Market Trends of Veterinary Telemetry Systems Industry
Wearables Expected to Witness Significant Growth Over the Forecast Period
Pet wearables refer to devices worn on a pet's body to serve various purposes, such as identification, tracking, monitoring, controlling, medical diagnosis, treatment, facilitation, safety, and security. One of the most common uses of pet wearables, such as smart collars, is tracking the whereabouts of pet animals.
With the help of wearables, owners not only track their pets but also help other people identify pets that have strayed off and return them to their rightful owners. Owners can track the location of their pets and identify them easily within a limited time by using their smartphones. The advantages of wearable identification and tracking are expected to drive segment growth during the forecast period.
Rising initiatives by key market players to launch their products, such as pet wearable devices, will also bolster segment growth. For instance, in February 2024, pet wearables provider Tractive launched its first insurance product in partnership with Verisk-owned software house Ignite and insurer Covia. Such initiatives help in the increased adoption of pet wearable devices, driving the segment's growth.
With the advancements in telemetry, veterinary telemetry devices are largely being used in veterinary practices due to their profound importance. For instance, in March 2024, PetPace unveiled PetPace 2.0, an AI-driven smart collar designed to save lives. This innovative collar offers continuous, almost real-time medical data, aiding in early detection, treatment, and monitoring of canine health. Additionally, it features GPS tracking. PetPace's mission is to enhance pets' health and well-being by providing remote monitoring, ultimately offering peace of mind to pet owners. The way veterinarians acquire and use patient data to perform medicine may be significantly altered by advancements in this technology. Such studies show the importance of wearable devices in veterinary healthcare, driving the segment’s growth.
With the development of technologically advanced wearable devices hand in hand with the importance of wearable devices in veterinary healthcare, the market segment is believed to register strong growth over the forecast period.
North America Expected to Register a Major Share in the Veterinary Telemetry Systems Market During the Forecast Period
In the North American region, the United States is believed to hold a significant share of the veterinary telemetry systems market. The growing awareness among pet owners about pet monitoring in the United States is one of the major factors driving the growth of the market in the country.
The growing pet population in North America, along with increased spending on pet care, is fueling the market’s growth. For instance, according to the 2023-2024 National Pet Owners Survey conducted by the American Pet Products Association (APPA), 66% of US households own a pet, which equates to 86.9 million homes. In addition, according to the same source, between 2022 and 2023, around 65.1 million US households owned a dog, and 46.5 million families owned a cat, among other pet animals.
Besides that, according to the Canadian Animal Health Institutes in September 2022, from 2020-2022, the Canadian dog and cat populations continued to grow, increasing from 7.7 million to 7.9 million for dogs and from 8.1 million to 8.5 million for cats. Therefore, such a massive adoption of pets may drive the growth of the veterinary telemetry systems market in the longer-term process in the region during the forecast period.
Moreover, the rising initiatives by key market players in the region are further expected to bolster market growth. For instance, in January 2024, Invoxia at CES unveiled the Minitailz Smart Pet Tracker, an AI wearable that is designed for dogs and cats.
Hence, the high adoption of pets and the well-established veterinary healthcare system in the United States are expected to result in the country registering a strong share in the North American veterinary telemetry systems market.
