According to the latest report published by Fact.MR, titled “Pet Wearables Market: Global Industry Analysis and Opportunity Assessment, 2019 - 2029,” the market is anticipated to grow at a CAGR of 7.5% during the forecast period. Rise in demand for pet wearables can be primarily attributed to the increased spending capability of consumers on pets, owing to medical diagnostics and healthcare of pets. Pet insurance companies have been showing high growth in recent years. The usage and need for pet wearables recommended by insurance companies will be one of the prominent factors affecting the pet wearables market. Key factors affecting the pet wearables market are increasing downstream demand and pet health consciousness. The cost effectiveness and impact of pet wearables on pet healthcare system will determine the role of pet wearables in the forecast period.

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Technological Innovations to Augment the Growth of the Pet Wearables Market

The pet industry and other related industries such as pet food, pet accessories, and others have seen an exponential increase in the recent past. The plethora of services are available for pets such as pet day cares, grooming services, nutritional supplements, pet accessories and one of the most recent one, pet wearables and communication devices. The development of pet wearables is not only limited to pet tracking. Additional value added services such as fitness tracking, steps, sleep, steps, behaviour and diet are under constant research and development. Multiple companies are entering the market for pet wearables. The current focus of new entrants and established players in the pet wearables market is on product innovation and service integration. New companies such as Xiaomi have integrated their human pedometers with pet trackers to provide additional fitness data and analytics for consumers. Some companies are working on development of communication standards such as NB-IoT for pet monitoring. These new communication standards will augment functionalities of currently used sensor technologies.

The research of NB-IoT was carried out by u-blox in partnership with key players in IoT industries such as Huawei, Vivo, CAS Tecnologia and PinMyPet. The research of these companies include multiple lab and field tests in real time settings. The research of these pet wearables was carried out in Brazil. The testing of proprietary pet wearables hardware was carried out on 2G band. In the recent news, the company released its latest 5G ready cellular modules and low powered chipset for IoT applications. The upcoming introduction of 5G networks in the global market will help the company to grow in the pet wearables market in long run. The research in IoT usage for pet wearables is to facilitate the tracking of pets.

The entry barriers for pet wearables are extremely low considering the consumer popularity. The awareness of pet wearables will be one of the major obstacles for new emerging players to address. Development of imaginative applications of pet wearables are needed for sustenance in the pet wearables market. The market penetration of established players is still on the lower side. The rise of E-commerce for pet wearables will be the growth driver for the pet wearables market. The preference of companies has been towards usage of their own proprietary e-commerce channels.

Increasing Trend of Treating Pets as Family Members

The society as a whole has become more isolated and rapid breakdown of social support systems has increased the pet adoption. The importance of pets in social life has led to changes in the social standing of pets. People have come to view pets as extended family members, and in turn marked a sharp increase in pet healthcare. Additional tracking of heartbeat, temperature, and other miscellaneous data are being developed for the qualitative analysis of pet health. Some of the previously used pet wearables to stop barking or training purposes are being revamped to create humane training collars. The banning of pet wearables using inhumane tactics is underway in multiple countries. The United Kingdom is one of the recent governments to ban the usage of inhumane pet wearables such as shock collars and noxious gas sprayers. Development of new mechanisms in pet wearables include noise calibrators, and vibration modules.

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Introduction of New Standards and Regulations to Gain Popularity

The pet wearables market is still in the introductory phase of the industry life cycle. Multiple new entrants in the pet wearables market are seen experimenting with their services. The introduction of new proprietary solutions catering to consumers’ needs have been one of the key strategies in the pet wearables market. New emerging technologies and services have led to creation of new standards for proper and benchmarked approaches to wearables electronic devices and technologies. IEC Technical Committee was formed to develop international standards for wearable electronic devices. Several similar committees are already involved for designing, testing and equipment specifications of wearables technologies. The major concerns to be addressed with pet wearables are the data collection and privacy involved with pet wearables. The development of new standards will help the pet wearables industry to gain customary compliances and securities. The main focus with regards to privacy concerns in the pet wearables market is to limit the data collection and profiling to pets and avoid profiling to owners. RFID technology usage has been increasing for pet wearables. ISO 11784/11785 are the main international standards that define specifications of RFID tags and activation of transponder. The pet wearables report deliberates over these standards and technologies, which are tested or under research at the moment.

A Look Out of Pet Insurance Companies

The increased humanization of pets has given birth to new services such as pet insurance. The current scenario for pet insurance is slightly stagnating. This can be attributed to the increasing pet insurance premiums. RSA Group, one of the leading providers of insurance, has invested in PitPat, for the development of pet wearables. The major concern of insurance companies is the overall insurance provided to pets, regardless of the health condition of pets. This has led to higher costs incurred on companies’ side. Investments in the pet wearables market cater to better plans for pets with specific health monitoring. The pet wearables market is likely to help consumers provide better healthcare to their pets and in turn reduce the veterinarian’s bills in the long run. The finding is the report showcases the development of the medical diagnosis and treatment application of pet wearables. 

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