U.S. Pet Wearable Market 2030: What Will Be Changes In Investment Ratio With Opportunity Analysis?? |Grand View Research

Posted by Mrudula Karmarkar on August 11th, 2022

The U.S. pet wearable market size is anticipated to reach USD 2.07 billion by 2030, recording a CAGR of 12.9% from 2022 to 2030, according to a study conducted by Grand View Research, Inc. The growing emphasis on pet welfare and safety coupled with the introduction of smart pet wearables with advanced features is expected to drive market growth. Furthermore, increasing spending on pet products with rising disposable incomes and purchasing power of consumers are some of the key factors expected to drive market growth.

The companies in this space engage in vigorous product development and research and are introducing products for various types of pet animals other than cats and dogs. For instance, Stellapps, a dairy technology company based in Bengaluru, India, offers a cattle wearable named mooON. The device acts as a pedometer and detects heat and various disorders based on the cattle’s resting behavior and activities. The insights obtained through this data can be used to optimize nutrition and implement better farm practices to enhance milk quality and yield. The introduction of such products is expected to increase the adoption of wearables for livestock applications, thereby contributing to market growth.

The pet wearables market experienced a slight impact during the COVID-19 pandemic due to the suspension of manufacturing activities. However, the market started its recovery by the end of the second quarter and rebounded strongly to achieve its pre-pandemic growth rate. The restriction imposed on traveling prevented pet owners from visiting pet owners to veterinary facilities for medical consultations. This led to an uptake in the adoption of pet wearables for gaining health insights about pets, which could be observed by veterinary professionals during telehealth consultations. As such, the continuous adoption of pet wearables ensured stable market growth during the pandemic.

The rising concern regarding pet safety and well-being is one of the prime factors contributing to market growth. Further, rising disposable income and increasing demand for advanced features in pet wearables for monitoring pets’ health are expected to drive the adoption of pet wearables in the U.S. Additionally, the U.S. has witnessed a growing trend in pet adoption in the past few years, which is expected to continue, which bodes well for market growth.

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Pet wearables offer advanced features such as controlling, tracking, monitoring, treatment, medical diagnosis, security, and safety; facilitating the well-being of pets. Several veterinary professionals in the U.S. rely on technologies such as telehealth. This helps them remotely observe their patient’s health while also gaining health-related data stored in wearables, which can be used for medical diagnosis. The ability of pet wearables to monitor and record various animal behavior such as vital signs, sleep patterns, licking, resting, scratching, and more is expected to increase the adoption of these devices among pet owners.

U.S. Pet Wearable Market Report Highlights

• The GPS segment is expected to exhibit a high CAGR of more than 13% over the forecast period. The increasing demand for pet location tracking features is expected to drive the adoption of pet wearables with GPS tracking feature
• The behavior monitoring and control is expected to register a stable CAGR of more than 14% over the forecast period. The growing need to monitor pet behavior to detect to gain valuable insights into their health status is anticipated to increase the adoption of pet wearables over the forecast period
• Several other players are adopting inorganic growth strategies by collaborating with technology and healthcare companies to leverage their expertise and enhance their offerings
• For instance, in January 2022, Smart Tracking Technologies, LLC entered into a partnership with Petriage, a pet health technology company based in Washington, U.S. The partnership is focused on integrating Link Smart Pet Wearable by Smart Tracking Technologies, LLC, with Petriage’s connected care platform, which will provide Link Smart users with access to Petriage’s symptom analysis tools

The market experienced a minor setback during the COVID-19 pandemic due to the shortage in supply of semiconductor chips caused by the suspension of manufacturing and logistic activities. According to data published by the American Veterinary Medical Association, pet adoption from shelters in the U.S. fell by 15% in 2020 compared to 2022. Although the market experienced a decline in pet adoption, the veterinary practices saw an uptick in consultations from several new and existing pet owners. These consultations were virtual and highly relied on technology such as pet wearables for gaining animal behavioral insights. As such, several pet owners opted for pet wearable devices, which kept the market stagnant during the pandemic.

The market is characterized by the presence of several players introducing innovative products to maintain a competitive edge in the market. With the increasing demand for pet wearables, several new players are emerging to capitalize on the emerging trend in the pet market. As of 2022, there are about 284 pet wearable companies globally. Some prominent players are investing heavily in R&D to introduce new and improved products to stay competitive. For instance, in February 2022, Garmin Ltd. introduced two new dog tracking devices, TT 15 X and T5X. These devices have a long battery life of up to 80 hours and improved tracking functions, which enable pet owners to track dogs from a distance of nine miles. Some prominent players in the U.S. pet wearable market include:

• Konectera Inc.
• Datamars
• Allflex USA Inc.
• Avid Identification Systems, Inc.
• Garmin Ltd.
• Link AKC
• Invisible Fence