22 January 2019 The global pet wearables market is expected to witness remarkable growth in the years to come owing to rise in adoption of pets due to increasing disposable income and growing awareness regarding their mental and physical health. Pet wearables are used to get the information regarding several purposes, such as tracking, controlling, medical diagnosis, treatment, and safety and security. Numerous companion animals go missing every year, which is expected to increase demand for these devices in the coming years.
Technological developments in wireless area networks, effective and cost-efficient wireless sensors, and high adoption of digital maps are the key driving factors in the market. Growing trend of internet of things (IoT), which is used to establish connection of smart devices, such as laptops, smartphones, and tablets, to wearable devices is anticipated to have a positive impact on the market growth. Developments in analytics technology is also expected to stimulate the market growth in the coming years. For instance, Intrinsyc Technologies Corporation, a leading provider of solutions for development and production of embedded and IoT products, introduced its Open‐Q 2500 System on Module (‘‘SOM’’) and its companion Open‐Q 2500 Development Kit. The Open-Q 2500 SOM is a computing module based on the Qualcomm Snapdragon Wear 2500 platform. The company’s Open-Q 2500 SOM integrates critical elements for wearable device innovation and performance, such as integrated sensors, high performance, low power, small size, and greater connectivity. The SOM is designed to meet the needs of Android-based wearables devices, such as trackers, smartphones, and connected headsets.
Key technologies used in wearables include RFID sensors, GPS tracker, accelerometer sensors, Bluetooth, camera, transmitters, antennas, and motion sensors. GPS based pet wearable holds a prominent share in the market owing to its high demand and growing popularity. These devices play a crucial role in finding lost or stolen companion animals and providing updates to the owner regarding exact location of pet through smart devices. RFID technology is likely to emerge highly lucrative in future owing its reliability and accuracy. Various types of sensors are used with RFID-based devices in order to monitor several parameters, such as temperature, HRV, pulse count, and calorie intake of pet.
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However, factors such as lack of infrastructure, high power consumption, and high cost of network installations are likely to restrict the market growth in future. Most of the wearable devices have lithium-ion or lithium polymer batteries having restricted lifespans of 2 to 3 years. These batteries get weaken through repeated charging due to their shelf lives. Additionally, deep discharge and overheating can lead to problems associated with these devices. Many companies are also offering cloud-based data analytics services along with their products. This can help to diagnose and treat companion animals by offering valuable clinical information for real-time decision making.
North America is a leading region in the market due to growing adoption of pets, high disposable income, and increased expenditure on animal healthcare. Additionally, rising percentage of tech-savvy owners, use of advanced technology, and continuous product innovation is likely to boost the regional market growth. Strict regulations regarding animal safety and treatment has encouraged people to purchase products, such as nark collar and behavior changes devices. Asia Pacific is anticipated to witness substantial growth in the coming years owing to rapid urbanization, westernization of emerging countries, and increasing awareness regarding physical and mental wellness of pets.
Some of the leading companies operating in the pet wearables market are Whistle Labs Inc.; Loc8tor Ltd.; DeLaval Inc.; IceRobotics Ltd.; and Whistle Labs, Inc. The market is in its developing phase and it is likely to witness increased competition in the coming years. Companies are focusing more novel product development, collaborations, and acquisitions in order to gain competitive edge in the market. For instance, RSA, a leading international insurer, announced its first external venture in a FinTech company, Pitpatpet Ltd, the developer of the PitPat dog activity monitor and dog care intelligence data platform. The company provides dog’s collar with one-year battery life. The pet owner can get daily updates on activities, such as running, walking, and playing by using android or iOS app.
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