Industry Outlook
The veterinary wearable devices market is set to reach from US$ 1,325.3 Mn in 2017 to US$ 3,704.6 Mn by 2026 at a compound annual growth rate (CAGR) of 12.1% during the forecast period from 2018 to 2026. It is noteworthy to understand that in the last decade internet of things (IoT) has played a crucial role in gathering and relaying of vital health statistics pertaining to human health. The same technology is being developed with respect to animals which helps veterinarians to gain useful clinical information for real time decision making in critical illness. The major hurdle pertaining to this market is that majority of these wearable devices consume lots of power and has short battery life, hence making it impossible to gain uninterrupted wireless network to track and monitor animal physical and medical activities.
"Rampant growth in cattle breeding and burgeoning requirement to maintain animal inventory drive the identification and tracking devices market"
Identification and tracking devices are leading the application segment for veterinary wearable devices market. The key factors responsible for its positive growth are rampant growth in cattle breeding and need of the hour to maintain animal inventory. These devices are useful in the creation of virtual boundaries for roaming of farm animals without the fear of being lost or stolen. Medical diagnosis and treatment is set to capture the market in the near future on account of rising prevalence of zoonotic disease and necessity to improve pet life. Veterinary wearable devices are useful in creating calorie goals for animals and monitor vital health parameters by sending mobile alerts if any abnormality is detected in animal health.
"Ability to track animal health parameters and find lost pets drive the RFID technology market"
Presently RFID technology is leading the technology segment for veterinary wearable devices market. Farmers are extensively tagging their farm animals with RFID to identify each animal with their medical history and pedigree. Sophisticated technology has built new RFID tags which offer new data and options which helps in tacking animal health parameters and finding lost pets. It is being also used to manage and preserve exotic and endangered animals in wildlife habitats. GPS based devices will register excellent growth during the forecast period owing to its ability to track stolen animal and understand animal travel habits and migratory patterns of wildlife animals. Sensors have garnered tremendous attention in the last decade on account of its ability to detect various infectious disease in animals in real time without any delay.
"Rising awareness of sophisticated technology and increasing pet adoption drive the market growth in North America"
In the current scenario North America is dominating the regional segment with 45% market share. The primary features contributing towards its dominance are rising awareness of sophisticated technology among citizens and increasing pet adoption. Existence of major players such as FitBark, Inc., Garmin International, Inc., Whistle Labs, Inc. etc. further fortify market growth in North America region. Europe is the second largest regional market with 30% market share. Rampant growth in animal husbandry and dairy industry has led to increasing demand for ensuring safety & security and medical diagnosis and treatment of livestock. Asia Pacific accounts for a market share of 10% and will register impressive growth during the forecast period on account of huge population base of milch cattle and proactive government initiatives to protect livestock animals by remotely tracking of ruminants. It serves as a potential market for major players to promote business expansion by establishment of subsidiaries and retail outlets.
Wearable device manufacturers specializing in veterinary health are FitBark, Inc., Garmin International, Inc., Inovotec Animal Care, Lamdagen Corporation, Milkline, PetPace, LLC., Tractive, TekVet Technologies Co., Vital Herd, Inc. and Whistle Labs, Inc.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Veterinary Wearable Devices market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Applications
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Technology
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
