Research Nester’s recent market research analysis on “Pet Tech Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global pet tech market in terms of market segmentation by type, product, application, end use, distribution channel and by region.
Rise in Prevalence of Disease Among Pets to Boost the Growth of Global Pet Tech Market
The global pet tech market is estimated to grow on account of rise in prevalence of disease among pets. Many diseases affect pets, most of which go unrecognized. For instance, congestive heart failure (CHF) is comparatively common in dogs. Around 9% of all canines and about 74% of older dogs have some form of heart illness. There are numerous potential causes for the emergence of CHF. Some dogs are born with congenital cardiac issues that contribute to this sickness, albeit the symptoms of this ailment may not appear for years. As a result, there is an increasing need for various wearable animal gadgets and AI-assisted technologies, which is further expected to drive market expansion.

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Moreover, surge in adoption of pet is also anticipated to boost the market growth. Around 18 million dogs were kept as pets in India in 2018. It was predicted that there would be more pets than 30 million by the end of 2023. Interaction with animals has been demonstrated to lower blood pressure and cortisol levels, a hormone associated to stress. Other studies have shown that interacting with animals could elevate mood, reduce loneliness, and foster a sense of community. Therefore, this may be the main driver of the increase in pet adoption. Also, there has been an increase in the transmission of disease among pets, which has raised concerns about the health of the animals. As a result, there is a rising need for examination, which is expected to fuel the market for pet tech.

Some of the major growth factors and challenges that are associated with the growth of the global pet tech are:
• Growing Prevalence of Internet
• Rise in Lost Pet Cases

Challenges:
Owners who use pet-related devices must also deal with unanticipated problems. Even, if the training collar has a remote, it could occasionally not work. For instance, the batteries may deplete or the remote control could stop operating at any time. There could be further problems, as when food is served insufficiently or at the inappropriate times. There are many possible ways that technology could go wrong, so when these problems do arise, people might find them annoying. As a result, it is predicted that this factor would slow market expansion. Moreover, there is a possibility that this pet tech may also suffer from electrical issues as many tech products do operate on electricity. Hence, owing to the shortage of electricity this product couldn’t function.

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By type, the market for pet tech is segmented into RFID, GPS, and sensors. Amongst these segments, the RFID segment is anticipated to garner the largest revenue by the end of 2035, backed by rising need to monitor the temperature, heart rate, and more, of the pet. Further, the obesity prevalence among pets is also growing. Hence, owing to this, the need to monitor calorie intake is also rising, further boosting the segment growth. Also, farmers are using it more frequently to track their livestock. When an animal comes within range of the RFID reader, a radio signal from the reader's antenna activates the RFID chip, enabling radio frequency identification, also known as RFID. After that, the chip sends back a signal with the animal's unique identification number. Reader information might be used by an animal tracking computer. Farmers and ranchers use tags to track a variety of factors, including medication dosage, feed output, weight, and milk production.
By region, the North America pet tech market is estimated to generate the highest revenue by the end of 2035. The growth of the market in this region can be attributed to rising disposable income of the people which is further influencing people to invest more on intelligent and smart pet products such as smart collars, feeders, and more, along with growing adoption of rescue pets. Additionally, it is projected that the rise in pet illnesses would encourage pet owners to invest in smart pet technology and monitor their pets' physiological processes including breathing, heart rate, and sleep. This is expected to boost growth for the North American pet tech market in the region throughout the course of the projected year. Also, with an increasing demand for pet collars that enable better training in animals, the market in this region is expected to expand significantly during the ensuing years.
This report also provides the existing competitive scenario of some of the key players of the global pet tech market which includes company profiling of GoPro, Inc., FitBark Inc., Garmin Ltd., CleverPet Inc., Scollar Personalized Pet Care, Tractive, Mars Incorporated, Lupine Pet, Motorola Solutions Inc., and Wagz Inc.

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