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The latest report by IMARC Group, titled “Pet Wearable Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” finds that the global pet wearable market exhibited strong growth during 2015-2020. Pet wearables are devices worn on the pet's body for identification, monitoring, controlling, tracking, medical diagnosis, treatment, facilitation, safety and security purposes. They help pet owners to track the location of their pets and identify them easily within a limited time by using their smartphones. Pet wearables also enable pet owners and veterinary doctors to check and diagnose possible disease symptoms at an early stage and provide treatment accordingly. These wearables also allow pet owners to monitor pet behavior and enhance pet engagement with the external environment.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Pet Wearable Market Trends:
With a significant rise in the pet adoption rate, especially dogs, and the increased spending on pet care, there has been a high demand for pet wearables. The growing concerns among pet owners about the health and fitness of their pets are also contributing to the market growth. Pet wearables enable statistical tracking, such as rest patterns, calories burnt, and heart rate of animals. Furthermore, the market is catalyzed with the emergence of the Internet of Things (IoT), which has provided cloud-based and data analytics services that allow pet owners to store medical records on the cloud and to offer controlled monitoring of pets remotely. Moreover, advancements in technology have enabled manufacturers to develop innovative devices and accessories, such as smartwatches, pet trackers, smart collars and dog tracking chips, which are made with superior quality and durable materials. This has further encouraged pet owners to invest in high-quality pet products with premium pricing. Looking forward, the market is anticipated to grow at a CAGR of around 13% during the forecast period (2021-2026).
Market Summary:
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