Wilmington, Delaware, United States, Nov. 14, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Pet wearables were worth US$ 1.78 billion in 2020. TMR estimates that the pet wearable market will total US$ 4.32 billion by 2031. Through 2031, the market is expected to expand at a CAGR of 8.5%.
According to PetMD, only 20% of 3.3 million strays that enter shelters reunite with their families in October 2021. Dogs with microchips returning home, even when traveling 600 to 1,000 miles from home, accounted for 52.2% of the time, as opposed to dogs without microchips at 21.9%.
By tailoring their functionality, owners can customize pet wearables to meet their specific needs. The popularity of pet wearables can be attributed to the influence of social media and online pet communities. Several owners share and discuss their products in these communities, which leads to increased awareness and adoption.
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Due to the rapid development of technology, there is an array of sensors on the market that can be used with GPS tracking or RFID tags. By monitoring the health conditions of their pets, pet owners can keep them in the loop. Sensors such as these detect temperature variations, capturing vital signs for animals. These sensors can also analyze data collected by these devices and alert the user if any concerns are detected.
Global Pet Wearable Market: Key Players
Key providers are focusing on developing low-cost, high-quality wearables for pets to appeal to a larger scustomer base. Below are some key developments in the global pet wearable market:
- Allflex USA Inc
- Avid Identification Systems, Inc.
- Datamars; Fitbark
- Garmin Ltd.
- Intervet Inc.
- Invisible Fence
- Konectera Inc.
- Nuzzle
- PetPace LLC
- Tractive
- Trovan Ltd.
- Whistle Labs, Inc.
Key Findings of Market Report
- A growing market for pet wearables with GPS is expected to increase demand for these devices.
- Pet owners have been adopting pet wearables to detect medical diagnosis and treatment as they become more aware of medical conditions.
- A growing number of IoT technologies and the adoption of advanced sensors will drive market growth.
- Innovation and automation are expected to expand the market in various regions.
- Clinical interventions could be improved by smart collars for dogs.
Global Pet Wearable Market: Growth Drivers
Growing numbers of pet owners have sparked a market for pet care products and assistance. Pet wearables enable owners to monitor their pets' health and wellness better. Health and wellness are gaining widespread attention, resulting in owners monitoring their animals' activity levels, sleeping patterns, and overall health.
With wearables, real-time data can identify potential health problems early on. The development of higher-powered sensors and miniaturization have enabled more effective and smaller pet wearable devices through technological advancements. As a result, these devices have a greater range of functionalities.
Pet owners are able to monitor and interact with their pets remotely by integrating pet wearables with smart home ecosystems. Pet wearables are offered as discounts by some pet insurance companies to policyholders monitoring their pets' health. Wearable devices are a proactive measure for preventive care that can encourage pet owners to invest in them.
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Global Pet Wearable Market: Regional Landscape
North America is expected to drive demand for pet wearables in the market. Concerns about pet safety and well-being are a major factor contributing to market growth. The United States is expected to experience a rise in the adoption of pets and foster care services, which will drive the demand for pet wearables. The use of technologies such as telehealth by numerous veterinarians is on the rise in the United States. Data collected by a wearable can be used for diagnostics so patients can monitor their health remotely.
Pet wearables are expected to lead the market in the Asia Pacific region. India and China are expected to drive demand in the coming years. A growing disposable income and awareness about pet care will drive the demand for pet care products. Wearable technology usage and growing interest in pet health are driving the industry's growth.
Key Developments
- In October 2023, PetPace, the industry leader in pet health monitoring, launched Health 2.0, a next-generation smart dog collar that can continually monitor health information, detect early symptoms, manage disease, and track location. Using artificial intelligence, PetPace provides veterinary insights that go unnoticed by owners of old, sick, or at-risk dogs.
- In November 2023, NUTROTM, an American brand in the Mars family of brands, is encouraging America's 86 million pet-loving families to promote a worthy cause: preserving healthy soils for future generations. The firm creates better lives for pets through AniCura, BANFIELDTM, BLUEPEARLTM, Linnaeus, and VCATM through nutritional products, wearable health monitoring, breakthrough diagnostic programs, DNA testing, and comprehensive veterinary care.
Global Pet Wearable Market: Segmentation
- By Type
- RFID
- GPS
- Sensors
- By Application
- Identification & Tracking
- Behavior Monitoring & Control
- Facilitation, Safety & Security
- Medical Diagnosis & Treatment
- By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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