Over the last few years, with the foray of wearable technology into the market and the ever-growing consciousness about pet health, safety and fitness have led to the emergence and rising popularity of pet wearables. The world pet wearable market is currently in its nascent stage and accounts for substantial potential in the coming years.
A few of the eminent market participants that are operating in the world market for pet wearables are IceRobotics Ltd, Whistle Labs Inc., DeLaval Inc., Nedap N.V., PetPace Ltd., and Loc8tor Ltd.
The international market for pet wearables was valued at US$1.0 bn by the end of the year 2016 and the market is forecasted to reach a market valuation of around US$ 2.5 bn by the year 2024 rising at a double digit growth rate of 12.0%.
North America to Continue with Its Market Dominance During the Forecast Period
In terms of geography, the international market for pet wearable market is divided into the Middle East and Africa, Latin America, Europe, North America, and Asia Pacific. Regionally, the region of North America and Europe are forecasted to be a promising market for pet wearables and it comes with a total share of around 75% over the period of forecast. Market penetration of pet wearables is comparatively high across these geographies due to better power of purchasing and strict rules and regulations that pertain to the treatment of animals. The pet wearables market in the region of Asia Pacific is estimated to rise at a substantial pace through the year 2024. Absence of advanced infrastructure in the field of telecommunication infrastructure across main markets in the region of Asia-Pacific region has led to a comparatively lower adoption and implementation of pet wearables and they are further anticipated to obtain traction only by the coming decade.
Increased Usage of Inbuilt Computerized Maps to Fuel the Market
The soaring selection and usage of therapeutic diagnostics for pets is expected to encourage the market over the timeframe of forecast. Medical tagging of animals, pets, and endangered species is counted upon so as to gain significance and momentum. Furthermore, IoT is estimated to affect significantly restorative medicines and finding. Soaring awareness about remote observation, conducting control and checking of pets, and distinguishing tracking and proof are forecasted to encourage market demand in the years to come. Another crucial factor that ahs been influencing growth of the world market for pet wearables is the augmented usage of computerized maps by the providers of cell phone. It has been inferred that the usage of advanced maps has been increasing altogether over various businesses comprising the pet wearable market. Versatile applications that have been created with inbuilt computerized maps are being used to recover data from gadgets such as pet tracker to track the area of their pets if stolen or lost.
The information shared that ahs been in this review is based on a TMR report titled, “Pet Wearable Market (Technology Type - GPS, RFID Sensors; Application - Medical diagnosis & treatment, Behavior monitoring & control, Facilitation, safety & security and Identification and tracking) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024”
For the study the market has been segmented as follows:
Global Pet Wearable Market Segmentation
- By Technology Type
- By Application
- Medical diagnosis &treatment
- Behavior monitoring& control
- Facilitation, safety &security
- Identification and tracking
- By Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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