InsightAce: pet tech to near 22% growth
The worldwide marketplace for companion animal digital technology is projected to grow at a steady pace, according to a report by market analysts, InsightAce Analytic Pvt. Ltd. The sector is expected to grow at a CAGR of 21.91% from this year until 2030. The market was estimated to be worth $1425.35 million in 2021 and to grow to a value of $8037.85 million by the end of the forecast period, 2030.
Growth in the market is attributed to the rate of disease among animal companions, whether acute or chronic disease. At the same time, the array of capabilities of veterinary technology has steadily expanded. Newer technologies have allowed for veterinary care with telehealth applications, companion animals being evaluated with biosensors, and wearable technology.
During the pandemic, the interest in telehealth veterinary care surged, and some pet owners chose to maintain virtual check-ins with veterinary professionals. This market segment is somewhat hindered by the required time and technological investment and technical requirements and knowledge on the part of pet owners and veterinary professionals.
When evaluated by geography within the market, North America is forecast to have the fastest rate of growth through 2030.
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