Pet Wearable Market Size to reach USD 2.47 billion at a CAGR of 10.6% by 2032- Report by Market Research Future (MRFR)

Growing awareness about pet health and the demand for remote pet monitoring drives the market growth

New York, USA, May 23, 2023 (GLOBE NEWSWIRE) -- According to the research report published by Market Research Future (MRFR), "Pet Wearable Market Information by Product, Technology, Application, and Region - Forecast till 2032”, Pet Wearable Market could thrive at a rate of 10.6% between 2023 and 2032. The market size will be reaching around USD 2.47 billion by the end of the year 2032.

Pet Wearable Market Synopsis:

Pet wearable refers to a technology that allows pet owners to monitor their pets' health and behavior in real time through wearable devices. These devices come in the form of collars, harnesses, and tags, among others, and are equipped with sensors that collect data on various parameters such as activity level, sleep pattern, heart rate, and location. The data collected is then transmitted to a smartphone app, allowing pet owners to track their pets' health and behavior remotely.

The uses and applications of pet wearables are numerous. These devices can help pet owners monitor their pets' physical activity, and sleep patterns, and even detect potential health issues such as obesity or diabetes. They can also help pet owners locate their pets if they get lost, which is especially useful for outdoor pets. Additionally, pet wearables can help pet owners train their pets by providing feedback on their behavior, such as barking or jumping.

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Pet Wearable Market Competitive Landscape:

The affluent companies in the Pet Wearable industry include

  • Indiegogo Inc
  • FitBark Inc
  • Tractive GmbH
  • PawTrax Limited
  • Loc8tor Ltd
  • Dairymaster USA Inc
  • Afimilk Ltd
  • Whistle Labs Inc
  • IceRobotics Ltd
  • PetPace LLC

Scope of the Report:

Report MetricDetails
Revenue forecast in 2032USD 2.47 Billion
Growth RateCAGR of 10.6% from 2023 to 2032
Base Year2022
Study Period2023-2032
Key Market OpportunitiesEmerging demand for remote monitoring & tracking of pets in the U.S. and Europe
Key Market DriversIncreased awareness of pet's mental and physical fitness Rise in the number of pet tech start-up companies in Europe

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Latest Industry Updates (January 2023):

The Whistle, one of the top players in the market, launched a new pet wearable device that can track a pet's emotions. The device uses artificial intelligence to analyze a pet's vocal patterns and body language, allowing pet owners to understand their pet's emotional state better.

Pet Wearable Market USP Covered:

Pet Wearable Market Drivers:

The first driving factor is the increasing awareness of pet health and wellness. Pet owners are becoming more conscious of their pet's health and well-being and are willing to invest in products that can help them monitor and improve their pet's health. The growing demand for remote monitoring and tracking of pets. With the help of pet wearables, pet owners can monitor their pets' activities, location, and health remotely. This feature is particularly important for pet owners who spend long hours away from home and want to keep an eye on their pets. The technological advancements in sensors and wireless communication. With the development of new sensors and wireless technologies, pet wearables have become more advanced, reliable, and efficient. This has led to the introduction of new and innovative pet wearables that can monitor a wide range of pet health metrics.

Pet Wearable Market Restraints:

The pet wearable market also faces several restraints, including the high cost of devices, the limited battery life of wearable devices, and the potential risk of cyber threats. Additionally, some pet owners may be hesitant to use wearable devices on their pets, citing privacy concerns and ethical issues.

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COVID 19 Analysis:

The COVID-19 pandemic has had a mixed impact on the pet wearable market. While the pandemic has led to an increase in pet ownership worldwide, economic uncertainty and supply chain disruptions have affected the market's growth. Post-COVID, the market is expected to recover and witness significant growth due to the increasing demand for remote monitoring and tracking of pets.

Pet Wearable Market Segmentation

  • By Product- The Products in the market include Smart Collars, Smart Vest, and Smart Harness.
  • By Technology- By Technology, the segment includes RFID Devices, GPS, Bluetooth
  • By Application- By Application, the segment includes Identification & Tracking, Behavior Monitoring & Control, Fitness Monitoring, Medical Diagnosis & Treatment.

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Pet Wearable Market Regional Insights:

North America is the largest market for pet wearable devices, with a significant share of the market. This is due to the high adoption rates of pet wearable devices by pet owners in North America, as well as the presence of key players in the region who manufacture and distribute these devices. Additionally, Europe is the second-largest market for pet wearable devices, driven by the increasing awareness of pet health and wellness among pet owners. The demand for pet tracking devices is also growing in Europe, as pet owners become more concerned with ensuring the safety and security of their pets.

Further, the Asia Pacific region is expected to witness significant growth in the pet wearable market. This is due to the rising number of pet owners in the region, as well as the increasing adoption of IoT (Internet of Things) devices, which include pet wearable devices. As pet ownership becomes more popular in the Asia Pacific region, pet owners are likely to invest in wearable technology to ensure the health, safety, and well-being of their pets.

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