worldwide pet wearable market to exhibit a vigorous CAGR of 12.0% between 2016 and 2024, the forecast duration. The market, which stood at US$1.0 bn in 2016 is expected to reach a valuation of US$2.5 bn by 2024.
Albany, NY -- (SBWIRE) -- 01/31/2018 -- 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.
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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.
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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.
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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
Rest of North America
Rest of Europe
Asia Pacific (APAC)
Rest of APAC
Middle East and Africa (MEA)
Rest of MEA
Rest of Latin America