01 November 2019
Pet Wearable Market Report 2020-2030: Forecasts by Technology (RFID, GPS, Sensors), By Application (Identification & tracking, Behavior monitoring, Facilitation, Medical diagnosis & treatment), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) and profiling of leading international and domestic companies.
The size of the wearable global pet market in 2019 was estimated at USD 1.5 billion. Growing awareness among owners of animal health has been a key driver of the market. Rising disposable income and increasing demand for injectable products in developed countries like China are also projected to raise the market significantly. It is also expected that IoT will have a profound effect on animal health diagnosis and treatment.
Wearable devices help people monitor their pets' daily activities. These also allow monitoring of heart and respiratory levels, along with recording of burned calories and rest patterns. Such tools collect information on pet animals ' food intake, which may be helpful for caregivers to monitor their nutrition and well-being. GPS trackers, RFID sensors, motion sensors, accelerometer sensors, Bluetooth, cameras, antennas and transmitters are types of technologies included in wearable devices. Wearable devices enable continuous body movement monitoring along with the body's biomechanical and physiological systems measurement.
IoT technology is also expected to play a vital role in the delivery to veterinarians and owners of key information on animal health indicators. Combining wearable devices, mobile apps, and data analytics technologies can be a common alternative for value-based treatment in the coming years. Many wearable device manufacturers also provide cloud-based data analytics tools along with their devices that can be used to support veterinarians diagnose and treat pets by providing valuable medical knowledge for decision making in real time.
High power consumption and low battery life are a major challenge to adopting animal wearable devices. Most wearable devices use innovative technologies that consume a lot of energy, such as GPS and wireless networks. Generally speaking, the battery power of these phones will last for a few days, and the battery will last for less than a day in case of heavy use. Another major challenge presumed to hamper market growth in the near future is the high cost of these devices.
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