat pets to ensure quick rehabilitation and a better lifestyle.
However, Asia Pacific region is projected to register the highest CAGR during the forecast period. Countries such as China and India are the largest producers and exporters of raw and processed meat and poultry products. This makes international safety certifications imperative, which is driving livestock farmers to adopt veterinary wearable devices to keep up with standards.
The Asia Pacific veterinary devices market is also expected to receive a spur from millennials as the trend of pet adoption gains momentum.
Players Focus on Innovation to Stay Competitive
The final study also includes market analysis related to various players. The key pointers covered for each player primarily includes company overview, key strategies, recent developments, product USPs, financial analysis such as revenue contribution to the market and region, and detailed analysis about their product offerings.
Some of the major players considered in the report include Inovotec Animal Care, Whistle Labs, Inc., FitBark, Inc, Tractive, Vital Herd, Inc, PetPace, LLC, TekVet Technologies Co., Milkline, and Lamdagen Corporation and Garmin International.