Veterinary Wearable Devices Market By Application (Identification & Tracking, Safety & Security, Behaviour Monitoring & Control and Medical Diagnosis & Treatment), By Technology (GPS, RFID and Sensors) - Growth, Future Prospects & Competitive Analysis, 2018 – 2026

Industry Outlook

The veterinary wearable devices market is expected to grow at a compound annual growth rate (CAGR) of 12.1% between 2018 and 2026, from US$ 1,325.3 million in 2017 to US$ 3,704.6 million by 2026. It is noteworthy to understand that in the last decade, the Internet of Things (IoT) has played a crucial role in the gathering and relaying of vital health statistics pertaining to human health. In the case of animals, the same technology is being developed to assist veterinarians in gaining useful clinical information for real-time decision-making in critical illness. The major hurdle pertaining to this market is that the majority of these wearable devices consume lots of power and have short battery lives, hence making it impossible to gain uninterrupted wireless network access to track and monitor animal physical and medical activities.

Market Synopsis

The identification and tracking devices market is being driven by rapid growth in cattle breeding and the growing need to maintain animal inventory.

Identification and tracking devices are leading the application segment for the veterinary wearable devices market. The key factors responsible for its positive growth are the rampant growth in cattle breeding and the urgent need to maintain animal inventory. These devices are useful in the creation of virtual boundaries for the roaming of farm animals without the fear of being lost or stolen. Medical diagnosis and treatment are set to capture the market in the near future on account of the rising prevalence of zoonotic disease and the necessity to improve pet life. Veterinary wearable devices are useful in creating calorie goals for animals and monitoring vital health parameters by sending mobile alerts if any abnormality is detected in the animal's health.

The ability to track animal health parameters and find lost pets drives the RFID technology market.

Presently, RFID technology is leading the technology segment for the 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 that offer new data and options that help track animal health parameters and find lost pets. It is also being 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 their ability to track stolen animals and understand animal travel habits and migratory patterns. Sensors have garnered tremendous attention in the last decade on account of their ability to detect various infectious diseases in animals in real-time without any delay.

Rising awareness of sophisticated technology and increasing pet adoption drive market growth in North America.

In the current scenario, North America dominates the regional segment with 45% of the market. The primary features contributing to its dominance are rising awareness of sophisticated technology among citizens and increasing pet adoption. The existence of major players such as FitBark, Inc., Garmin International, Inc., Whistle Labs, Inc., etc., further fortifies market growth in the North American region. With a 30% market share, Europe is the second-largest regional market. Rampant growth in animal husbandry and the dairy industry has led to an increase in demand for ensuring the 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 a huge population base of dairy cattle and proactive government initiatives to protect livestock animals by remotely tracking ruminants. It serves as a potential market for major players to promote business expansion through the establishment of subsidiaries and retail outlets.

Periods of History and Forecast

This research report presents the analysis of each segment from 2016 to 2026, considering 2017 as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments is calculated for the forecast period from 2018 to 2026.

Report Scope by Segments

The market is segmented by application, technology, and geography.

Wearable device manufacturers were specializing in veterinary health care FitBark, Inc., Garmin International, Inc., Inovotec Animal Care, Lamdagen Corporation, Milk line, PetPace, LLC., Tractive, TekVet Technologies Co., Vital Herd, Inc., and Whistle Labs, Inc.

Key questions are answered in this report.

  • Which wearable device companies are participating in veterinary health?
  • What are the latest strategic collaborations and acquisitions taking place in the veterinary wearable devices market?
  • How will wearable devices monitor and track an animal's physical and mental well-being?
  • What are the CAGR and market size of identification and tracking applications?
  • What is the role of biosensors in animal health?
  • What will be the performance of the Asia-Pacific region during the forecast period from 2018 to 2026?

Frequently Asked Questions:

The market for Veterinary Wearable Devices is expected to reach US$ 1,325.3 Mn in 2026.

The Veterinary Wearable Devices market is expected to see significant CAGR growth over the coming years, at 12.1%

The report is forecasted from 2018-2026.

The base year of this report is 2017.

FitBark, Inc.,Garmin International, Inc.,Inovotec Animal Care,Lamdagen Corporation,Milkline are some of the major players in the global market.

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Published Date:  Jan 2019
Category:  Medical Devices
Report ID:   59552
Report Format:   PDF
Pages:   120
Rating:    4.1 (69)
Delivery Time: 24 Hours to 48 Hours   
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