Pet Tech Market Trends

Growth Drivers

• Surge in Disease Among Pets - Pets suffer from various disease which usually goes unnoticed. For instance, in dogs, congestive heart failure (CHF) is relatively prevalent. About 74% of older dogs and approximately 9% of all dogs have some sort of cardiac disease. The development of CHF could be caused by a variety of reasons. While this condition may take years to manifest, some dogs are born with congenital cardiac problems that contribute to this illness. Hence, in order to identify the disease in pets the demand for various animal’s wearable devices and AI assisted technology is growing, which is further estimated to boost the market growth.
• Growing Prevalence of Internet- Since large number of people are using internet the demand for various applications on mobile phones is growing. These applications could help in tracking pet health along with connecting with the pet care services. About 4 billion people, or approximately 63 percent of the world's population, were internet users as of January 2023.
• Rise in Lost Pet Cases - The number of lost pets in the US is around 9 million every year, with millions of them ending up in animal shelters around the country. Hence, the demand for microchips and more such devices in order to track lost pet is growing.
• Launch of Smart Pet Equipment - The newest Halo collar, the Halo 2+, which offers newly patented, cutting-edge guidance for your dog, was introduced in 2022 by Halo, the world's safest and most sophisticated all-in-one pet safety and training technology.
• Upsurge in Rise on Income of People - Over the past two decades, the US personal income has consistently increased, from about 4 trillion dollars in 1991 to approximately 2o trillion dollars in 2021. Hence, since the income of people is growing their spending on the wellbeing of their pets is also growing.

Challenges

• Growing Competition Among Key Stakeholders
• Unexpected Malfunctions – Owners using pet related technologies, also has to cope with unforeseen issues. Even, if the training collar has a remote, the remote could malfunction occasionally. For instance, the remote control could stop working at random times or the batteries might run out. Other issues might arise such as food being dispensed insufficiently or at the wrong times. Technology could malfunction in a variety of ways, so when these issues occur, people could find them bothersome. Hence this factor is estimated to hinder the growth of the market.
• Rise in Electrical Issues Leading to Disturbance in Pet Tech Product Functions