Pet Wearable Market - Size, Industry Share, Growth Trends and Forecasts (2024 - 2031)

By Product Type:

Based on the product type, the market is segmented into Smart Collars, Trackers, Pet Cameras, Whistles, Activity Monitors, Pet health Monitors, and Others.

The activity monitor segment accounted for the largest revenue of the total pet wearable market share in the year 2023.

• An activity monitor refers to a device that tracks and records a pet's physical activities, similar to a fitness tracker for humans.
• Moreover, activity monitoring offers a range of benefits including providing insights into a pet's behavior, regular exercise, and early detection of potential health issues.
• For instance, in June 2024 Pawfit, a division of Latsen Technology, launched its top-selling pet location and activity tracker, Pawfit 3, in the United States. This 100% waterproof tracker uses LTE (4G) technology for optimal coverage and is packed with advanced features for pet safety and health. It offers live tracking updates, customizable virtual fencing zones, voice commands for pet recall, and alerts for collar removal and harsh weather conditions. The Pawfit app allows pet owners to set fitness goals, monitor their pets' activities, and share account access with family members.
• Thus, the activity monitor segment leads the market, driven by increasing demand for tools that offer insights into pet behavior, exercise, and health, driving the pet wearable market demand.

The smart collars segment is anticipated to register a significant CAGR during the forecast period.

• A smart collar refers to a technologically advanced device worn around a pet's neck that can track its location, monitor its activities, and even provide training.
• Moreover, the primary benefits of smart collars include real-time tracking and geo-fencing for loss prevention and behavior analysis for improved pet care and training.
• These features enhance pet safety, health, and overall well-being, making smart collars a valuable tool for pet owners.
• For instance, in March 2024 PetPace, a leader in pet health monitoring, launched PetPace 2.0, an AI-powered smart dog collar that provides continuous, near real-time medical insights for early detection, treatment, monitoring, and GPS tracking of canine health. The collar measures all major vital signs and health-related biometrics and uses multiple non-irradiating, non-invasive, passive sensors. It stands out for its patent-pending pain indicator, health profile, wellness index, and workout intensity assessment.
• Hence, the smart collars segment is poised for a significant rise due to its advanced tracking and health monitoring features, boosting the pet wearable market trends.

By Services:

Based on the services, the market is segregated into Hardware and Software.

The Hardware segment accounted for the largest revenue in the year 2023 and is expected to witness the fastest CAGR during the forecast period.

• Factors including pet safety, increased awareness of pet health issues, and advancements in pet wearable technology are key aspects driving the segment.
• For instance, in March 2024 Enabot launched the ROLA PetPal and ROLA PetTracker. The PetPal allows remote interaction with pets, featuring high-definition cameras, AI-enabled pet recognition, and interactive toys. The PetTracker includes a built-in camera and uses GPS and other technologies for real-time tracking. Both products aim to enhance pet care and monitoring.
• Thus, the hardware segment dominates the pet wearable market and is expected to continue its rapid surge, supported by advancements in pet tracking and monitoring devices, driving the pet wearable market trends.

By Technology:

Based on the technology, the market is segregated into GPS, RFID, Sensors, Wi-Fi, Bluetooth, Processors, Memory, Displays, and Batteries.

The RFID segment accounted for the largest revenue of the overall pet wearable market share in the year 2023.

• Factors including reliability and accuracy of RFID trackers, technological advancements, and enabling real-time transmission of pet health data to veterinarians and pet owners, are key aspects driving the segment.
• For instance, in January 2024 PETLIBRO, a top US smart pet supply brand, introduced the One RFID Pet Feeder, a cutting-edge pet feeder with RFID pet recognition technology. This device accurately identifies pets before feeding, ensuring they receive the right nutrition at the right time. It also allows pet owners to monitor their pet's eating habits through a log of meal times and frequencies, shown in the PETLIBRO app.
• Hence, RFID technology holds a leading share of the market due to its reliability and accuracy in tracking, driving the pet wearable market expansion.

The GPS Segment is expected to witness the fastest CAGR during the forecast period.

• GPS Segment offers a range of features, including real-time tracking capabilities, geofencing, and seamless integration with smartphones, enhancing the safety and prevention of pet loss.
• Moreover, the GPS Segment provides multiple benefits including pet health management, actionable insights, and personalized recommendations. These collective advantages are driving the segment.
• For instance, in May 2024 PetSafe introduced the Guardian GPS + Tracking Dog Fence, a first-ever portable GPS dog fence and tracking collar. It uses patented AccuGuard technology for accurate tracking and allows owners to create custom GPS boundaries. The system offers superior protection, predicting when a dog is nearing the fence boundary. This launch is part of PetSafe's ongoing commitment to pet safety.
• Therefore, the GPS segment is anticipated to grow fastest, with features like real-time tracking and geofencing boosting its adoption.

By Sales Channel:

Based on the sales channel, the market is segregated into Indirect, Online sales channels, Care service centers, Pet stores, and others.

The online sales channel segment accounted for the largest revenue share of 36.27% in the year 2023 and is expected to witness the fastest CAGR during the forecast period.

• Factors including internet penetration, online shopping, wide product selection, reviews, and ratings are key aspects driving the segment.
• For instance, according to the National Association of Professional Pet Sitters, Online pet stores such as Pet.co.nz have revolutionized pet shopping by offering a wide variety of products, affordable prices, 24/7 customer support, and the convenience of home delivery. They also provide a platform for customer reviews and the ability to send gifts or donations, making pet care easier and more enjoyable for pet parents worldwide.
• Hence, segmental trends depict that the online sales channel leads in revenue propelled by increasing internet penetration and e-commerce adoption.

By Application:

Based on the application, the market is segregated into Medical Diagnosis & Treatment, Identification and Tracking, Safety & Security, Facilitation, and Behavioral Monitoring & Control.

The identification and tracking segment accounted for the largest revenue share in the year 2023.

• Factors including an increased awareness among pet owners about their pet's physical and mental fitness, and the growing demand for pet monitoring are key aspects driving the segment.
• For instance, in May 2023 Datamars, in a strategic move to expand its global offerings to pet owners, announced the acquisition of Kippy S.r.l., a successful provider of GPS tracker and activity monitoring solutions for pets. The transaction was facilitated by Growth Capital, a leading advisor in corporate finance transactions for startups and scaleups. This partnership enhances Datamar's market-leading identification and reunification solution, which has already identified over 50 million pets and reunited thousands of lost animals with their owners.
• Thus, analysis of segmental trends depicts that the identification and tracking segment dominates the application market, driven by rising awareness of pet health and security.

The medical diagnosis and treatment segment is expected to witness a significant CAGR during the forecast period.

• The surge in the medical diagnosis and treatment segment is attributed to several factors including increased demand for pet monitoring and technological advancements in areas such as sensors, cameras, and GPS.
• These devices provide real-time health data of pets to veterinarians and pet owners. These collective factors are driving the segment.
• For instance, According to the 2022 Pet Obesity Prevalence Survey, there has been a rise in the number of overweight and obese dogs and cats. The survey found that 59% of dogs and 61% of cats were categorized as overweight or obese. This is an increase from 56% for dogs in 2018 and 2017 and a slight increase from 60% for cats.
• Hence, the pet wearable market analysis shows that the medical diagnosis and treatment segment is set for significant growth, fueled by technological advancements and demand for real-time health data.

By End Use:

Based on the end use, the market is segregated into Individuals, Wildlife Sanctuaries, Animal Shelters, NGOs, Veterinary Doctors, and Others.

The Individual segment accounted for the largest revenue share in the year 2023.

• Factors including increased demand for pet monitoring and health monitoring activity are key aspects driving the segment.
• For instance, in February 2024 Global pet healthcare innovator, IDEXX Laboratories, Inc., launched Vello, a unique software solution designed to streamline communication between veterinary practices and pet owners. Integrated with IDEXX's ezyVet, Neo, and Cornerstone software, Vello offers an efficient, user-friendly system for engaging pet owners throughout their pet's life stages, fostering informed partnerships for improved health outcomes.
• Thus, the individual segment leads the market, supported by the rising demand for pet health monitoring solutions, driving the pet wearable market expansion.

Veterinary Doctors segment is expected to witness significant CAGR during the forecast period.

• The growth of the veterinary doctors segment is attributed to several factors including real-time health data of pets to veterinarians.
• For instance, in January 2022 Petriagea and Smart Tracking Technologies, LLC announced Link Smart Pet Wearable Partnership. This partnership will enable dog owners to use a petriage-connected care platform which will enable bonds between veterinarians and more than 500,000 clients by providing them with improved assessments of their pet's health (i.e., alerts that their pet may require medical attention).
• Hence, as per the pet wearable market analysis, the veterinary doctors segment is expected to grow substantially, driven by the need for real-time health data to support better medical outcomes.