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Pet Tech Market Size
- Report ID: GMI4187
- Published Date: Jul 2024
- Report Format: PDF
Pet Tech Market Size
Pet Tech Market was valued at USD 10.5 billion in 2023 and is estimated to register a CAGR of over 13.5% between 2024 and 2032. Pet owners are becoming more informed about their companions' health needs, driving demand for pet tech products that monitor activity, track vitals, and offer remote veterinary consultations.
Companies collaborate with veterinary services for health monitoring and diagnostics, focusing on preventive care through smart devices. This shift from reactive to proactive measures has been generating demand for products that offer health monitoring, dietary insights, and remote consultations.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Pet Tech Market Size in 2023: | USD 10.5 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 13.5% |
| 2032 Value Projection: | USD 41.3 Billion |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 240 |
| Tables, Charts & Figures: | 360 |
| Segments covered: | Product, Application, End Use, Distribution Channel |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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In addition, pets experience stress and anxiety, prompting the development of tech solutions addressing their emotional needs. In February 2023, Zoetis launched the AlphaTrak 3 blood glucose monitoring system for diabetic pets, designed for home use to reduce the need for frequent vet visits. The system is calibrated for dogs and cats, ensuring reliable data.
Further, an increase in pet ownership leads to a higher demand for pet products and services. Owners treat pets as family members, driving demand for advanced care solutions. Tech-savvy demographics, such as singles, millennials, and empty nesters, are adopting technology to enhance their pets' lives. In May 2023, the American Pet Products Association reported 70% of U.S. households own a pet, a key driver for the growing market.
Pet tech devices malfunction, leading to inaccurate data collection, unexpected food dispensing, or connectivity problems. This can frustrate pet owners and erode trust in the technology. These devices collect a variety of data, raising concerns about data breaches and unauthorized access. Many pet tech devices rely on batteries, and frequent recharging can be inconvenient for owners. Additionally, low battery levels can lead to device malfunctions and disrupt pet care routines. Some pet tech products can be costly, especially sophisticated ones. Many pet owners are not aware of the benefits and functionalities offered by pet tech solutions, creating a barrier to entry and limiting market reach.
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Pet Tech Market Scope
