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Pet Wearable Market Analysis

Over the next five years, the pet wearables market is expected to register a CAGR of 8.49%.

The COVID-19 pandemic impacted the global healthcare system, which in turn impacted the pet wearable market. Pet adoption increased tremendously during the pandemic, resulting in increased animal health care and thus driving the growth of the pet wearable market. For instance, an article published by Frontiers in Veterinary Medicine in May 2021 stated that several countries, including Canada, showed that pet adoption peaked during the early phase of the pandemic (between April and May 2020). Thus, COVID-19 increased pet adoption, which increased the demand for identification, tracking, monitoring, controlling, medical diagnosis, treatment, facilitation, safety, and security of pets. Since pet wearable devices offer all these benefits, the COVID-19 pandemic sparked a surge in demand for pet wearable devices. However, in the current scenario, with the significant increase in pet adoption trends, the demand for pet wearable devices is expected to increase significantly over the forecast period.

The factors that are driving the growth of the studied market are an increase in awareness about pets' physical and mental fitness, the rising adoption of IoT, a growth in demand for pet monitoring, and technological advancements. For example, the Pet Food Manufacturers Association (United Kingdom) predicted that 17 million (59% of) households would own pets in 2021.This increasing number of pet owners is more concerned about the safety of their pets, and the pet owner population has become more aware of the safety of their pets, thereby driving the growth of the studied market.

The increasing number of pet owners, especially among millennials, is driving the demand for pet monitoring. For instance, in November 2021, an article published by Plug and Play stated that with the advancements in the pet health industry, owners are now able to track almost every aspect of their pet's health using everything from smart health monitoring platforms to wearable devices. This adoption of advancements among pet owners for the safety of their pets is anticipated to drive market growth.

Additionally, using pet wearables offers benefits, such as connecting humans to their pets to track their daily activities and health using these devices. This monitoring generates data for food intake, heart and respiratory rates, and patterns and calories burned by pets during the day. The data generated by these devices is used to analyze pets' health. The technological advancements in the market are further expected to positively impact the market studied. For instance, in June 2022, Furbo launched a 360-degree dog camera that rotates 360 degrees at its base to follow the active pup while offering a wide-angle lens, colored night vision, and auto dog tracking. The camera can be moved through the app's controls. Such product innovation is expected to drive the market studied significantly.

Thus, due to the increase in awareness about pets' physical and mental fitness and the rising adoption of IoT, growth in demand for pet monitoring, and technological advancements, the studied market is expected to witness significant growth over the forecast period. However, device battery life and high production costs are expected to limit market growth during the study period.

Pet Wearable Industry Segmentation

As per the scope of the report, "pet wearables" refer to devices worn on the pet's body to serve various purposes, such as identification, tracking, monitoring, controlling, medical diagnosis, treatment, facilitation, safety, and security. The pet wearable market is segmented by product (smart collars, smart cameras, smart harnesses, and smart vests), application (identification and tracking, monitoring and control, medical diagnosis and treatment, and other applications), animal type (dogs, cats, and other animals), and geography (North America, Europe, Asia-Pacific, the Middle East and Africa, and South America). The report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers a value (USD million) for the above segments.