Pet Wearable Market size to exceed USD 2 billion by 2023
Rising need for remote monitoring and tracking pets is anticipated to drive the industry over the next few years. Advent of various smart devices such as tablets and smartphones that help in instant tracking of pets is likely to propel the industry over the next few years. Increasing significance of GPS and RFID based devices is predicted to positively impact the pet wearable market size.
Asia Pacific pet wearable market share is predicted to experience significant growth due to increasing number of manufacturers across the region. China dedicated USD 2 million for wildlife conservation in 2015. Australia wearable industry is forecast to witness high growth prospects owing to obligatory RFID tagging for farm animals through the region.
U.S. pet wearable market size is predicted to continue its dominance due to surging adoption of these devices. Increasing spending on pet food, veterinary care and on other products and services is expected to drive the regional industry demand.
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GPS-based and RFID tracking devices are expected to fuel growth. For instance, i4C Innovations launched health tracking dog collar called the Voyce in December 2014. This device is based on RFID technology and it allows monitoring a dog’s heart and respiratory rate, calorie intake, rest taken, and pattern of movements.
These devices enables in generating data about food intake, which may prove useful for owners in analyzing their pet’s health and well being. In addition, activity monitor by Whistle Labs acts as a health tracker that helps in measuring activities and gives daily activity patterns such as playtime, walks, and rest duration using GPS technology. Non-RFID collars on dogs and RFID ear tags for cows are one of the most popular forms of wearable devices for animals across the globe.
Increasing acceptance of electronically enabled medical treatments for pets such as cooling, heating and ultrasound & drug delivery is forecast to intensify the pet wearable market demand over the forecast period. For instance, various devices for big pets allow owners to set daily fitness goals with the help of ‘Pet Points’ and also assist in monitoring the health data through the app.
Rising consciousness regarding safety & security, identification & tracking, medical diagnosis, and behavior monitoring and control is expected to fuel the demand these products. High cost of devices may hamper the industry demand. However, miniaturization accompanied by rapid technological advancements is likely to offer substantial growth prospects for the pet wearable market size over the forecast period.
Various components involved in these devices include RFID sensors, GPS tracker, motion sensors, Bluetooth, accelerometer sensors, camera, transmitters and antennas. RFID sensors are expected to experience significant growth through 2023, owing to accuracy and ease-of-usability offered by the technology.
GPS and location trackers, fitness and activity monitors, and breeding and heat detection are the types of products involved in the industry.
Europe is predicted to exhibit high potential due to existing sophisticated infrastructure of modern telecommunication across the region. These devices are expected to gather high attention of pet owners as they are completely aware of the technology and to the ways of interpreting the data fetched by software platforms and mobile apps. Presence of large number of industry leaders such as IceRobotics and DiaryMaster are expected to contribute to regional growth.
New product development and technological progression is likely to offer high growth opportunities to industry participants. Key players occupying major pet wearable market share include Whistle Labs, Tagg, Dropcam (Nest), i4c Innovations, Fitbark, Radio Systems PetSafe Europe, Invisible Fence, High Tech Pet Products, Garmin, and Purch.
Some other industry players include Silent Herdsman Limited, Ridogulous Labs, PetPace, Otto Petcare, Loc8tor, Nedap, and Motorola.
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