Press release
Companion Animal Digital Technology Market Untapped Potential: A $21.9 Billion Opportunity
InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Companion Animal Digital Technology Market- by Type of Service (Telemedicine, Telehealth, Reminder Applications, Trackers, Wearables, And Platform Marketplaces), Animal Type (Dogs, Equine, Cats, and Others), Trends, Industry Competition Analysis, Revenue and Forecast To 2030."
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The Rise of Digital Technology in Companion Animal Care
The global companion animal digital technology market is experiencing a surge in growth. According to InsightAce Analytic's latest analysis, the market was valued at US$1.42 billion in 2021 and is projected to reach US$8.03 billion by 2030, reflecting a compound annual growth rate (CAGR) of 21.90% between 2024 and 2031.
The Human-Animal Bond
Companion animals, such as dogs and cats, provide much more than just companionship for individuals, families, and even workplaces. They also play a role in security, protecting homes and property. As responsible pet owners, ensuring their well-being is a top priority.
Digital Revolution in Pet Care
Digital technologies are transforming the landscape of companion animal health. These advancements offer a wider range of tools to identify, prevent, diagnose, and effectively treat animal illnesses. Digital pet care solutions can track essential health routines, food consumption, and activity levels, empowering pet owners to manage their furry companions' health with greater ease and personalization.
Numerous factors, including the rapid use of digital technologies, the increased frequency of zoonotic illnesses & chronic animal diseases, and the growing need to maintain companion animals' health, have contributed to the growth of the global companion animal digital technology market. The increasing desire for telemedicine services among pet owners is anticipated to grow quickly throughout the forecast due to increased pet healthcare spending.
The expansion of veterinary health information systems, the rise in pet ownership globally, and growing government financing for the advancement of animal healthcare technologies are all contributing to this. Pet owners prefer virtual care services due to the Covid-19 outbreak restrictions, which drive up demand for companion animal digital technologies. However, future market growth is anticipated to be constrained by the high costs of services and the general ignorance about new digital technology for animals.
North America is anticipated to be the major contributor to the Companion Animal Digital Technology market over the forecast years. North America held the most significant market share due to rapid technological development and rising spending on digital solutions in nations like Canada and the United States. A sizeable regional market expansion is also anticipated during the projection period due to the quick uptake of digital technology,
rising pet ownership, and increased government support to prevent animal disease. In addition, the Asia Pacific Companion Animal Digital Technology market is expected to grow significantly during the forecast period since pet ownership is on the rise, digital technologies are being adopted quickly, and more government funding is available to fight animal diseases.
Major market players operating in the Companion Animal Digital Technology market include AVID Identification Systems (US), Loc8tor (UK), Marco Polo (US), Microchip4Solutions Inc. (Canada), Nuzzle (US), PawPrint (UK), Pethealth Inc. (Canada), PetPace (US), Datamars, Inc. (Switzerland), EIDAP Inc. (Canada), Findster (US), FitBark (US), Gibi Technologies (US), Link AKC (US), PetSafe (US), Sure Petcare (SureFlap Ltd) (UK), Tractive (Austria), Trovan, Ltd. (Isle of Man), Whistle (Tagg) (US), WUF (US), 11 PETS LTD. (Spain), DogLog (US), Intervet Inc. (Merck & Co.) (US), FitBark (US),
Garmin International, Inc. (US), GoPro (Fetch) (US), i4C Innovations (India), INUPATHY, Inc. (Japan), Kyon (Greece), Milkline (Italy), PetPace (US), Pitpatpet Ltd. (UK), 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), Scollar, Inc. (US), TekVet Technologies Co. (US), Tractive (Austria), Whistle Labs (US), and others.
Recent collaborations and agreements in the market:
• In January 2022, A cooperation between Petriage, a pet health technology firm, and Smart Tracking Technologies, LLC's Link Smart Pet Wearable was announced. As part of this collaboration, Petriage wants to incorporate real-time pet health data into the new Link Smart Pet Wearable device from Smart Tracking Technologies using its AI-driven symptom analysis tool.
• In September 2021, Two 2021 pet independent innovation awards were given to PetSafe (US), a pioneer in the pet product solutions industry, for two PetSafe products. The first is the ScoopFree Smart Self-Cleaning Litter Box. 2. A laser cat toy that dances.
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Market Segments
Global Companion Animal Digital Technology Market, by Type of Service, 2022-2030 (Value US$ Mn)
• Telemedicine
• Telehealth
• Reminder applications
• Trackers
• Wearables
• Platform Market Places
Global Companion Animal Digital Technology Market, by Animal Type, 2022-2030 (Value US$ Mn)
• Dogs
• Equine
• Cats
• Others
Global Companion Animal Digital Technology Market, by Region, 2022-2030 (Value US$ Mn)
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
North America Companion Animal Digital Technology Market, by Country, 2022-2030 (Value US$ Mn)
• U.S.
• Canada
Europe Companion Animal Digital Technology Market, by Country, 2022-2030 (Value US$ Mn)
• Germany
• France
• Italy
• Spain
• Russia
• Rest of Europe
Asia Pacific Companion Animal Digital Technology Market, by Country, 2022-2030 (Value US$ Mn)
• India
• China
• Japan
• South Korea
• Australia & New Zealand
Latin America Companion Animal Digital Technology Market, by Country, 2022-2030 (Value US$ Mn)
• Brazil
• Mexico
• Rest of Latin America
Middle East & Africa Companion Animal Digital Technology Market, by Country, 2022-2030 (Value US$ Mn)
• GCC Countries
• South Africa
• Rest of Middle East & Africa
Why should buy this report:
To receive a comprehensive analysis of the prospects for the global Companion Animal Digital Technology market
To receive 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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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions.
Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses.
We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products.
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