Albany, NY -- (SBWIRE) -- 10/02/2018 -- 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.
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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.
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