Global Pet Wearable Market by Technology (Sensors, GPS, RFID), by Application (Medical Diagnosis & Treatment, Identification & Tracking) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global pet wearable market was worth USD 1.6 billion in 2019. It is projected to grow at a compound annual rate (CAGR of 14.3%) between 2020 and 2027. Market growth is driven by rising disposable incomes in emerging countries like India and China, which has led to an increase in pet spending. Market growth is also expected to be boosted by increased awareness regarding animal health over the forecast period. It is expected that the integration of IoT into pet wearables will have a significant effect on medical treatments and diagnosis of medical issues in pets.

The rapid adoption of wearable technology has been attributed to its many applications in tracking and identifying pets, monitoring their behavior, diagnosing medical issues, and providing safety and security for them. The wearable devices allow pet owners to track their pets' daily activities. These devices allow for statistical tracking, such as rest patterns and calories burned, as well heart rate monitoring. The pet wearable market has seen a significant increase in its growth due to the integration of different technologies, such as GPS and Radio Frequency Identification.

Many technologies are used in pet wearable devices, such as RFID sensors, GPS trackers and motion sensors, Bluetooth, Bluetooth, accelerometer sensor, cameras, transmitters and antennas. These wearable devices can measure the physiological and biomechanical functions of the body as well as monitor body movements. These wearables allow pet owners and veterinarians to quickly identify potential disease symptoms and treat them accordingly. These devices allow pet owners to monitor their pets' behavior and increase their pet's engagement with the outside world. These wearable devices also provide data on food intake that can be used by owners to help them analyze their pet's well-being and health.

IoT technology will also play an important role in communicating vital information to veterinarians and owners about animal health. In the future, mobile apps, data analytics technology and wearable devices will all be available to provide value-based care. Cloud-based data analytics services are offered by the market players. Data analytics provides clinical information that is gathered through real-time direct observation. This can be used by veterinarians to diagnose and treat health problems in pets.

There are significant growth opportunities, but there are also key issues like short battery life and high power consumption for pet wearable devices. These wearable devices are powered by advanced technologies, such as GPS and wireless networks, which require frequent charging. This decreases battery life and can lead to increased maintenance costs for pet owners. This could hinder market growth. The market growth will be impeded by the high initial costs of pet wearable devices, particularly in emerging markets.

Technology Insights

With a market value of USD 634 million, the RFID segment was the most dominant in the pet wearables market. RFID technology allows for greater reliability, productivity and accuracy in pet tracking and identification. The RFID-based pet wearable devices can be used in conjunction with sensors to track various health parameters, such as body temperature and pulse, Heart Rate Variability, (HRV), respiration and calorie intake. Wi-Fi-enabled RFID tags are also becoming more popular. They can be used to track the location of a user at all times. These wearables will be in high demand due to rising security and safety concerns for pets. In England and Wales, for instance, the number of dog thefts was 1,849 in 2018. This is a 20% increase over 2015.

Due to growing demand for pet-safety and monitoring devices, the GPS-based technology segment will see the highest CAGR at 14.9%. GPS-based wearables play an important role in tracking lost or stolen pets, and providing updates to owners via the smartphone app. Customers will continue to be interested in two-way communication via integrated devices and software platforms that allow for pet tracking. Many companies are diversifying their product lines with new technology, sizes and shapes, as well as different colors. This will increase competition and boost sales of wearables.

Application Insights

The market can be divided by application into identification and tracking, behavior monitoring and control, identification and tracking, medical diagnosis and treatment, facilitation, safety and security. With a market share of more than 63.0%, the identification and tracking segment dominated in 2019. This trend is expected to continue for the forecast period. American Humane estimates that approximately 10 million cats or dogs are lost or stolen in the United States each year. Pet owners have been investing in smart collars and smartwatches to keep their pets safe. This will help drive the segment's growth.

Between 2020 and 2027, the segment of medical diagnosis and treatment is expected to experience the highest CAGR. This could be due to growing demand for wearable technology that provides quantified information on the health and activity of companion animals to their owners. Obesity in pets such as cats or dogs can also lead to serious diseases and reduce life expectancy by up to two to three years. A study by the Association for Pet Obesity Prevention in April 2018 found that 60.0% of American cats and 56.0% in America's dogs were overweight or obese in 2017. This was approximately 56.5 million cats, and 50.2 million dogs. Smart health monitoring devices are a great way to improve pet life. They can monitor health metrics and send alerts if any abnormalities occur.

Regional Insights

North America was the dominant market, with a USD 635.1 Million in 2019, The US pet consumable spending was USD 72.1 billion according to APPA in 2018. The region's market growth is driven by the high adoption of fitness and activity monitoring devices for pets, and growing awareness about pet health. Market growth is expected to be driven by increased spending on pet health care over the forecast period.

The Asia Pacific market is expected to grow at the highest rate over the forecast period. The region's market will grow due to factors such as increased awareness about pet health and fitness, and the rise in adoption of companion animals in emerging countries like India and Australia. The region's growing pet population, such as in China, Japan, Fiji, and other countries, will create significant opportunities for players in the global market.

Market Share Insights & Key Companies

Global market is still in its early stages and is seeing intense competition between existing and new players. The market's key players are focused on research and development to create innovative products to increase their product range. To strengthen their market position, companies are also looking for strategic partnerships, expansions and acquisitions.

They have focused their efforts on creating innovative products that can track pet health metrics such as distance walked and calories burned. This can prove to be very beneficial for veterinarians in many ways. Fitbit partnered with FitBark in December 2018. FitBark is a manufacturer of wireless dog activity trackers. Fitbit users were able to track their pets as well as their goals and stats through Fitbit's devices, such as activity, calories burned and distance walked. Insurance companies and animal care firms are also investing in the wearable market to provide collaborative services for pet owners. PitPatPet is a company that monitors dog activity and provides data platforms to help owners. RSA invested in PitPatPet in January 2017. This investment was made to educate and encourage owners of companion animals, and enable them to make informed decisions about their health. The following are some of the most prominent players in pet wearables:

• Allflex USA Inc.

• Avid Identification Systems Inc.

• Datamars

• Fitbark

• Garmin Ltd.

• Intervet Inc.

• The invisible fence

• Konectera Inc.

• Nuzzle

• PetPace LLC

• Tractive

• Trovan Ltd.

• Whistle Labs, Inc.

• Voyce

Up Market Research published a new report titled “Pet Wearable Market research report which is segmented by Technology (Sensors, GPS, RFID), by Application (Medical Diagnosis & Treatment, Identification & Tracking), By Players/Companies PetPace LLC, Nuzzle, Tractive, Intervet Inc, Konectera Inc, Avid Identification Systems Inc, Invisible Fence, Datamars, Voyce, Fitbark, Trovan Ltd, Garmin Ltd, Whistle Labs Inc, Allflex USA Inc”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Pet Wearable Market Report Segments:

The market is segmented by Technology (Sensors, GPS, RFID), by Application (Medical Diagnosis & Treatment, Identification & Tracking).

Pet Wearable Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Pet Wearable Market

Overview of the regional outlook of the Pet Wearable Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Pet Wearable Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Pet Wearable Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Sensors

                2. GPS

                3. RFID

                1. Medical Diagnosis & Treatment

                2. Identification & Tracking

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Pet Wearable Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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• Correctly Positioning New Products
• Market Entry Strategies
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Reasons to Purchase the Pet Wearable Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.