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Pet Care Tech
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Pet Care Tech

Pet ownership is at an all time high in the United States and the pet care economy is booming.

Overview

On-demand pet care tech enhances owner-pet relationships

Pets are increasingly considered as irreplaceable family members, especially among millennials who are willing to spend more on improving their pet’s health and quality of life. Even if a person is restrained from owning a pet due to various reasons (such as financial, time, and other constraints), on-demand pet care tech can fulfill the desire to have the company of a pet only in their leisure time, all while earning an income. As a result, on-demand pet care services have emerged to digitally connect pet owners to a network of pet care service providers such as 1) mobile-based platforms that connect pet owners with dog walkers, pet boarding, pet sitting, etc., and 2) digital veterinary platforms that provide on-demand video consultation services.

What's driving this industry?

Industry Updates

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Market Sizing

The US Pet Care Tech market could reach USD 1.0 billion–1.5 billion by 2028

Conservative case

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Base case

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Expansion case

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Market Mapping

The on-demand pet care market comprises pet care service companies and veterinary telehealth services that digitally connect pet owners with pet service providers. Wag and Rover are the leading startups in the on-demand pet care services segment, and the companies do not face competition from established traditional players. Wag also remains a dominant player in the on-demand veterinary telehealth services segment along with WhiskerDocs; however, startups in this segment face competition from a few hospitals and pet retailers. The pet insurance segment, led by Lemonade and ManyPets, offers financial coverage for veterinary expenses, ensuring pet owners can afford essential healthcare for their animals. An emerging segment, Pet Tech Devices, contains various tech-enabled devices and services, including specialized solutions like DOGTV, as well as smart beds and interactive toys such as Petcube and iFetch.

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Pet Tech Devices
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The Disruptors

The digital pet care market consists of several disruptors that operate in on-demand pet care services, on-demand veterinary telehealth services, and pet insurance, the largest being Wag, Rover, and Lemonade. Given the success of these three companies (with more than USD 300 million in funds raised, respectively) many startups have emerged in the market, offering various services over the past couple of years. While few companies have remained in the market, many have succeeded by capitalizing on the concept of a gig economy. Apart from a few leading players, funding of other startups has typically been less than USD 50 million, and they have yet to see growth in the on-demand pet care market space. Similarly, the pet tech devices industry is still in its nascent stage with relatively low funding, indicating a growing but underexplored market.

Funding History

Incumbents

The on-demand pet care tech space has yet to attract major interest from established companies

The on-demand pet care tech space has yet to see major interest from traditional or established companies. However, in the on-demand veterinary services segment, a few hospitals have entered the market through partnerships with companies providing telemedicine services. Most of these services are, however, provided to existing clients as a premium service. Apart from veterinary hospitals, a pet retailer (PetCo) has also entered the market by acquiring a pet telehealth platform. While major pet insurance providers like JAB have strengthened their positions through acquisitions, other players in the pet insurance sector have adopted a mix of in-house solutions and expanded offerings via partnerships. In contrast, many pet tech device providers like Whiskers are still exploring additional opportunities primarily through in-house solutions.

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Notable Investors

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Overview

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On-Demand Pet Care Tech Enhances Owner-Pet Relationships 

On-demand pet care tech businesses are online marketplaces that connect pet owners to a network of pet care service providers. 
The pet care services industry has traditionally been small and localized, with few large players. Dog walking, pet sitting, and pet boarding were left to either the owners’ family or friends or small local businesses. These options are not always reliable or readily available; thus, on-demand pet care services have emerged as a response (e.g. Wag!, Rover). 
Veterinary medicine is also a segment in which the emergence of on-demand services is being used to improve convenience for pet owners and pets (e.g. Wag!, FirstVet, Modern Animal). Through on-demand veterinary telehealth services, pet owners can now consult licensed vets remotely from the comfort of their homes (supplementing with an in-home or physical visit if necessary). Essentially, on-demand veterinary telehealth services have advanced what mobile vet clinics first made possible: taking the vet office to clients’ homes. In both cases, pets face less stress from handling and transport.
Pet insurance (e.g., Lemonade, ManyPets, and Getsafe) serves as a financial safety net for pet owners by reimbursing a percentage of veterinary expenses related to new accidents or illnesses that pets may encounter. This coverage ensures that owners can provide necessary medical care for their pets without facing overwhelming financial burdens. While it does not cover pre-existing conditions, the ability to choose any licensed veterinarian offers flexibility and accessibility. Pet insurance is particularly valuable during emergencies in supporting responsible pet ownership and promoting the overall well-being of furry family members.
Pet tech devices have revolutionized pet ownership by incorporating advanced technology to enhance the health, safety, and overall well-being of pets. From specialized solutions (DOGTV) to smart beds and interactive toys (Petcube, iFetch), these devices provide owners with tools to monitor their pets' activities, ensure their safety, and strengthen the human-animal bond. Pet tech contributes to pet owners' peace of mind, offering features like health tracking, real-time location monitoring, and remote communication.

Key segments in on-demand pet care tech

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