In the era of automation, the pet product market is seeing more and more advancements in wearable technology, including pet activity monitors and GPS trackers. In fact, a new Fact.MR research study projects activity monitors to expand at a meteoric pace through 2028; however, this statistic lacks in offsetting the supremacy of GPS trackers as the most used pet wearable. The study foretells that the pet wearables market is likely to exhibit a strong 7.6 percent value CAGR throughout the period of assessment, 2018-2028.
While the report envisages that the sales of various types of pet wearables are likely to surge via e-commerce, pet wearable retailers are slowly gravitating toward the preeminent internet platform.
Medical diagnosis and treatment have gained alarming importance, underpinned by a significant rise in pet health issues. For instance, rising concern regarding obesity among cats and dogs has compelled pet owners to adopt continual pet health monitoring. According to APOP (Association for Pet Obesity Prevention), the rate of obesity among pets has increased in the past few years. In the United States alone, 54 percent of dogs and 59 percent of cats were overweight in 2017.
Pet wearables such as activity monitors can help facilitate preventive health maintenance. Although medical diagnosis and treatment account for a major share in the pet wearable market, sales of wearables in pet identification and tracking are likely to witness a significant rise, making it a second most attractive sales funnel for manufacturers of pet wearables.
Sales of pet wearables have been largely influenced by increasing household spending on pet health and monitoring. According to the analysis revealed by the American Pet Products Association, in 2017 more than $69 billion was spent on pets in the United States alone of which pet tech products accounted for around 6.7 percent. This aspect is also influenced by a high purchasing power parity of the United States citizens, making the U.S. the largest market for pet wearables.