Veterinary Wearable Devices Market – Growth, Size, Share, Forecast, industry Analysis 2018 – 2026

December 27, 2019 (prsubmission) – The latest market report published by Credence Research, Inc. “Global Veterinary Wearable Devices Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global veterinary wearable devices market was valued at US$ 1,325.3 Mn in 2017, and is expected to reach US$ 3,704.6 Mn by 2026, expanding at a CAGR of 12.1% from 2018 to 2026.

Browse Full Report Originally Published by Credence Research @ https://www.credenceresearch.com/report/veterinary-wearable-devices-market

Market Insights

Sophisticated technology, such as RFID and GPS devices, is linked to smartphones that help veterinarians, farmers and wildlife authorities to determine animal health. Wearable devices are marked on animals by means of a collar attachment, a brace attachment or directly implanted in animals to control and track their social activities. Animal surveillance is of primary importance as it is an integral part of the biosphere and has a direct and consequential impact on human life.

Identification and tracking are leading the market for applications for veterinary wearable devices. Significant growth in the breeding and rearing of cattle and the need for an hour to sustain the supply of cattle drive the identification and monitoring of the growth of the application market. We are involved in the monitoring of lost and stolen animals Veterinary diagnosis and treatment will experience an incredible rise in the near future due to an increasing prevalence of zoophytic disease and an emerging need to improve pet life. Wearable devices set calorie targets for animals and give smartphone notifications if any irregularities are observed in animal health.

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RFID is currently the market leader in the development field for veterinary wearable devices. The primary characteristics responsible for its supremacy are its popularity among farmers to mark farm animals in order to classify them according to their medical history and pedigree. It is commonly used by forest and wildlife authorities to control and preserve endangered and rare animal species in wildlife sanctuaries and ecosystems. GPS systems have become extremely attractive because of their ability to create virtual borders for the roaming of livestock and to consider the travel habits and migratory patterns of wild animals. Biosensors are being created and implanted in animals to monitor their vital health statistics for the diagnosis and early treatment of ill animals.

North America currently has a market share of 45 per cent and is the largest regional market for veterinary wearable. Increasing awareness of sophisticated technology and exponential growth in cattle breeding are driving market growth in North America. The home of major players such as Garmin International, Inc., FitBark, Inc., Whistle Labs, Inc., etc. further consolidates the market growth of veterinary wearable devices in North America. Europe, with a market share of 30%, is the second largest market due to the increasing demand for meat and dairy products and the rising adoption of pets. Asia Pacific represents 10% of its market share and will be the fastest growing market during the forecast period from 2018 to 2026 due to an increase in communicable animal diseases and a large population base of milk cattle. It serves as an important business destination for market traders to promote business expansion through the establishment of retail outlets and subsidiaries.

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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.

Key Market Movements:

• Rampant growth in animal husbandry and increasing awareness for sophisticated technology
• Rising prevalence of zoonotic disease and increasing pet adoption
• Employment of RFID and GPS monitoring devices to create virtual boundaries for preserving and maintaining exotic and endangered animals