Parallel to growth of the mainstream wearable devices for health conscious and tech-savvy consumers, the global pet wearables market is also gaining remarkable popularity of late. With growing disposable income, it its quite evident that the pet owners are investing more on their pets than before. This trend along with inception of the wearable technology has provided a significant thrust to the growth of pet wearable market. The advent of pet wearable has allowed the owners to monitor, feed, water, track location, and even release treats for their pets. With Internet of Things (IoT) stepping in the veterinary world, the trend of pet wearable is expected to be a major game changer. It does not come as a surprise that pet wearable could be the one of the next big things in IoT. Not only on the pet wearable and connected devices, IoT will even have a remarkable impact on the diagnosis and medical treatments of pets. Industry analysts predict that the upcoming revolution in pet wearable industry will be in medical diagnosis, which will profoundly encompass domains such as ultrasound, body temperature monitoring, and drug delivery in animals.
U.S. Pet Wearable Market Size, By Product, 2016 & 2024 ($Mn)
It is quite evident from the large sales of pet wearable that wearable technology has expanded its application portfolio beyond humans. According to a study, the total number of pet wearable shipments exceeded 5 million units in 2016 and is anticipated to witness a CAGR of 25% over 2017-2024. Moreover, the report states that the growing adoption rate and rising spending on pets is likely to be the major factor driving pet wearable industry growth. As per estimates, the global pet wearables market is projected to record an annual growth rate of 20% over 2017-2024. This report by Global Market Insights, Inc., gives a brief understanding into the growth prospects of pet wearable market over coming seven years.
Technological advancements in pet wearables market to enable pet safety and health has been a fast-emerging trend. Sensors, RFID tracking devices, and GPS-based technologies have been the highlights to design pet wearable. As per reports, in 2016, the RFID technology dominated pet wearables market, subject to the rising trend of monitoring and tracking animal health. In 2014, i4C Innovations launched a health tracking dog collar called Voyce that was based on RFID technology. This dog collar allows the owners to monitor dog’s respiratory and heart rate, rest taken, calorie intake, and pattern of movements. Furthermore, the GPS-based pet wearable devices are also gaining popularity, owing to the rising demand for real-time positioning, safety, and security of pets. The GPS providers have entered into strategic alliance with manufacturers of application developers and smart phones to enable real time positioning and increase mapping portals.
In U.S., the disposable income with regards to animals and pets is significantly high. Subject to this trend, the pet wearable industry being a subset of the evolving pet technology, has itself become a billion-dollar business. In 2016, the global pet wearables market stood at USD 1 billion and is projected to witness a target revenue slated to reach over USD 8 billion by 2024. U.S. is the most lucrative region for the development of pet wearable industry, endorsed with a considerable presence of domestic pets. According to the American Pet Products Association (APPA), more than 65% of American households own a pet, which is likely to create greater demand for pet wearable. The existence of over 89 million dogs and 94 million cats in the U.S. is itself a testament to the fact that the regional pet wearables market will be witnessing high product penetration. Owing to the rising demand for tracking and monitoring pet activities, the U.S. pet wearable industry is anticipated to register a CAGR of 25% over 2017-2024.
This is just an instance of the regional landscape of pet wearable industry that offer great potential for the business growth. It is further estimated that, in countries such as U.S., Germany, Australia, Canada and UK, the owners will raise their pet spending over 55% by 2024. Asia Pacific and Latin America are foreseen to be major future regional markets for the expansion of this industry.
Pet wearable industry is extremely competitive and it is projected to lead to significant consolidation in the coming seven years. Whistle Labs Inc., Fitbark, Scollar, Dairymaster, Pet Vu Inc., Nedap N.V., High Tech Pet, and IceRobotics Ltd. are some of the prominent pet wearable industry players accumulating significant market share. The growing demand for pet wearable in several applications has encouraged the manufacturers to develop innovative products to meet consumer expectations.
Considering the fact that these pet parents are going to spend even more on their companion animals in the future, the potential for the market players who have an appetite for technology with regards to pet wearable industry can be quoted as nothing but humongous.
Written By : Ojaswita Kutepatil