Pet Wearable Market Size

Pet Wearable Market size was valued at USD 4.8 billion in 2023 and is estimated to register a CAGR of 15.5% between 2024 and 2032. According to the Health for Animals Organization, globally there are over a billion pets, with the U.S., Brazil, the E.U., and China owning majority of them. This rising number has been attributed to the reducing family sizes and people opting for furry family members instead. With these growing numbers, the demand for pet care services is also experiencing an upward trend.

Wearable devices, such as fitness trackers and health monitors, enable pet owners to monitor their animals' heart rates, activity levels, sleep habits, and caloric expenditure. This information is useful for evaluating general fitness and recognizing possible health problems beforehand. For instance, in March 2024, PetPace launched its PetPace 2.0 collar, an AI-powered smart dog collar that provides continuous, real-time medical insights for early detection, treatment, monitoring, and GPS tracking of a dog's health. The collar measures various vital signs and health-related biometrics, including internal temperature, pulse, respiratory rate, heart rate variability, behavior, sleep quality, activity, and posture. It also has a patent-pending pain indicator, health profile, wellness index, and workout intensity assessment.

Moreover, remote monitoring enables pet owners to ensure the safety and security of their pets even when left personally unsupervised. Wearables with geofencing features can alert owners when pets wander outside predefined safe zones, reducing the risk of loss/injury. These wearables connect with smart home appliances & mobile apps to provide easy access to data and alarms in real-time. This connectedness promotes cooperative pet care management by facilitating smooth communication between pet owners, veterinarians, and caretakers.

A major factor restricting the adoption of pet wearables is their high costs. High-priced pet wearables can deter pet owners on a tight budget from purchasing these products, particularly when the costs are perceived as exorbitant, or the benefits are seen as limited. Additionally, high costs can restrict market penetration and prevent pet wearables from being adopted by individuals without discretionary income or by those who own expensive pets.