Top Emerging Trends Of Pet Wearable Market Progress Forecast 2027 |Grand View RePosted by Mrudula Anil Karmarkar on May 20th, 2021 global pet wearable market size is estimated to reach USD 4.6 billion by 2027, registering a CAGR of 14.3% over the forecast period, according to a study conducted by Grand View Research, Inc. Increasing concerns toward companion animals’ health and wellbeing, coupled with rising pet humanization and population, is anticipated to be the key factor driving the growth of the market over the forecast period. In addition, increasing expenditure on pet consumables and rising demand for identification and tracking devices are some of the key factors driving the market growth. The recent COVID-19 pandemic that has been ravaging numerous countries across the globe has adversely affected the overall sensor, control, and automation industry. While the capital investments in the automation sector have been lethargic before the pandemic, they are expected to be put on hold or postponed for at least a year. However, the recent standstill in industrial manufacturing and production is anticipated to act as a wake-up call for the manufacturing sector on its reliance on human labor. This, in turn, is expected to highlight the advantages of robotics and automation helping a greater adoption in the post-pandemic period. As IoT, industrial automation, and digitalization are expected to become increasingly relevant to post-pandemic Tier 1 manufacturers, it may eventually turn into an opportunity especially in evolving supply chains. The report will account for Covid19 as a key market contributor. According to the American Pet Products Association (APPA), the expenditure on companion animals in U.S. is expected to be USD 72.1 billion in 2018. Several advancements in technology is expected to lead to an increased demand for these wearables over the forecast period. Wearables are capable of continuously tracking health-related parameters such as body temperature, calorie intake, and Heart Rate Variability (HRV). Moreover, sensor technology is integrated into wearable devices to monitor and measure health metrics such as heart rate and respiration levels. It also enables pet owners to check disease symptoms, store medical records in the cloud, and set goals and reminders. Moreover, growing reliance on pets for companionship, mental wellbeing, fitness, and entertainment has led to an increased spending on companion animals. The availability of advanced technology-based devices to monitor health by gathering vital information is expected to drive the pet wearable market growth. Furthermore, increasing adoption of companion animals in emerging economies such as India and China would offer several opportunities for market growth in the Asia Pacific region over the forecast period. On the other hand, North America dominated the global market in 2020 owing to the increasing awareness of the importance of pet health. Moreover, high penetration of fitness and activity monitoring devices and increased spending on companion animals is anticipated to drive the regional market growth. Key industry players include Allflex USA Inc.; Avid Identification Systems, Inc.; Datamars; Fitbark; Garmin Ltd., Intervet Inc.; Invisible Fence; and Konectera Inc. Key players in the market focus on research and development activities to develop innovative products to expand their product offerings. In addition, companies adopt strategies such as collaborations, expansions, and acquisitions to strengthen their position in the global market. The global market is in its emerging stage and is witnessing intense competition among new entrants and existing players. Key players in the market are highly focused on research and development activities to develop innovative products so as to expand their product offerings. Companies are also focusing on strategic collaborations, expansions, and acquisitions to strengthen their position in the global market. The players have been focused on developing innovative products that can gather health metrics of pets, such as calories burned and distance walked, which can be beneficial to veterinarians in several ways. In December 2018, FitBark, a manufacturer of wireless dog activity monitor devices, partnered with Fitbit. This enabled Fitbit users to track both their pets and their own goals and stats, including activity, calories burned, and distance walked through their Fitbit devices. Moreover, insurance giants and animal care are investing in the wearable industry to offer collaborative services to pet owners. For instance, in January 2017, RSA invested in PitPatPet, a company that provides dog activity monitors with an intelligent data platform. The move was aimed at educating and encouraging owners of companion animals and enabling them to make smart decisions regarding their health. Some of the prominent players in the pet wearable market include:
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