Dallas, Texas, Sept. 30, 2019 (GLOBE NEWSWIRE) -- The “Global Veterinary Wearable Devices Market Size 2018 by Technology (GPS, RFID, Sensors), by Applications (Behavior Monitoring & Control, Identification & Tracking, Medical Diagnosis & Treatment, Safety & Security), by Region and Forecast 2019 to 2025” study provides an elaborative view of historic, present and forecasted market estimates.
This report also examines various aspects of the veterinary wearable devices industry by assessing the industry using value chain analysis. It includes a qualitative narrative on market drivers, market restraints, future opportunities and key industry trends of the veterinary wearable devices industry. Furthermore, it provides an in-depth assessment of the market competition with company profiles of global as well as local manufacturers.
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Furthermore, the report comprises the current status & future prospects of the market at global, region as well as country level. The global veterinary wearable devices market is segmented on the basis of product type, applications, and geography.
With a broad range of veterinary wearables featuring innovative features, veterinary wearable devices are likely to record an impressive CAGR of over 13.6% over the forecast period. This represents USD 1,498.4 million revenue in the year 2018. In addition, intensive research and development activities towards availability of affordable veterinary wearable devices is further fuelling the growth of global market.
Identification and tracking segment leads the worldwide market for wearable veterinary instruments for monitoring lost and stolen animals. Application of medical diagnosis and treatment is expected to record remarkable growth over the forecast period due to the increasing incidence of zoonotic disease and the burgeoning need to enhance animal life. Wearable devices set calorie targets for animals/pets and send essential alerts if any health abnormalities are identified.
The growing interest in pet safety and well-being and continuous developments in portal mapping with smart device infiltration will boost the GPS-enabled veterinary wearable devices market. Wearable technology is changing the lives of both animals and their owners. The use of mobile applications and wearable technology, from GPS tracking devices to RFID implants, in the veterinary industry provides innovative security and security alternatives for owners and their animals.
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IoT's comprehensive penetration has revolutionized nearly every marketplace, with no exception in the veterinary wearable devices market. Wearable technology has actually expanded its application matrix beyond humans, which is quite obvious from large revenue generation from worldwide veterinary wearable devices sales. Adroit Market Research deduced that with further advancement in IoT sector, the global veterinary wearable devices market is anticipated to grow and global revenue is estimated to cross over USD 220 million in the first half of the forecast period.
North America maintained the largest share in the global market for veterinary wearables based on the global veterinary wearable industry's regional assessment. The home of significant players such as FitBark, Inc., Whistle Labs, Inc., Garmin International, Inc. etc. further consolidates market growth in North America for veterinary wearable devices. Europe is the second biggest market with a market share of 28.1% due to the growing demand for pet adoption. Asia Pacific represents ~19% market share and will be the fastest increasing market over the 2019-2025 forecast period due to fast IoT penetration in Japan, China and India's emerging economies.
Major players operating in the veterinary wearable devices market are Garmin International, Inc., FitBark, Inc, Inovotec Animal Care, Milkline, Lamdagen Corporation, PetPace, LLC., Tractive, Vital Herd, Inc., TekVet Technologies Co., and Whistle Labs, Inc. among other prominent players. Focus of major manufacturers to develop affordable and innovative veterinary wearable devices is anticipated to drive growth of global market over the forecast period.
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Major points from Table of Contents:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. Veterinary Wearable Devices Market Overview, by Technology
Chapter 5. Veterinary Wearable Devices Market Overview, by Applications
Chapter 6. Veterinary Wearable Devices Market Overview, by Region
Chapter 7. Company Profiles
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