As per the findings of a research report published by Grand View Research, Inc.; the global pet wearable market is likely to reach USD 2.36 billion by 2022. Increased per capita expenditure on pets is predicted to be the key factor driving the growth of this market over the forecast period. The pet wearable technology helps humans track daily activities of their pets. It also tracks and monitors respiratory and heart rates and food intake details of pets, which enables the owners to analyze the overall health and well-being of their pets. All these advantages offered by pet wearable technology are also expected to contribute toward market expansion over the next few years.
The market pet wearables is further augmented by the rising concerns about pet obesity thar can later result in serious diseases and ailments and can reduce life expectancy by a few years. On the other hand, factors such as greater power consumption and shorter battery life along with the high costs associated with these devices may have a negative impact on the market development. However, the advent of advanced products and awareness regarding their advantages can augment the market over the next few years.
Full Research Report On Pet Wearable Market Analysis: https://www.grandviewresearch.com/industry-analysis/pet-wearable-market
In addition, a rise in demand for these devices as a result of increasing awareness level regarding pet health and fitness is also predicted to offer a number of growth opportunities for the pet wearable market. Moreover, experts in the field predict that the combination of such devices with data analytics technology and various smartphone applications can be a major option for value-based care. Some pet wearable manufacturing companies offer cloud-based products and services that provide valuable medical information about pets to vets thereby enabling quick, real-time decision-making, diagnosis, and treatment. This factor is also projected to boost the product demand in the forthcoming years.
The global pet wearable market is categorized as per technology type, application, and region. On the basis of technology type the market is categorized into Global Positioning System (GPS), Radio-Frequency Identification (RFID), and sensors. The GPS segment led the global market accounting for 30% of the total market share in terms of revenue in the past. and the segment is expected to expand at the maximum CAGR of around 14.8% during the forecast period. On the basis of application, the market is segregated into behavior monitoring and control, identification and tracking, facilitation, medical diagnosis and treatment, and overall safety and security of pets. On the basis of geographies, the market is divided into Middle East and Africa (MEA), Asia Pacific, North America, Latin America, and Europe.
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The North America regional market for pet wearable holds the largest share of the overall market and is anticipated to register a healthy growth rate of nearly 12% from 2015 to 2022. This growth can be attributed to the factors such as increased usage of collars with GPS system and health monitoring devices along with availability of highly advanced infrastructure in the region. In addition, high expenditure on pets and pet products is also projected to spur the growth of this region over the coming years. The Asia Pacific regional market is predicted to witness the maximum CAGR during the forecast years. The major factors driving the regional development include the increased number of pet owners and rising awareness levels regarding pet health in developing economies like India and China.
The Europe region is also estimated to have a considerable growth over the coming years. Some of the major growth drivers for Europe include a high number of cattle breeding and the rising adoption and awareness regarding the benefits of pet wearable technologies. Furthermore, the strong presence of several key market players is also expected to have a positive impact on the regional pet wearable market. Some of the key companies operating in the global market include FitBark; Whistle LLC; i4C Innovations; PetPace; DeLaval; and FitBark.
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