Pet Wearable Market size exceeded USD 3 billion in 2019 and is poised to grow at a CAGR of around 23% between 2020 and 2026. The global industry shipments are projected to reach 70 million units by 2026. The market growth is attributed to increasing demand from pet owners to adopt advanced devices for the health and well-being of their furry companions.
Moreover, increasing awareness for pet health and safety globally will drive the market revenue. Owners consider pets as their family members and are investing in advanced health monitoring devices. The demand for GPS integrated pet wearable devices has witnessed a considerable rise in the past few years owing to increase in market penetration of smartphones & mapping applications coupled with growing need for tracking the real-time positioning of pets.
Furthermore, declining prices of connected pet wearable devices and increasing implementation of digital maps are boosting the market value. Mobile applications developed with in-built digital maps help in tracking the location of the pets by retrieving the data sent from pet tracker devices. Growing demand for real-time positioning and safety & security of pets along with rising penetration of GPS-enabled smartphone devices is projected to drive the pet wearable market size.
Factors such as power consumption and short battery life are expected to hinder the market growth. Pet wearable devices operate on GPS & wireless networks and consume high power, which may affect the adoption and usage of wearable technology. Lack of awareness amongst pet owners in few countries about the technology benefits of the products may also hamper the market demand.
Growing demand for advanced sensors in pet wearables is aiding the market revenue
The market is witnessing a growing demand for innovative sensors to detect heat, pressure, and heart rates of the pets. Presently, several energy-efficient and low-cost wireless sensor nodes are being implemented in these devices by manufacturers. These nodes are easy to deploy and can be controlled & monitored from remote locations. Pet wearable device also include low-power radio and power management mechanisms for continuous operations.
Companies are developing low-power wireless smart collars fitted with non-invasive sensors to track the pets’ heart-rate variations, temperature, position, pulse activity, respiration, and calories consumed & burned that underline the pet’s overall health. Sensors have become an integral part of the IoT technology in many applications, including the pet tech industry. Sensors are used in combination with other technologies and are mainly used to monitor biometric parameters in a pet’s daily life activities.
Increased demand for smart collars to monitor and track location of pets will drive the market growth
In 2019, the smart collars segment accounted for over 42% of the pet wearable market share and will witness significant growth through 2026. Several collars are being integrated with GPS trackers as they allow owners to monitor the location of their pets and find them when lost or stolen. Smart collars also provide owners the ability to accurately monitor their pet’s health and well-being, by early detection of diseases and behavioral problems.
Collars help in collecting vital signs to warn owners at the first hint of illness, stress, or other health-related problems. For instance, the adoption of low-power wireless smart collars fitted with non-invasive sensors has enabled owners to track a pet’s overall health, further propelling the market size.
Rising adoption and expenditure in medical diagnostics for animals will drive the market growth. IoT is expected to have a profound effect on medical diagnosis and treatments. Increasing awareness of medical diagnosis & treatment, identification & tracking, fitness monitoring, and behavior monitoring & control of pets will fuel the market demand.
A study by the Association for Pet Obesity Prevention (APOP) states that nearly 54% of dogs and 59% of cats are overweight in the U.S. Obesity in pets can lead to severe diseases and reduce their life expectancy, thus encouraging owners to adopt smart health monitoring devices to identify any abnormality in health attributes.
Increasing pet expenditure with rising disposable income in emerging economies to drive market growth
Rising consumer disposable income and growing adoption of pets in several households are influencing the market share. According to the American Pet Products Association (APPA), over 65% of American households own a pet. To monitor and control the pet’s health and fitness owners are increasing their expenditure on innovative wearable devices.
This has led market players operating in the industry to introduce smart pet wearable devices, helping pet owners to track the health and safety of their pets. In January 2020, Whistle Labs LLC, launched Whistle FIT, a healthcare tool, enabling owners to monitor food intake, health behavior, and activities to enhance pet care. The company is a subsidiary of Mars Incorporated.
Rising popularity of pets and urbanization are driving the Asia Pacific market growth
The Asia Pacific pet wearable market is predicted to witness over 26% growth during the forecast timespan impelled by urbanization and rising popularity of pets. The increasingly busy lifestyle and work pressure in many countries, including China and Japan have encouraged people to adopt pets as companions to relieve stress.
The increased adoption of pets has motivated service providers to offer innovative pet wearable devices. In addition, the benefits of cheap labor have forced players to set up their manufacturing plants in countries like China and Taiwan.
Industry players focusing on new alliances to improve profitability
Prominent companies operating in the market are focusing on entering strategic partnerships to expand into untapped markets and enhance business profitability. For instance, in April 2019, PitPet, which offers an activity monitor to track pet movements, announced its partnership with MoreThan, an insurance company and a brand of Royal & Sun Alliance Insurance PLC. The partnership among market players aim to help pet insurance customers in monitoring and tracking their pet’s health.
Some of the key industry players include Tagg, Ridogulous Labs, Otto Petcare, Pet Vu, Inc., PetPace, Silent Herdsman Limited, Whistle Labs, Inc., Nedap, Motorola, IceRobotics, Loc8tor, Invisible Fence, i4c Innovations, High Tech Pet Products, Garmin, FitBark, Dropcam (Nest), DeLaval, Inc., and Dairymaster, among others
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