Pet Wearable Market: Snapshot
Over the last couple of years, the advent of wearable technology and the ever-growing awareness about pet health, fitness, and safety have resulted in the emergence of pet wearables. The pet wearable market is presently in its nascent stage and holds significant potential in the ensuing years. Transparency Market Research projects that the spending on pet wearables is likely to surpass that on pet food by 2017.
The global pet wearables market is estimated to be valued at US$1.0 bn by the end of 2016 and is expected to reach US$2.5 bn by 2024 at a 12.0% CAGR therein.
Availability of Advanced Substitutes Threatening Uptake of Identification and Tracking Devices for Pets
In terms of application, the pet wearable market is classified into identification and tracking, facilitation, safety, and security, behaviour monitoring and control, and medical diagnosis and treatment. So far, majority of the demand in the pet wearables market has been generated by the identification and tracking segment. However, the adoption rate of identification and tracking devices for pets and farm animals is projected to witness a marginal decline during the forecast period mainly due to the availability of substitute products offering similar as well as more advanced and sophisticated features.
Increasing awareness about pet health and fitness among owners, especially in North America and Europe, is expected to fuel the demand for devices providing medical diagnosis. The medical diagnosis and treatment segment, in combination with the facilitation, safety, and security segment, is expected to account for over a quarter of the pet wearables market by 2024.
Stringent Regulations Pertaining to Treatment toward Animals Drives North America Pet Wearables Market
Geographically, North America and Europe are expected to be the major markets for pet wearables, with a combined share of around 75% during the forecast period. Market penetration of pet wearables is relatively high across these regions owing to greater purchasing power and stringent regulations pertaining to treatment toward animals. The latter has compelled households with pets to purchase products such as bark collars and behavior modification devices. In addition, the availability of advanced wireless infrastructure and telecommunications technologies has catalyzed the adoption of GPS collars along with monitoring devices for pets. The prevailing technological know-how of mobile devices and interpretation of mobile data among prospective customers in these regions also plays a major role in the uptake of these devices across North America and Europe.
The Asia Pacific pet wearables market is projected to grow at a significant pace through 2024. GPS and RFID technology-based identification, tracking, behavior monitoring, and control are expected experience considerable demand during the forecast period. However, in terms of growth rate, the adoption of devices to ensure the safety and security of pets and to facilitate medical diagnosis and treatment is expected be the leading segment. The lack of advanced telecommunication infrastructure across major markets in the Asia-Pacific region has resulted in a relatively lower adoption of pet wearables and they are expected to gain traction only by the next decade.
Some of the major players operating in the pet wearables market are DeLaval Inc. (Sweden), Loc8tor Ltd. (United Kingdom), Nedap N.V. (Netherlands), PetPace Ltd. (Burlington), Whistle Labs Inc. (United States), and IceRobotics Ltd (United Kingdom).
Global Pet Wearable Market: Synopsis
The global pet wearable market is envisaged to obtain growth while riding on the increasing application and selection of therapeutic diagnostics for pets. Medical tagging of endangered species, animals, and pets could achieve a sound momentum in the near future. The demand for pet wearables is prognosticated to increase due to the mounting awareness about control and conduct checking of pets, distinguishing tracking and proof, and remote observation.
Seasoned analysts study the global pet wearable market to be segmented as per technology and application. In terms of application, identification and tracking currently accounts for a leading share in the demand for pet wearables.
The report prepared on the global pet wearable market offers comprehensive chunks of valuable information pertaining to important factors and aspects deemed significant for the growth of industry players. The segmentation study provided in the report is a brilliant account which allows readers to identify hidden opportunities and prospects in different segments of the market.
Global Pet Wearable Market: Trends and Opportunities
The world pet wearable market is foreseen to be largely advantaged by the advent of new products due to the substantial awareness about pet safety, fitness, and health. Another factor that could mushroom the growth of the market could be the rise of wearable technology in the last two years. Although the market is in its initial stages, it is anticipated to possess a strong growth potential creating a multitude of lucrative prospects in the near future. The market could rise at a CAGR of 12.0% during the forecast period 2016-2024.
On the basis of application, identification and tracking could account for a colossal share in the world pet wearable market. However, this segment is projected to witness a slight decline in the coming years. This could be because of the availability of alternate products with more sophisticated and advanced or similar features. The demand for medical diagnosis devices is forecast to increase due to the swelling awareness about pet fitness and health among owners, mainly in Europe and North America. Medical diagnosis and treatment coupled with facilitation, safety, and security could account for more than a 25.0% of the market by 2024.
Global Pet Wearable Market: Geographical Analysis
Europe and North America are prophesied to flaunt an aggregate share of close to a 75.0% between 2016 and 2024. These major regions of the international pet wearable market could experience a high penetration of products in the foreseeable future. This could be due to strict animal treatment standards and higher purchasing power of consumers therein. Stringent regulations have obligated pet owners to buy products such as behavior modification devices and bark collars. The adoption of such devices could be catalyzed by the presence of telecommunication technologies and advanced wireless infrastructure.
Asia Pacific is expected to garner a decent growth in the international pet wearable market owing to a high demand for radio-frequency identification (RFID) and global positioning system (GPS)-based control, behavior monitoring, tracking, and identification. The regional market could expand at a swift pace during the course of the forecast period.
Global Pet Wearable Market: Key Players
The worldwide pet wearable market is envisioned to honor Whistle Labs Inc., PetPace Ltd., Nedap N.V., Loc8tor Ltd., and DeLaval Inc. as key players. In order to cash in on industry gains, players could take to strategic expansion as a powerful business strategy.
Global Pet Wearable Market by Technology
Global Pet Wearable Market by Application
- Medical Diagnosis and Treatment
- Behavior Monitoring and Control
- Facilitation, Safety, and Security
- Identification and Tracking
Global Pet Wearable Market by Geography
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Middle East and Africa (MEA)
- South Africa
- Rest of MEA
- Latin America
- Rest of Latin America