Market & Initial Use Case

According to Markets and Markets, the global decentralized identity (DID) market value is estimated to reach $6.8 billion by 2027. Until now, most of the information and product development surrounding DIDs has focused on humans. WILDCOIN is focused on applying DIDs to cases involving animals. Our approach involves identifying and addressing problems within the $300B pet care industry using ADID technology.

WILDCOIN is unleashing the combined power of Web3 and AI to revolutionize the $300B pet care industry.

Preventative Pet Care Use Case

One such use case involves addressing pet abandonment due to a lack of awareness surrounding preventative pet care treatment methods.

Key Statistics:

• The number of dogs globally is growing. In 2012, the total population of dogs in the world was estimated to be about 525 million; today, that number is estimated at 900 million, with nearly 471 million being kept as pets (52%)[9]

• There are approximately 89.7 million dogs in the United States, with 66% of U.S. households (86.9 million homes) owning a pet.[10]

• As of 2022, roughly 4.8 million pets are insured, meaning that roughly 5% of dogs are insured, leaving a 95% insurance coverage gap for the total dog population (assuming all pets insured are dogs).

• According to a Forbes Advisor survey on pet costs and inflation, nearly two-thirds (63%) of pet owners said they would have difficulty paying a surprise vet bill amid inflation. More than a quarter of pet owners (28%) said a vet bill of $499 or less would cause them to go into debt, while a bill of $999 or less would cause 42% to go into debt.[11]

• Approximately 6.3 million companion animals enter U.S. animal shelters nationwide every year. Of those, approximately 3.1 million are dogs, and 3.2 million are cats.[12]

• Approximately 65% of dogs entering shelters are adopted, and 13% are euthanized. Similarly, approximately 66% of cats entering shelters are adopted, and 17% are euthanized.[13]

The Problem of Pet Abandonment

Pet abandonment is a serious problem affecting roughly 6.3 million companion animals annually. Multiple studies have been conducted, and the research shows that a primary factor in this decision is owners' inability to afford veterinary costs or to find affordable pet-friendly housing.[14]

Several factors contribute to pet abandonment, including high costs of veterinary treatment for serious issues, demographic disparities, lack of awareness of affordable alternatives, and educational gaps. Cost is the largest barrier to veterinary care. Unfortunately, most pet owners lack information about the long-term benefits of routine veterinarian visits and access to affordable veterinary care facilities.

Routine veterinary visits prevent, diagnose, and treat pet problems or diseases. Additionally, a significant correlation exists between demographic disparity and the availability of affordable care options. Typical barriers include cost of care, transportation, hours of operation, language differences, poor previous encounters with veterinarians, lack of trust in veterinarians, dog owners providing healthcare for their dogs themselves, and/or dog owners not believing veterinary care is necessary.

Financial Barriers to Veterinary Care

The high cost of veterinary services is a major obstacle for pet owners, leading to a lack of necessary medical care and, in some cases, pet abandonment.

Lack of Awareness of Low-cost Services

Pet owners are unaware of available low-cost veterinary services, contributing to underutilization and increased pet health risks.

Demographic Disparities in Access to Care

Variations in utilizing veterinary services across different demographics indicate inequalities in access to care, underscoring the need for targeted outreach.

Perceptions and Behavioral Challenges

Misconceptions about pet health needs and behavioral barriers, such as the perceived stress of veterinary visits on pets, deter owners from seeking care.

Educational Gaps

Many pet owners lack knowledge about the importance of routine veterinary care, highlighting the necessity for educational initiatives.

Based on our research to understand these factors, we believe that there is a significant opportunity to educate pet owners on the importance of preventative care, proper daily care, and veterinary services in addressing the issue of pet abandonment.[15] [16] [17]