The global Companion Animal Digital Technology market size was accounted at USD 1425.35 Mn in 2021; It is projected to grow at a compound annual growth rate (CAGR) of 21.91% from 2022 to 2030. Companion animals aid in providing companionship to human beings. Also, guard their homes, land, and offices, and this increases the need for helping the animals to have better health. Digital technologies for companion animal health is a growing industry that is rapidly gaining traction in the worldwide market. These technologies have made it easier to forecast, prevent, diagnose, and treat animal illness more correctly, swiftly, and safely. For instance, in 2020, Whistle Labs has released Whistle FIT, a new product aimed exclusively towards pet health and fitness. Whistle FIT is a preventative healthcare tool for dogs that uses its wellness programme. It offers clients a simple and totally tailored experience for managing pet care by tracking a pet's essential health habits, food intake, and activity.
The key driving factors of the companion animal digital technology market include the rise in the adoption of artificial intelligence, increasing prevalence of animal diseases, increasing number of pets. The market growth is also attributed to growing awareness regarding animal diseases, growing pet owners preference to access virtual care, rising technological advancements. Moreover, surging government funding towards technological advancement along with requirement to maintain the health of companion animals is further projected to show significant growth during the forecast period. Key players in the market focus on product launches estimated to drive the market growth over the forecast period. For instance, in March 2021, Practo, a leading integrated healthcare company in India, launched a veterinary telemedicine service on its platform.
However, the poor accessibility to telehealth services in developing countries, the high cost of digital veterinary services, and the limited knowledge about the advanced healthcare services for animals are expected to inhibit market adoption over the forecast years.
The companion animal digital technology market is segmented based on the type of service, animal type, and region. By type of service, the market is categorized into telemedicine, telehealth, reminder applications, trackers, wearables, and platform marketplaces. The telehealth segment is projected to dominate this market during the forecast years due to the increasing demand for telehealth services. The animal type segment is grouped into dogs, equine, cats, and others. Geographically, the market is studied across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
North America is expected to hold the maximum share of this market during the forecast period (2019-2030) due to the surging prevalence of animal diseases, an increasing number of pet owners, and the high demand for veterinary telehealth services.
Some of the key players operating in the companion animal digital technology market are 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), 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), 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), and others.