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Pet Wearable: The Next Billion Dollar Market

With the seamless integration of technology into our everyday lives, there has been an upgrade to a much smarter way of life. This can be attributed to the growth of IoT, augmented reality, machine learning and artificial intelligence.

Wearable have emerged as one of the most profitable inventions to have been made in recent times. They have helped humans reach the s higher standard of living. These include smartwatches, fitness trackers, smart eye wear, connected clothing, medical devices, headphones, hearing devices and many more.

After revolutionizing the human market, wearable have penetrated the pet community. With the new-age technology now available, one can keep track of their pets’ health, movement, security among other things.

One of the main drivers of growth in this industry originates from the psychic of human beings towards pets. With a large number being adopted for health benefits, companionship, fitness and entertainment, pets have grown to become human equivalents in the family. Hence their welfare is looked after thoroughly. With the help of a rabbit hutch, a full house can be provided for the rabbit.

The significance of technological advancements

It, by far, is the most important cornerstone of growth in the pet wearable industry.
The rise of information technology especially in the wireless area network space has been immense.

Revolutionary development of cost-efficient wireless sensors, development of smartphone apps with pre-built digital maps, trending IoT technology and skyrocketing the use of smartphones to remotely connect various devices has contributed to the soaring demand of pet wearable.

However, the flip side of it includes high installation costs and power consumption along with other infrastructural faults that may arise.

The categories of pet wearable :

The categories of pet wearable six prime pet wearable six primary categories; identification, tracking, safety & security, facilitation, behavior monitoring & control, and medical diagnosis & treatment.

1. Identification (such as tags) :

Uniquely identify your pet

2. Tracking (such as smart collars) :

Find and track down where your pet has gone

3. Safety & Security (such as GPS collars) :

Geographic tracking of the pets
Regular pet monitoring

4. Facilitation :

Sense temperature
Scan food
See your pet in dark with built-in lights
Receive alerts if your pet goes beyond the designated area
Set calendar alerts veterinarian appointments and other pet’s activities
Remotely adjust the thermostat of your home addressing your pet’s comfort

5. Behavioral Monitoring & Control (Such as bark collars) :

Control and analyses your pet’s behavior such as barking etc.

6. Medical diagnosis & Treatment with RFID :

Capture Pet’s health-related crucial information
Record medical history of the pet
Keep note of your pet’s vaccinations
Maintain a record of past procedures and treatments
The key market trends and predictions

Key market trends and predictions

There are a number of areas in the pet wearable market that are gaining traction. The medical diagnosis and treatment products are gaining acceptance as pet health is one of the growing areas of medical care. For example, a rising rate of obesity has led to the adoption of this gradient of wearable devices.

According to the Association for Pet Obesity Prevention report in 2018, pet obesity has increased drastically. They concluded that 59% cats and 54% dogs are obese in the US alone making it one of the key factors leading to the growth of industry.

Identification and tracking devices, too, are witnessing an upward trend. According to a research by Mordor Intelligence that predicts the key market trends that’ll dominate the industry between 2019 and 2014, these devices are expected to hold the largest market share and likely to record a CAGR of 10.34%

One of the most widely sold products–the smart collar is another GPS tracking device; just for your dog. Or your cat. It locates the pet instantaneously and prevents them from getting lost or going astray. According to the American Humane Association, it is estimated that 10 million dogs and cats go missing or are stolen in the United States alone, each year.

With the global pet healthcare market expected to grow to USD 202.6 billion by 2025 according to a report by Grand View Research, Inc., the pet wearable market is surely expected to witness a staggering ascent.

North America is currently the most important contributor to this market. It’s stronghold comes from a number of different factors and is expected to retain its share till 2025, at least. These include:

1. Growing adoption of companion animals
2. High disposable incomes
3. Increasing per capita animal healthcare expenditure
4. Rise in awareness about pet health among owners
5. Increase in product innovation
6. Tech-savviness of pet owners

According to Wakefield Research, 69% of millennial are most likely to use some form of technology to keep track of their pets. This forms another very important pool in the pet owner section. This research shows how technology is enabling them to monitor their pets holistically through the aid of a smartphone or a tablet.

In another report presented by IDTechEx, both RFID and non-RFID technology markets within the pet wearable space are expected to grow to 2.6 billion evaluations by 2025.

Some of the most recommended pet wearable include:

1.​ Paby 3G GPS Pet Tracker And Activity Monitor

The waterproof device allows you to track your pet anywhere using GPS and WiFi, in the dark or at poor reception areas by sounding an alarm and activating an LED light. It also helps set up unlimited safe zones with the virtual fence feature. Additionally, it lets you customize activity goals and daily monitoring based on your pet’s physical characteristics.

2. FitBark Smart Collar

This waterproof device attaches to the collar and  monitors activity levels, quality of sleep, distance traveled, calories burned, and overall health and behavior 24/7. The newest edition, FitBark 2 has a battery life of up to 6 months. It is built in collaboration with over 45 veterinary schools and research institutions that have been using the software platform to address mobility issues, skin diseases, nutrition, cognition, vision and a wide variety of medical conditions.

Conclusion

As substantiated through the findings of several research conducted in the wearable technology space, pet wearable are certainly witnessing a staggering rise owing to a number of different factors. The innovation that dominates the market along with rising awareness about pet health and well-being are key drivers of growth among other factors.

With more and more takers for the products, it is only certain the pet wearable market is only beginning to establish its ground

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