Pet Tech Market Trends

Growth Drivers

• Rising diseases among pets: Pets suffer from various diseases that usually go unnoticed. For instance, in dogs, congestive heart failure (CHF) is relatively prevalent. For instance, according to Veterinary Business Development in January 2022, almost 10% of all canine patients have heart disease. While this condition may take years to develop, some dogs are born with congenital cardiac problems that contribute to illness. Hence, to identify the diseases in pets the demand for various animal wearable devices and AI-assisted technology is growing, which is further estimated to boost the market growth.
• Surge in cases of lost pets: According to Animal Humane Society, 1 in 3 pets is projected to go missing in their lifetime. There is a rising demand from pet owners for microchips and other applications to track lost pets. Pet owners are demanding digital tools to monitor the location of their pets, leading to the growth of the market. 

Challenges

• Device reliability and unexpected malfunctions: Owners using pet-related technologies have to cope with unforeseen issues. For instance, the remote control could stop working at random times or the batteries might run out. The technology could malfunction in a variety of ways, so when these issues occur, people could find them bothersome.
• Manufacturing challenges associated with pet tech products: The rising demand for innovative pet tech poses manufacturing challenges such as meeting quality standards. Also, many people may have access to the user’s device or data captured by it, causing privacy concerns for consumers.