InsightAce Analytic Pvt. Ltd. has announced the publication of a market research report titled “Global Companion Animal Digital Technology Market by (Type of Service (Telemedicine, Telehealth, Reminder Applications, Trackers, Wearables, and Platform Market Places), Animal Type (Dogs, Equine, Cats, Others))  – Market Outlook and Industry Analysis 2030” According to company’s newest research, the global Companion Animal Digital Technology Market is worth US$ 1425.35 Million in 2021 and is predicted to reach US$ 8037.85 Million in 2030, with a promising CAGR of 21.91 % between 2022 and 2030.

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Science and technical advancements have been essential development drivers in the companion animal health industries. There are a rising number of problems with various companion animal health conditions and movements. As a result, a companion animal health monitoring and tracking system based on digital technology has been developed. Devices such as the temperature sensor, heart rate sensor, pulse rate sensor, and respiratory sensor are used to track the health of an animal in a variety of scenarios. With the increasing usage of cloud and web-based technologies and the popularity of smartphones, there has been a boom of platforms and applications for mobile phones (apps) across all sectors. When considering digital techniques for monitoring and treating companion animals, there are numerous prospects for remote medicine reform. Such digitization and automated systems excel in collecting and processing vast amounts of data in order to monitor animal health, enable early disease identification, and avoid negative health consequences.

Market Dynamics:

Digital monitoring and surveillance advancements are fast changing the animal health landscape, offering advances in speed and efficiency that enable individual-level animal therapy. The use of digital technology in companion animal wearables and tracking devices is also expected to have a substantial impact on animal medical treatments and diagnosis. The market is predicted to grow in demand at a global level as a result of an increase in pet healthcare spending and the fast adoption of digital technology. The sector is predicted to gain from expanding pet healthcare spending and increasing pet owners’ preferences for telehealth services.

The companion animal digital technology sector is likely to be affected in the short term due to the spread of COVID-19. During the current crisis, however, telehealth has become more mainstream. In addition, over one-third of Americans adopted a pet during the COVID-19 epidemic, according to the Insurance Research Council’s October 2020 study, owing to a growing desire for companionship. As a result of the increased adoption of telemedicine and telehealth to address animal health needs during the pandemic, the COVID-19 pandemic is predicted to accelerate demand for Companion Animal Digital Technology solutions.

Due to rapid technological advancements and increased spending on digital solutions in countries such as Canada and the United States, North America accounted for the largest market share. Additionally, during the forecast period, rapid adoption of digital technologies, expanding pet ownership, and rising government support to prevent animal disease are likely to drive significant regional market expansion.

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Key Developments:

  • In Feb 2022, Dutch received a $20 million Series A round of investment. Dutch will use the new investment to invest in its intellectual property and expand its electronic medical records database, making it easier for pet owners to acquire and exchange their pets’ data and medicines. The capital will also be used to expand the company’s pharmacy network, allowing for same-day and next-day delivery.
  • In Nov 2021, Fuzzy received $44 million in expansion investment to help it build its digital pet care network of veterinarians. Development and launch of new products offer expanded educational content, and new member growth are among the company’s ambitions for the new capital.
  • In July 2021, Whistle released the Whistle Switch Smart Collar, its newest pet wearable. Whistle Switch provides GPS position tracking 24 hours a day, seven days a week. Whistle’s previous line of wearables, Whistle FIT and Whistle GO Explore were hugely successful, so the debut of the new smart collar comes as no surprise.
  • In July 2021, Michelson Found Animals Foundation announced that Pethealth Inc. had agreed to buy its microchip registration operations. Pethealth will be the largest North American provider of microchips and lost pet recovery services for companion animals after the deal is completed.

The following key companies are engaged in the Companion Animal Digital Technology market:

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), Dutch Pet, Inc. (US), Tractive (Austria), Whistle Labs (US), among others.

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Tags: digital technology market, Companion Animal Digital Technology Market