Wearables market expected to reach over $4.0 billion in coming years
Dec 22, 2023Most pet owners are aware of collars that track their dog or cat. But what about a market for similar wearable devices giving insight to the health and wellness of their beloved family member?
With the rapid development of technology, there is an array of sensors going past GPS tracking that use RFID tags in the customize pet wearable devices that will double this market to over $4.0 billion in the coming years, according to a Transparency Market Research (TMR) report.
The expected growth of the market at a CAGR of 8.5% forecasted by TMR is being driven by health and wellness gaining widespread attention. Owners increasingly want tools that help them monitor their animals' activity levels, sleeping patterns, and overall health.
Growth Past Collars
Among the devices being touted include using sensors such as these detecting temperature variations and capturing vital signs for animals. These sensors can then analyze data collected by these devices and alert the user if any concerns are detected.
Expected growth in the market is seen as an outgrowth of microchips used to reconnect owners with their pets. According to PetMD, dogs with microchips returning home accounted for 52.2% of the time, even when traveling 600 to 1,000 miles from home. That is more than double to dogs without microchips (21.9%).
An example of a next-generation smart dog collar is PetPace launched in October. The collar can continually monitor health information, detect early symptoms, manage disease, and track location. The company then uses artificial intelligence to provide veterinary insights that go unnoticed by owners of old, sick, or at-risk dogs.
Pet Health Sector
This area—the health of a pet—is where the wearables market is expected to drive growth. Pet owners have increasingly adopting pet wearables to detect medical diagnosis and treatment as they become more aware of medical conditions.
Innovation and automation are expected to expand the market in various regions as a growing number of IoT technologies and the adoption of advanced sensors are utilized.
Social media and online pet communities is helping to grow the market as well. Owners are learning customize pet wearables to meet their specific needs at these web outposts. Owners share and discuss their products in these communities, which leads to increased awareness and adoption.
North America Growth Driver
Unsurprisingly, the largest geographical market will be North America. 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. With the use of technologies such as telehealth by numerous veterinarians growing, data collected by a wearable can be used for diagnostics so patients can monitor their health remotely.
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.
Key providers are focusing on developing low-cost, high-quality wearables for pets to appeal to a larger customer base and include Allflex USA Inc, Avid Identification Systems, Inc., Datamars, Fitbark, Garmin Ltd., Intervet Inc., Nuzzle PetPace LLC, Tractive Trovan Ltd, and Whistle Labs, Inc.
