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Pet Wearable Market Segmentation By Technology (GPS, RFID, Sensors, Batteries and Bluetooth), By Application (Medical diagnosis & treatment and Identification & tracking), By Product (Smart cameras, Smart collars and Smart harnesses) and Region - Industry Forecast of 2022 to 2027

Published: March, 2023
ID: 8928
Pages: 100
Formats: report pdf report excel report power bi report ppt

Pet Wearable Market Value & Growth Rate (2022-2027)

The Global Pet Wearable Market was worth US$ 1.8 billion in 2022 and is anticipated to increase with a CAGR of 14.2% during 2022-2027.

Pet Wearable Market Scenario:

Identification, tracking, monitoring, controlling, medical diagnosis, treatment, facilitation, safety, and security are just a few of the uses for pet wearables. Growing worries about pet health and wellness, rising pet population & pet humanization, surging demand for IoT in pet monitoring devices, and rising pet expenditure due to high disposal income are all factors driving the industry forward. One of the primary aspects driving global pet wearable market expansion is increased pet expenditure due to rising disposable income in emerging nations such as India and China.

Furthermore, rising public awareness about animal health is likely to significantly enhance market growth throughout the forecast period. RFID sensors, GPS trackers, motion sensors, Bluetooth, accelerometer sensors, cameras, transmitters, and antennas are all used in pet wearable devices. Wearable gadgets like this enable for measurements of the body's physiological and biomechanical systems, as well as continuous monitoring of body movement. These wearables allow pet owners and veterinarians to check for and identify probable disease symptoms early on and treat them appropriately. They also allow pet owners to keep track on their pets’ behavior and improve their interaction with the outside world.

Pet Wearable Market Drivers:

To boost production, governments in several countries are spending heavily in the livestock industry. The Japanese government suggested a subsidy Programme in January 2020 to boost beef and dairy production by 2035. The demand for dependable and high-quality livestock products is expected to expand in the worldwide pet wearable market as the number of animals per farm grows. On the other hand, market expansion is projected to be aided by the adoption of IoT technology and the availability of low-cost livestock monitoring devices.

During 2022-2027, the need for fitness monitoring in the UK pet wearable market is expected to expand steadily. The regional demand is being driven by rising health worries about pet obesity and overweight. According to Burgess Pet Care 2021, 51 percent of pets in the United Kingdom are obese, with over 600,000 being overweight. As a result, demand for new pet wearable technologies that accurately monitor a pet's health and well-being has risen dramatically. Early diagnosis of diseases and behavioral concerns in pets is made easier with these gadgets. It continuously collects vital signs to alert pet owners to early indicators of illness, stress, or other health-related issues.

Wearable technology is gaining popularity because to its many uses in tracking and identifying people, monitoring behavior, diagnosing medical problems, and ensuring the safety and security of pets. These wearable devices allow pet owners to keep track of their pets' everyday activities. They also track statistics like sleep patterns and calories burned, as well as heart rate monitoring. The expansion of the pet wearable market has been affected by the integration of various technologies such as GPS and Radio Frequency Identification (RFID) for improving the quality of life of companion animals.

In addition, IoT technology is likely to play a key role in providing owners and vets with critical information on animal health measures. The combination of mobile applications, data analytics technologies, and wearable devices may become a handy choice for value-based care in the coming years. In addition to wearable devices, market participants are offering cloud-based data analytics services. Data analytics give clinical information obtained by real-time direct observation, which can be utilized to help veterinarians diagnose and treat pets more efficiently. Therefore, these factors further fuels the global pet wearables market growth during the next six years.

Pet Wearable Market Restraints:

Despite the abundant development potential, some of the market's major obstacles include pet wearable devices' limited battery life and excessive power consumption. The majority of these wearable devices rely on advanced technologies that take a lot of power, such as wireless networks and GPS, which necessitate frequent recharge cycles. This limits battery life, resulting in higher maintenance costs for pet owners, thus impeding market expansion. Furthermore, due to the integration of high-end technology, the high initial cost of pet wearable devices is expected to impede global pet wearable market growth in the next years, particularly in emerging nations.

Recent Developments in the Global Pet Wearable Market:

The Chamberlain Group's (CGI) myQ Pet Portal was added to the myQ Smart Access Ecosystem in January 2021, allowing pet parents to safely let their dog out to urinate and play while they are away. Through the myQ Pet Portal app, the system also offers live video streaming and two-way communication.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2022 – 2027

Base Year

2021

Forecast Period

2022 - 2027

CAGR

14.2%

Segments Covered

By Application, Type and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leaders Profiled

  • Whistle Labs
  • PetPace
  • Garmin
  • FitBark
  • Tractive
  • Link AKC
  • Motorola
  • KYON
  • Scollar
  • GoPro

Pet Wearable Market Segmentation: 

By Technology:

  • GPS
  • RFID
  • Sensors
  • Batteries
  • Bluetooth

Based on technology, the RFID sector dominated the pet wearable market. In the case of pet identification and tracking, the usage of RFID results in increased dependability, productivity, accuracy, and transparency. Throughout the day, RFID-based pet wearable devices are used in conjunction with sensors to accurately and continuously track health-related metrics such as body temperature, pulse, HRV, respiration, calorie intake, and postures. Furthermore, Wi-Fi-enabled RFID devices are becoming more widely employed for location-based services that constantly track a user's whereabouts.

On the other hand, because of the rising demand for pet wearable devices for security and monitoring, the GPS-based technology category is expected to grow at the fastest rate of 14.9 percent over the projection period. GPS-based wearable gadgets play an important role in locating lost and stolen dogs and in informing their owners of their whereabouts via a smartphone app.

By Application:

  • Medical diagnosis & treatment
  • Identification & tracking

Based on application, identification and tracking segment led the global pet market, and this trend is likely to continue over the forecast period. Every year, around 10 million cats and dogs are stolen or lost in the United States, according to American Humane. To avoid such accidents, pet owners are investing in wearable tracking equipment for dogs, such as smart collars and smartwatches, which is fueling the segment's growth.

Between 2020 and 2027, the medical diagnostic and treatment category is expected to grow at the fastest rate. This could be linked to the increased desire for wearable gadgets that give owners with quantitative information on their companion animals' health and physical activities. Obesity in cats and dogs, for example, can cause serious illnesses and shorten their lifespan by two to three years.

By Product:

  • Smart cameras
  • Smart collars
  • Smart harnesses

Based on product, smart harnesses are anticipated to dominate the global pet wearable market during the next six years. Smart harness contains a number of detectors and technology for detecting and covering the pet's posture, body language, and sounds. The smart harness's physiological sensors track the pet's heart rate and body temperature. In addition to tracking a dog's physical well-being, the sensors can provide information on its mental state, such as if it is excited or stressed. The technology could be especially useful for guiding dogs and health monitoring.

Pet Wearable Market Regional Analysis: 

The Global Pet Wearable Market Report includes the segmentation of Regions:

  1. North America region dominates the global pet wearable market growth during 2022-2027. The market's primary growth drivers are an increasing tendency toward pet adoption and humanization, rising disposable income, and rising per capita animal healthcare spending. In addition, rising pet health awareness and increasing acceptance of new pet care products by a growing number of tech-savvy pet owners are two key reasons driving the pet wearable market in North America.
  2. Over the forecast period, the Asia Pacific area is expected to have the greatest CAGR. Growing awareness of pet fitness and health, as well as an increase in the adoption of companion animals in emerging economies like India and Australia, are projected to propel regional market expansion.
  3. The European pet wearable market will have a revenue share of roughly 20%. With the growing trend of pet humanization in nations like the United Kingdom, France, and Spain, the market will gain traction. Smart pet wearable gadgets, like as security cameras and smart harnesses, are getting a lot of traction in the market as the number of pets in Europe grows.
  4. Latin America
  5. Middle East and Africa

Impact of COVID-19 on Pet Wearable Market:

Manufacturing facilities, retail outlets, warehouses, and transportations were all shut down in the first quarter of 2020, making the pet wearable business the hardest hit. Customers' financial revenues were also damaged by the COVID-19 epidemic, as businesses shuttered owing to recession, layoffs, and other worldwide market issues. The industry experienced a downturn as a result of a lack of raw materials, components, and manpower.

In the first quarter of 2021, the appearance of the second and third waves of the pandemic as a result of partial lockdowns hampered market growth. The market is expected to rise gradually by the end of 2021, which is mainly due the easing of the travel ban, improved economic growth, and rising R&D spending.

Pet Wearable Market Key Players:

The companies covered in the report include:

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