Pet Tech Market Trends

Technological advancements such as IoT, AI, and data analytics are major growth drivers for pet tech industry. Data analytics helps veterinarians and pet owners identify patterns in a pet's health data, allowing for tailored care plans. In addition, AI can predict health issues based on changes in activity or vital signs, enabling early intervention. Smart devices such as feeders, cameras, and litter boxes provide remote monitoring and control. In March 2024, PetSafe launched an AI-driven smart feeder that adjusts feeding schedules based on pets’ eating habits and health data. By adjusting feeding schedules based on a pet's needs, the AI feeder can help with weight management. As changes in eating habits can sometimes be indicators of underlying health problems, AI analysis of feeding data helps identify such changes, prompting owners to seek veterinary attention sooner.

Government funding for research in animal health monitoring, AI-powered solutions, and wearable technology can accelerate innovation. Further, collaboration between governments and private companies can leverage resources for R&D projects. Regulations promoting compatibility and data exchange between different pet wearable devices create a more interconnected ecosystem. In February 2024, the U.S. FDA released guidelines for data security in pet health monitoring devices, ensuring manufacturers develop secure products without stifling innovation.