The global pet wearable market size is expected to reach USD 3.5 billion by 2025, according to a new report by Grand View Research, Inc. Increasing awareness about pet well-being and rise in consumer spending on companion animals in developed countries is estimated to propel the market over the forecast period.
The market for GPS-based wearable devices for animals is expected to gain traction over the forecast period. Demand for tracking devices by owners for real-time location updates of the animals can be attributed to rising incidence of pet theft. The RFID technology segment held the largest share in the market in 2018 and is expected to reach around USD 1.4 billion by 2025.
The medical diagnosis and treatment segment is expected to register the highest CAGR of 16.7% over the forecast period. Growing use of sensor technology in smart wearable devices to measure and monitor vital health metrics of companion animals such as respiration levels and heart rate, to seek veterinary advice, check diseases symptoms, set goals and reminders, and store medical records in the cloud is projected to boost the market. Moreover, growing application of IoT solutions in healthcare is anticipated to drive the market. IoT technology is expected to play an essential role in pet health monitoring, transmitting vital health data about the animal to veterinarians and owners to analyze and check the progress of their health.
Increasing number of pets in countries such as China and India is estimated to provide potential opportunity for industry growth in Asia Pacific. According to the National Bureau of Statistics of China reports, China held the third position in the world for dog ownership in 2014, after U.S. and Brazil, with a total of 27.4 million pet dogs.
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Further key findings from the report suggest:
The global market was valued at USD 1.4 billion in 2018 and is expected to register a CAGR of 14.2% from 2019 to 2025
Identification and tracking emerged as the largest application segment in 2018 and is estimated to generate a revenue of USD 2.2 billion by 2025
The market for GPS-based wearables is anticipated to expand at the highest CAGR of 14.9% over the forecast period
The Asia Pacific market is projected to witness substantial growth over the next decade. Increasing number of pets in countries such as China and India is estimated to provide potential opportunity for industry growth
Key players include Whistle Labs, Inc.; PetPace LLC; FitBark; Tractive; i4C Innovations; and Garmin International, Inc.
Grand View Research has segmented the global pet wearable market on the basis of technology, application, and region:
Pet Wearable Technology Outlook (Revenue, USD Million, 2015 - 2025)
Pet Wearable Application Outlook (Revenue, USD Million, 2015 - 2025)
Identification & tracking
Behavior monitoring & control
Facilitation, safety & security
Medical diagnosis & treatment
Pet Wearable Regional Outlook (Revenue, USD Million, 2015 - 2025)
Middle East & Africa
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