NEW YORK, Feb. 4, 2016 /PRNewswire/ -- The new report "Veterinary Wearable Electronics Market Assessment & Forecast: 2015-2019" by Spearhead Acuity Business Research & Consulting Group, reveals North America's leadership in the market for veterinary wearable electronics. The region contributed to a share of 39.7% in 2014 that translated into revenues worth US$ 296.5 million.
The global veterinary wearable electronic devices market is analyzed for six major geographical areas of North America, Europe, Asia-Pacific, Latin America, Middle-East and Africa. The market for veterinary wearable electronics is concentrated in the economically progressive regions of North America and Europe. Greater purchase power and stringent regulations on animal behavior have compelled many households to purchase products such as bark collars and behavior modification devices for pets. GPS collars along with Fitness & Activity Monitoring devices have a high market penetration among pet owners in developed regions due to excellent wireless infrastructure and telecommunication technologies. On the other hand, lack of advanced telecommunication infrastructure in developing areas such as Asia-Pacific, Middle-East and Africa has resulted in lesser adoption of the devices and they are expected to gain only by the next decade.
There is a great potential for pet wearables in Europe due to the already existing infrastructure of modern telecommunication. These products are anticipated to garner significant attention as pet owners are aware of the technology and how to interpret data provided by mobile apps and software platforms. The large number of existing cattle breeding & heat detection wearable device companies such as Nedap, GEA Group Aktiengesellschaft, Silent Herdsman Limited, DiaryMaster and IceRobotics has made sure the region leads globally in the breeding and heat detection devices segment. SA-BRC analysis gives Germany a high value as it is one of the largest dairy and meat producing countries in Europe. United Kingdom along with others such as Spain, France, Germany, Italy and Sweden have a high equine population and neighboring Middle-East region can also greatly benefit from equine technologies. Environmental factors such as extreme temperatures in the region can act to the detriment of equine health, further promoting the demand for equine health companies.
This report provides analysis for four segments of animals namely; pet and companion animals, cattle, equine and wildlife. Global donations and investment for conservation of wildlife has resulted in the GPS & location tracker market growth being higher than Europe at a CAGR of 5.8% from 2015 to 2019. The recent killing of Cecil the lion in Zimbabwe created a furore amongst people and conservationists alike to the crippling state of wildlife even in a haven like Africa. China identified as the largest region for smuggling of ivory recently dedicated US$ 2.0 million to the conservation of wildlife, which according to authorities will be used in purchase of equipment for tracking and monitoring such as GPS and radio collars.
Crowdfunding platforms such as Kickstarter and Indiegogo have provided new entrants a highly convenient avenue of entering this market. North America was observed to have the greatest penetration of pet wearables and the largest number of new entrants in this market. According to internal estimates based on data from the Humane Society, American Veterinary Medical Association (AVMA) and American Society for the Prevention of Cruelty to Animals (ASPCA), U.S. pet ownership has more than tripled since 1970's and today there are approximately 80 million pet dogs and 90 million pet cats in North America. There are also approximately 25 million other pets such as hamsters, iguanas and other reptiles in the region. The rise in pet adoption witnessed over the years has become a strong factor for growth in demand for pet products.
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