Market Synopsis
Pet wearable is a device that can be worn by animals either in the form of a collar, a tag, or a vest. These wearable devices operate on RFID, GPS or close proximity wireless connectivity such as Bluetooth. Pet wearable devices are used to identify and track the location of the pets, monitor their health, and detect behavioral changes in the pets. Pet wearable devices are expected to show significant growth during the forecast period. The major factor contributing to the growth of pet wearable devices is the growing awareness about their health and well-being, and the rising need for monitoring and tracking the movement of the pets. These wearable devices can be linked with a smartphone application to keep a record of the data gathered from pets for further analysis. Moreover, the increased adoption of connected devices and the Internet of Things (IoT) helps in gathering data and gaining meaningful insights. However, limited awareness about pet wearable devices and lack of medical and healthcare attention for animals in rest of the world and Asian region poses a challenge for the market growth.
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Competitive landscape
The companies operating in pet wearable market are primarily focusing on improving their supply chain and distribution channel along with organic growth strategies, under which they focus on investing highly in research and development for the launch of new products. However, not many inorganic strategies are being adopted by the companies as the market is highly segregated under different applications.
Key Players
The key players in the pet wearable market are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are FitBark Inc. (US), Indiegogo Inc. (US), Tractive GmbH (Austria), Loc8tor Ltd (UK), PawTrax Limited (UK), Dairymaster USA Inc. (US), Whistle Labs Inc. (US), Afimilk Ltd (Israel), IceRobotics, Ltd (UK), and PetPace LLC (US). These players contribute significantly to market growth.
Key Developments
April 2019, Peeva, LLC, a technology company engaged in the tracking of missing pets using RFID tags, partnered with Covetrus, a veterinary service company, to provide a universal platform with a single point of integration, to enable companies and organizations to provide innovative services in terms of pet tracking.
April 2019, Merck acquired Antelliq Corporation, a livestock and pet care company. The acquisition aims at making Merck a global leader in animal health and digital tracking. The acquired company— Antelliq—would be operating as a unit under the Animal Health division of Merck
Segmentation
The global pet wearable market has been segmented based on product, technology, application, and region.
By product, the pet wearable market has been segmented into smart collar, smart vest, smart harness, and others.
By technology, the pet wearable market has been segmented into RFID, GPS, Bluetooth, and others.
By application, the pet wearable market has been segmented into identification and tracking, fitness monitoring, behavior monitoring and control, and medical diagnosis and treatment.
By region, the pet wearable market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.
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Regional Analysis
The global market for pet wearable is estimated to grow at a significant rate during the forecast period from 2019 to 2024. The geographic analysis of the pet wearable market has been conducted for North America, Europe, Asia-Pacific, and the rest of the world (including the Middle East, Africa, and Latin America).
Among the regions mentioned above for the study of pet wearable market, North America dominates the market holding a significant market share. The factors contributing to the growth of pet wearable market in North America is the rise in adoption of pets along with increased disposable incomes of North American residents. In countries such as the US and Canada, various pet shows, and events are organized to promote a healthylifestyle for the pets. As these devices are capable of tracking, and monitoring the pets’ activities, thus ensuring the wellbeing of the pets.
Intended Audience
System Integrators
OEMs/ODMs
Electronic Component Manufacturers
Material Providers
Resellers and Distributors
Advisory Firms
Consulting Firms
Research Institutes and Organizations
Technology Standards Organizations
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