Pet Wearable Market is segmented By Product (Smart Collar, Smart Camera, Smart Harness and Vest, Others), By Technology (RFID, GPS, Sensors), By Application (Identification & Tracking, Behavior Monitoring & Control, Facilitation, Safety & Security, Medical Diagnosis & Treatment), By Region (North America, Europe, South America, Asia-Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Report Overview
Pet Wearable Market is predicted to reach at a CAGR of 7.3% during the forecast period (2024-2031).
Pet wearables are identified as electronic wearable gadgets that help people keep an ongoing record of their pets, animals, and buddy creatures with remote correspondence frameworks. North America dominated the market and accounted for the largest revenue share in 2020. The region's growth is attributed to the growing adoption of companion animals, high disposable income, and increasing product launches expected to boost the market in the forecast period. For instance, in November 2019, FitBark, Inc. launched FitBark GPS in the United States, an all-in-one dog health and location tracker. Moreover, increasing per capita animal healthcare expenditure, sophisticated technology, and a high percentage of tech-savvy owners are the factors that are expected to hold the largest market share in the forecast period.
Market Summary
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Metrics |
Details |
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Market CAGR |
7.3% |
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Segments Covered |
By Product, By Technology, By Application, and By Region |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
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Regions Analyzed |
North America, Latin America, Europe, Middle East, Africa, Asia Pacific, and the Rest of the world. |
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Major Companies Covered |
FzioMed, Inc., Amniox Medical, Inc., Human Regenerative Technologies, LLC, Amnio Technology, LLC, Derma Sciences, MiMedx Group, Inc, and among other major companies listed in the full report |
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Market Dynamics
Increasing concerns among pet parents about the well-being of their pets are expected to drive the market's growth.
According to the article, in December 2020. The growing trend of pet humanization has increased, and to know the pets' condition, companies are launching new technologies. For instance, researchers at Imperial College London have developed a first-of-its-kind health-tracking sensor capable of detecting life signs through fur and up to four layers of clothing.
The new type of sensor could help owners keep track of their pets' health in real-time, without the need for direct skin contact or shaving, making everyday wearables for pets and farm animals perfectly possible – and indeed probable. The technology is just as pertinent for human use as the device can be worn over many layers of clothing without compromising the performance of the overall system. Moreover, wearables are expected to play a major role in monitoring health and detecting diseases early.
Imperial researchers believe that the technology is used to establish certain benchmarks for resting heart and breathing rates with the new acoustic wireless sensor at the ready. By measuring vital signs before and after a find, the level of excitement can be quantized. This way, baseline condition is used to identify potential bomb spots and missing persons by determining exactly how sure the dog is of its discovery. Thus, the practical benefits of wireless acoustic sensors are as remarkable as they are varied; and these are the factors expected to drive the market in the forecast period.
The rising cases of lost and stolen pets are expected to drive the market's growth.
According to the American Humane Association estimates that 1 out of 3 pets become lost at some point in their lifetime, and close to 10 million dogs and cats are lost or stolen in the U.S. every single year and according to the Coalition for Reuniting Pets and Families, less than 23% of lost pets in the U.S. are reunited with their owners. Therefore, the rising cases of lost and stolen pets have led pet owners to increasingly spend on pet wearables to identify their real-time location. Furthermore, leading players are offering Wi-Fi-enabled RFID devices to provide controlled monitoring of pets remotely. They are also incorporating cloud-based and data analytics services that allow pet owners to store medical records on the cloud and set goals or reminders. Thus, from the above statements, the market is expected to drive in the forecast period.
Optimal arrangements of wearable devices based on the life span of animals are expected to hamper the market's growth.
According to the article, published on November 18, 2019. Several approaches have been used to monitor the wild environment. For instance, a surveyor periodically visits the wild environment monitoring in remote areas has been carried with the evolution of technology by installing fixed sensors, including voice microphones, to collect data, such as temperature and humidity, in the wild environment.
Moreover, installing fixed sensors is also challenging because of power and communication infrastructure limitations. In addition, research on the power saving of wireless communication in a group of animals has been carried out using animal behavior. However, a system that acknowledges the lifespan of transported wildlife requires power saving for long-term monitoring in the wild environment. Thus, the proposed method enables long-term monitoring of remote areas where people cannot enter without base stations and power infrastructure using wild animals for several years is expected to hamper the market's growth in the forecast period.
COVID-19 Impact Analysis on Market
The COVID-19 pandemic has significantly affected the market. The majority of people worldwide are mostly working from home, the interest in pet adoption has increased, as the pet owners spend considerable time with their pets. For instance, As per the article published in CNBC 2020, animal rescues and adoptions spiked during the initial days of the pandemic. However, the visits of the veterinary doctor for the checkup and vaccination for the dogs have been restricted during this pandemic. According to the research article published in Humanities and Social Sciences Communications 2020, the dog adoption rate significantly increased during the pandemic, and the demand for adoptable dogs and the requests to serve the dogs with food has increased significantly, with the shortening of the length of stay of dogs at the shelter. Thus, it is expected to propel market growth in the forecast period.
Market Segmentation Analysis
RFID segment is expected to hold the largest market share in this market segment.
The RFID segment has accounted for the largest revenue share in 2020. The segment growth benefits because the use of RFID leads to higher reliability, productivity, accuracy, and transparency in pet identification and tracking. Moreover, RFID-based pet wearable devices are used simultaneously with sensors to track health-related parameters such as body temperature, pulse, Heart Rate Variability (HRV), respiration, calorie intake, and positions throughout the day. In addition, Wi-Fi-enabled RFID devices are increasing approval and are usually used for location-based services that track a user’s location at all times. With rising concerns regarding pet safety and security, the demand for these wearables is expected to increase. Thus, the market segment is expected to hold the largest market share in the forecast period from the above statements.
The identification and tracking segment is expected to hold the largest market share in this market segment.
The identification and tracking segment has accounted for the largest revenue share in 2020. The most common use of pet wearables, such as smart collars, is tracking the location of pet animals using GPS. With the help of wearables, owners can track their pets and identify them easily within a limited time, just by using their smartphones.
According to the Lost Pets Statistics published in 2019, nearly 15% of cat owners and 14% of dog owners missed their pets in five years. The pets wearing wearable are likely to be found and recovered. Hence, with wearables, such as GPS tracking devices, the chances of a pet getting lost or stolen may decrease drastically. Additionally, the increasing product launches with advanced features drive the studied segment. For instance, in September 2020, Garmin Ltd. launched Alpha200i, with enhanced mapping capabilities; a larger, 3.5” sunlight-readable touchscreen display; six-button, easy operation of the dog tracking-focused user experience; and inReach satellite technology for tracking and training of sporting dogs. Thus, the market segment is expected to hold the largest market segment in the forecast period from the above statements.
Pet Wearable Companies and Competitive Landscape
The pet wearable market is vast with the presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Dogtra, Fitbark Inc., Mars Incorporated (Whistle), Loc8tor Ltd, Garmin Ltd, Allflex USA Inc., Avid Identification Systems, Inc., Datamars, Trovan Ltd., Konectera Inc. and Invisible Fence. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the pet wearable market globally.
Pet Wearable Market Key Companies to Watch
Mars Incorporated (Whistle):
Overview:
Mars Incorporated (Whistle) is the leader in pet technology, creating smart products and a mobile platform to help pets live longer, healthier and happier lives. Moreover, it is fueling groundbreaking insights to enable a new era of preventive care. Creators of the Whistle FIT and industry-leading Whistle 3 pet tracker bring behavior monitoring expertise and cutting-edge data science capabilities to the project.
Product Portfolio:
Mars Incorporated (Whistle) is into continuous manufacturing of products which include Whistle Switch smart collar, Whistle GO Explore, Whistle FIT and others.
The global pet wearable market report would provide access to an approx. 58 market data tables, 53 figures and 180 pages.
