Press release
Companion Animal Digital Technology Market Size, Share and Trends Analysis Report 2024-2031
According to the latest market research report, the global companion animal digital technology market is valued at US$ 1425.35 Million in 2021, and it is expected to reach US$ 8567.52 Million by 2031, with a CAGR of 20.1% during a forecast period of 2024-2031.
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Companion animals, such as dogs and cats, are held for the safety of an individual, residence, or business. These animals help to maintain a secure atmosphere. Most people value these animals as they give them a sense of belonging and companionship. In recent times, digital technologies such as telehealth, biosensors, and wearable technologies are becoming increasingly crucial for animal health management. The Emergence of such Digital Technologies, along with the advancements in the internet of things (IoT) paradigm, has enabled rapid and real-time monitoring of companion animal
The development of the global companion animal digital technology market can be attributed to various factors, such as the fast adoption of digital technologies, high prevalence of zoonotic diseases & chronic animal diseases, surging need to maintain the health of companion animals.
Increasing pet owners preference towards telehealth services rising pet healthcare spending is also projected to rapidly drive the market throughout the forecast period. In addition to this, growing government funding to improve animal healthcare technologies, the rising number of pet owners worldwide, and the development of veterinary health information systems is further accelerating the market growth. Due to the Covid-19 outbreak restrictions, pet owners prefer to access virtual care services, thereby increasing the demand for the companion animal digital technology market. However, the high costs of services and the lack of awareness about the new digital technology for animals are expected to hinder market growth in the future.
Regionally, North America is projected to register the fastest growth over the estimated timeframe, followed by the Asia Pacific due to the rapid adoption of digital technologies, increasing pet ownership, and rising government support to prevent animal diseases.
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Key players operating in the companion animal digital technology market include AVID Identification Systems (US), Datamars, Inc. (Switzerland), EIDAP Inc. (Canada), Findster (US), FitBark (US), Gibi Technologies (US), Link AKC (US), Loc8tor (UK), Marco Polo (US), Microchip4Solutions Inc. (Canada), Nuzzle (US), PawPrint (UK), Pethealth Inc. (Canada), PetPace (US), PetSafe (US), Sure Petcare (SureFlap Ltd) (UK), Tractive (Austria), Trovan, Ltd. (Isle of Man), Whistle (Tagg) (US), WUF (US), Fuzzy - The Pet Parent Company (US), 11 PETS LTD. (Spain), DogLog (US), Intervet Inc. (Merck & Co.) (US), Pawprint Inc. (UK), PetCare (US), PetDesk (US), V2P2 LLC (US), VetCheck (Australia), Virtual Recall (UK), VitusVet (US), Dogstar Life (US), Dogtra (US), EYENIMAL (US), Felcana (UK), FitBark (US), Garmin International, Inc. (US), GoPro (Fetch) (US), Petriage (US), i4C Innovations (India), INUPATHY, Inc. (Japan), Kyon (Greece), Milkline (Italy), PetPace (US), Pitpatpet Ltd. (UK), Scollar, Inc. (US), TekVet Technologies Co. (US), Tractive (Austria), Whistle Labs (US), among others.
Key developments in the market:
• In Jan 2022, Petriage- a pet health technology company, announced a partnership with the Link Smart Pet Wearable by Smart Tracking Technologies, LLC. Petriage intends to integrate real-time pet health information from its AI-driven symptom analysis tool into Smart Tracking Technologies' brand-new Link Smart Pet Wearable gadget as part of this agreement.
• In September 2021, PetSafe (US), a global leader in pet product solutions honored with two 2021 pet independent innovation awards for two PetSafe products. 1. ScoopFree Smart Self-Cleaning Litter Box. 2. Dancing Dot Laser Cat Toy.
• In March 2021, Fuzzy- The Pet Parent Company received a fresh $18 million Series B funding round. The company plans to democratize access to pet care through pet parent education and virtual care alternatives. Fuzzy will use the new funding to expand its product offerings and increase its personnel over the following months.
• In May 2020, Mars Petcare launched digital 'Pet Health Pal,' a new, free digital education tool powered by the Facebook messenger and WhatsApp chatbot to support pet health and wellness.
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Market Segments
Global Companion Animal Digital Technology Market, by Type of Service, 2024-2031 (Value US$ Mn)
• Telemedicine
• Telehealth
• Reminder applications
• Trackers
• Wearables
• Platform Market Places
Global Companion Animal Digital Technology Market, by Animal Type, 2024-2031 (Value US$ Mn)
• Dogs
• Equine
• Cats
• Others
Global Companion Animal Digital Technology Market, by Region, 2024-2031 (Value US$ Mn)
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
North America Companion Animal Digital Technology Market, by Country, 2024-2031 (Value US$ Mn)
• U.S.
• Canada
Europe Companion Animal Digital Technology Market, by Country, 2024-2031 (Value US$ Mn)
• Germany
• France
• Italy
• Spain
• Russia
• Rest of Europe
Asia Pacific Companion Animal Digital Technology Market, by Country, 2024-2031 (Value US$ Mn)
• India
• China
• Japan
• South Korea
• Australia & New Zealand
Latin America Companion Animal Digital Technology Market, by Country, 2024-2031 (Value US$ Mn)
• Brazil
• Mexico
• Rest of Latin America
Middle East & Africa Companion Animal Digital Technology Market, by Country, 2024-2031 (Value US$ Mn)
• GCC Countries
• South Africa
• Rest of Middle East & Africa
Why should buy this report:
To analyze the detailed prospects for the global companion animal digital technology market
To get an industry overview and future trends of the companion animal digital technology market
To analyze the companion animal digital technology market drivers and challenges
To get information on the companion animal digital technology market value (US$ Mn) forecast to 2030
Significant investments, mergers & acquisitions in the companion animal digital technology market industry
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