Pet Wearable Market: Pet Safety Concerns; Innovations in Technology to Provide Growth Opportunity

Over the last couple of years, the advent of wearable technology and the ever-growing awareness about pet health, fitness, and safety have resulted in the emergence of pet wearables. The pet wearable market is presently in its nascent stage and holds significant potential in the ensuing years. Transparency Market Research projects that the spending on pet wearables is likely to surpass that on pet food by 2017.

The global pet wearables market is estimated to be valued at US$1.0 bn by the end of 2016 and is expected to reach US$2.5 bn by 2024 at a 12.0% CAGR therein.

Availability of Advanced Substitutes Threatening Uptake of Identification and Tracking Devices for Pets

In terms of application, the pet wearable market is classified into identification and tracking, facilitation, safety, and security, behaviour monitoring and control, and medical diagnosis and treatment. So far, majority of the demand in the pet wearables market has been generated by the identification and tracking segment.

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Increasing awareness about pet health and fitness among owners, especially in North America and Europe, is expected to fuel the demand for devices providing medical diagnosis. The medical diagnosis and treatment segment, in combination with the facilitation, safety, and security segment, is expected to account for over a quarter of the pet wearables market by 2024.

Stringent Regulations Pertaining to Treatment toward Animals Drives North America Pet Wearables Market

Geographically, North America and Europe are expected to be the major markets for pet wearables, with a combined share of around 75% during the forecast period. Market penetration of pet wearables is relatively high across these regions owing to greater purchasing power and stringent regulations pertaining to treatment toward animals. The latter has compelled households with pets to purchase products such as bark collars and behavior modification devices.

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The Asia Pacific pet wearables market is projected to grow at a significant pace through 2024. GPS and RFID technology-based identification, tracking, behavior monitoring, and control are expected experience considerable demand during the forecast period. However, in terms of growth rate, the adoption of devices to ensure the safety and security of pets and to facilitate medical diagnosis and treatment is expected be the leading segment.

Some of the major players operating in the pet wearables market are DeLaval Inc. (Sweden), Loc8tor Ltd. (United Kingdom), Nedap N.V. (Netherlands), PetPace Ltd. (Burlington), Whistle Labs Inc. (United States), and IceRobotics Ltd (United Kingdom).

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