(PharmaNewsWire.Com, March 26, 2020 ) Market Overview • The Global Pet Tech Market is expected to grow at a high CAGR during the forecasting period (2019-2026). • Smartphones integrated with wellness applications, electronic pet wearables with monitoring abilities, and several other technological innovations are allowing pet owners to remotely monitor, feed, and release treats for their pets. Currently, advanced technologies are in the market which can unlock and relock door remotely to permit pet sitters to access the pets. Many pet wearables available in the market has GPS locater which allows pet owners to locate missing dogs & cats. The latest product developments in pet tech allows pet owners to monitor pet behavior remotely and communicate with the pets via tablet screens, apps and speakers. The high interactive nature of pet towards entertainment devices such as gaming consoles and ball throwers is expected to increase adoption by pet owners in coming years. The adoption of technology in pet is expected to grow at lucrative pace during forecast period as owners seek to care for their pet’s health in unique ways.
Market Dynamics: • Increasing adoption of pet by communities across the globe and growing investments by the pet owners in smart/IOT-based products for effective maintenance of pets are the major factors driving the global pet tech market. The millennial pet owners are more interested towards devices such as wearables, interactive devices, gaming consoles and others for pets. According to the study published by Office for National Statistics, the annual spending by pet owners on pets increased from USD 5.98 billion in 2017 to 6.588 billion in 2018. These products allow pet owners to maintain, track physiological & physical health of pets and maintain relationship with their pets. Lack of presence of individuals during working hours in homes led pet owners to adapt smart technologies which has ability to interact with pet and feed it in constant intervals. The smart monitors provided by the companies such as Furbo, and Petsafe allow pet owners to monitor their pet, provide food and entertainment during pet owners absence in residence. • However, high cost and lack of awareness among the communities in low-income countries are major factors hindering the growth of global pet tech market.
Market Segmentation • Global pet tech market is segmented on the basis of product type into tracking equipment, monitoring equipment, entertainment equipment, feeding equipment and others. • Tracking equipment evolved as the largest segment in global pet tech market owing to growing investment by the pet owners in the active tracking of health and behavioral aspects of their pets. The tracking equipment monitors pet’s whereabouts, and monitors active levels, respiration, heart rate and fitness indicators. The weakly health reports provided by the respective tracking equipment through their apps will allows pet owners to act accordingy over preventive and proactive health measures. The collar attachments and collar sensors monitors the health functions and the small cameras in these systems will provide dog’s eye view of house when owners are away.
Geographical Presentation • By region, the global pet tech market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East and Africa. • United States is dominating the global pet tech market owing to growing adoption advanced wearables and monitoring devices by the pet owners to provide proactive and preventive health measures. According to American Pet Products Association, the annual spending over pets accounted to USD 69 billion out of 6.7% accounted to pet tech products. High pet population and increasing disposable income by the millennials over pets are additionally contributing to the growth of United States pet tech market. According to American Pet Products Association, the total pet population in United States was 85.2 million in 2017-2018. Furthermore, high consumer interests towards investing in highly interactive and convenience equipment for pets across the country is expected to boost the market for pet tech in United States during forecast period.
Competitive Analysis • The global pet tech market is highly fragmented due to huge product differentiation. However, in individual product segmentation the market is consolidated with very few players holding significant share. This market is experiencing huge investment from the venture capitalists in pet tech startups for business expansion and research & development activities. According to Pitch Book, the annual investments by the venture capitalists in pet tech industry increased from USD 311 million in 2017 to USD 579 million in 2018 (until November 9th, 2018). • New product launches in wearable and entertainment devices with advanced IOT-based technologies to provide accurate and effective information for pet owners is the key strategy followed by major players in global pet tech market. For instance, In July 2019, Petcube launched Bites 2 and Play 2 smart cameras a pet-oriented smart speaker with Alexa integration. Both devices allow the pet owners to interact with the pet and monitor their homes remotely. In July 2019, Whistle launched two pet wearables for pets Whistle Go and Whistle Go Explore to track animal location, activity and health. The weakly health report provided by the system allows pet owners to provide better proactive and preventive care. • Some of the key players in the global pet tech market includes Radio Systems Corporation, Wagz, Inc., Whistle, Petchatz, and iFetch, LLC.
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