The wearables market is expected to reach over $4.0 billion in the coming years
December 1st, 2023Most pet owners are familiar with collars that track their dog or cat. But what about a market for similar wearable devices that provide insight into the health and well-being of their beloved family members?
With the rapid development of technology, there are a number of sensors that go beyond GPS tracking and use RFID tags in customized wearable devices for pets that will double this market to over $4.0 billion in the coming years .
The expected market growth of 8.5% compound annual growth rate predicted in the Transparency Market Research report is driven by health and wellness attracting significant attention, according to TMR. Owners are increasingly seeking tools to help them monitor their animals' activity levels, sleep patterns and overall health.
Growth beyond borders
Devices touted include using sensors like these to detect temperature fluctuations and record vital signs for animals. These sensors can then analyze the data collected by these devices and notify the user if any concerns are detected.
The market's expected growth is seen as a result of microchips that allow owners to reconnect with their pets. According to PetMD, microchipped dogs were returned home 52.2% of the time, even if they were 600 to 1,000 miles from home. This is more than twice as high as for dogs without a microchip (21.9%).
An example of a next-generation smart dog collar is PetPace, which launched in October. The collar can continuously monitor health information, detect early symptoms, treat illnesses 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.
Animal health sector
It is in this area – a pet's health – that the wearables market is expected to drive growth. As pet owners become increasingly aware of medical conditions, they are increasingly turning to pet wearables to detect medical diagnoses and treatments.
Innovation and automation are expected to expand the market in various regions due to the adoption of a growing number of IoT technologies and the introduction of advanced sensors.
Social media and online pet communities are also contributing to the growth of the market. At these web outposts, owners learn to customize pet wearables to their specific needs. Owners share and discuss their products in these communities, leading to increased awareness and acceptance.
Growth driver North America
Not surprisingly, the largest geographic market will be North America. Adoption of pets and grooming services is expected to increase in the United States, driving demand for pet wearables. With the increasing use of technology such as telemedicine by many veterinarians, the data collected by a wearable can be used for diagnosis, allowing patients to monitor their health remotely.
In the Asia-Pacific region, India and China are expected to boost demand in the coming years. Increasing disposable income and growing awareness about pet care will drive the demand for pet care products.
Major vendors are focused on developing low-cost, high-quality pet wearables to appeal to a larger customer base, including Allflex USA Inc, Avid Identification Systems, Inc., Datamars, Fitbark, Garmin Ltd., Intervet Inc. and Nuzzle PetPace LLC, Tractive Trovan Ltd and Whistle Labs, Inc.
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