The Global Pet Wearable Market size is expected to reach $4.9 billion by 2028, rising at a market growth of 13.1% CAGR during the forecast period – Yahoo Finance
Pet wearables are electronic devices that can be mounted on a pet’s body to aid in identification, medical diagnosis, tracking, monitoring, controlling, treatment, facilitation, safety, and security, among other things.
New York, June 29, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Pet Wearable Market Size, Share & Industry Trends Analysis Report By Application, By Technology, By Regional Outlook and Forecast, 2022 – 2028” – https://www.reportlinker.com/p06289280/?utm_source=GNW
A GPS tracking device helps owners to keep control of their pets’ activities and is the most basic type of pet wearable. Advanced pet wearables can operate as an animal translator, measuring pet behaviors and well-being to help owners better understand their pets’ requirements and attitudes while also bringing them closer together. More importantly, they develop a framework for animal health at home or elsewhere, as well as collect useful data for vets. All of these reasons contribute to the global expansion of the pet wearable market.
The industry is growing because pet owners are more attentive to their pets’ well-being nowadays. Additionally, over the last few years, the pet wearable market has garnered significant funding for a variety of technology-enhanced devices for pets, like cameras and wearables. The sector is still in the early phases of growth. Meanwhile, increased competition among key players and the prospect of new entrants continue to characterize it. OEM’s main focus will be on developing products that can capture health metrics quickly and more efficiently.
In the future, the Internet of Things will be critical in driving the market growth. The connectivity provided by these gadgets would make it possible to provide real-time data about pet health to vets or pet owners. The non-invasive wearable sensor system, which combines an electrocardiogram, photoplethysmography, and inertial measurement units, is used to constantly monitor the health state of pet animals. Sensors, cameras, GPS, and other technological advancements would boost the demand for these devices in the future. Any progress in these domains would be beneficial to the growth of the pet wearables market since technology plays a crucial role in any electronic gadget.
COVID-19 Impact Analysis
The pet wearable market has benefited from the abrupt breakout of the COVID-19 epidemic. Pet adoption has grown increasingly popular among pet lovers as more people were working remotely, primarily from home, due to the lockdown. The COVID-19 pandemic also resulted in a considerable surge in dog adoption. Animal rescues and adoptions increased during the initial period of the COVID-19 crisis. Vaccinations, neutering programs, and frequent veterinarian visits, on the other hand, have been viewed as a barrier to ongoing pet adoption during the pandemic.
Market Growth factors
An Increasing Number Of Applications Along With Technological Advancements In The Pet Wearable Sector
In recent years, many industries, like pet food and accessories, have experienced exponential development. Grooming, nutritional supplements, pet day-care, and novel products, such as wearable communications systems for pets are all available in the pet market. Other value-added services including fitness tracking, sleep tracking, step tracking, and behavior tracking are continually being developed.
Rising Demand For Sensor-Based Smart Harnesses And Smart Collars
The smart pet collar is a device that connects to a smartphone via Wi-Fi or Bluetooth and provides information about the pet’s whereabouts, training activity, and other factors. It is a multi-purpose tool, unlike the present standard collar. This collar allows pet owners to track their pets using GPS technology, communicate with others via an LED display on the collar’s exterior, and monitor, track, and receive messages including other information along with alerts about their pet. Additionally, it would enable users to track many aspects of their pet’s health.
Market Restraining Factors
High Cost Of Pet Wearable Devices
Pet wearable devices perform various tasks while being operated. These tasks consume a significant amount of power. Another key factor impeding the adoption and demand for pet wearable devices is their high-power consumption. Moreover, because most wearable devices use complex technologies that need significant amounts of energy, for instance, wireless networks and GPS, they require frequent charging. As a result, battery life is limited, which increases the maintenance cost for pet owners. Therefore, consumers with lower income levels are less likely to purchase pet wearable devices.
Based on the application, the pet wearable market is segregated into Identification & Tracking, Behavior Monitoring & Control, Facilitation, Safety & Security, and Medical Diagnosis & Treatment. In 2021, the medical diagnosis & treatment segment registered a significant revenue share of the pet wearable market. The rising cost of pet health diagnostics is opening up new market prospects for manufacturers in this sector. Pet wearables have a promising future, with pet parents spending more money on the health and well-being of their pet every day.
On the basis of technology, the pet wearable market is segmented into RFID, GPS, and Sensors. In 2021, the RFID segment acquired the largest revenue share of the pet wearable market. The two important features that contribute to the segment’s growth are reliability and precision. The RFID trackers are used to monitor health-related indicators, such as heart rate variability, body temperature, calorie intake, and pulse. This technology majorly streamlines the customer to monitor the well-being of their pets.
By the region, the pet wearable market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2021, North America accounted for the largest revenue share of the pet wearable market. The availability of advanced technology in the region, as well as rising spending on pet healthcare, are anticipated to fuel regional market expansion. As per the America Pet Product Association, in 2021, a total of 123.6 billion USD was spent on pets in the United States. The overall expenditure also included pet food and pet care. Therefore, this region is estimated to significantly grow in the coming years.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Allflex Group (MSD Animal Health), Garmin Ltd., Avid Identification Systems Inc., Datamars SA, FitBark, Inc., Radio Systems Corporation, Trovan, Ltd., PetPace LLC, Mars, Inc., and Tractive.
Scope of the Study
Market Segments covered in the Report:
• Identification & Tracking
• Behavior Monitoring & Control
• Facilitation, Safety & Security
• Medical Diagnosis & Treatment
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Allflex Group (MSD Animal Health)
• Garmin Ltd.
• Avid Identification Systems Inc.
• Datamars SA
• FitBark, Inc.
• Radio Systems Corporation
• Trovan, Ltd.
• PetPace LLC
• Mars, Inc.
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