Market players are focused on improving their presence by pursuing various strategic initiatives, such as new product development strategic collaborations, joint ventures, and partnerships and mergers & acquisitions. Companies are also focusing on strategic expansions, collaborations, and acquisitions to strengthen their position in the global market. The pet wearable market is in its developing stage and is observing intense competition among existing players and new entrants. The growing awareness of pet health and increasing wearable technology penetration in the region is anticipated to drive the regional market growth over the forecast period. is projected to surpass USD 100 billion by 2022.Īsia Pacific pet wearable industry growth will be led by countries including India, China, and Australia. For example, according to the America Pet Product Association, the spending on pet industry in the U.S. The availability of sophisticated technologies in the region along with increasing spending on pet healthcare is anticipated to drive the regional market growth. North America pet wearable market surpassed USD 600 million in 2021.
To a certain extent, this spending is driven by emotional motives such as increasing emotional attachment as well as dependence on the pets for entertainment, companionship, and mental well-being. Without a doubt, we can say that pet wearables have a bright future, with pet owners spending more day by day. The expenditure on pet health diagnostics is creating opportunities for segment growth. These devices offer pet owners a secure and easy way to monitor pet activity contributing to the segment's popularity.Īpart from activity monitoring, the demand for pet wearables for medical diagnosis & treatment is projected to witness growth at a CAGR exceeding 15% from 2022 to 2030. Access to location history and weight & dimensions are key features is driving the segment growth. The demand for identification & tracking pet wearable devices surpassed USD 1.0 billion in 2021. Moreover, GPS providers have established strategic alliances with stores, mobile phone manufacturers, and application developers to increase GPS usage in new applications. Growth in real-time positioning, increasing penetration of smartphones, and growth in mapping portals worldwide are estimated to fuel demand. Growing demand to monitor pet activities while ensuring security is creating avenues for GPS-based pet wearable devices. GPS enabled devices segment is projected to grow at a CAGR exceeding 10% from 2022 to 2030, contributing to a high revenue share over the forecast period. These benefits play a key role in up-keeping segment growth, a trend expected to continue over the forecast years. The RFID trackers help monitor parameters concerning health such as variability in heart rate, calorie intake, body temperature, and pulse. Reliability and accuracy are the two key features contributing towards the segment growth. The segment for RFID based pet wearable devices recorded the highest revenue share in 2021, surpassing 30% in the same year. Moreover, compliance with stringent government regulations is expected to hamper industry growth. Short battery life and high consumption of power may reduce the usage and adoption of the technology. Technology plays an important role in any electronic device, therefore any advancements in the aforementioned fields will be conducive to the growth of the pet wearables industry.
will further elevate market demand in the future. The non-invasive wearable sensor system combining photoplethysmograph (PPG), electrocardiogram (ECG), and inertial measurement units (IMU) is used to continuously monitor the health condition of pets integrated with the wireless technology, and handheld devices can make pet health monitoring easier.Īdvancements in technologies including sensors, cameras, GPS, etc. Transmitting real-time data concerning pet health to veterinarians or pet owners will be supported by the connectivity offered by these devices.
IoT will play a crucial role in driving market growth in the future. The focus of OEM will be the development of products with the capability of efficiently collecting health metrics. However, it is still characterized by increasing competition among key stakeholders and the threat of new entrants. The industry is still in its initial stages of development. Further, the pet wearable market has attracted considerable funding over the last couple of years for an array of technology-enhanced products for pets, including cameras and wearables. The market growth is supported by awareness among owners regarding the well-being of their pets. The global pet wearable market size was valued at USD 2.07 billion in 2021 and is projected to register a compound annual growth rate (CAGR) of 14.3% from 2022 to 2030.
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