Pet Wearable Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 07/05/2016 -- Pet Wearable Market: Overview
More companies in the technology industry are now seeking to diversify into pet gear or pet wearables. As per the American Pet Products Association, globally, approximately US$ 60 Bn is spent on pets annually. A number of gadgets, such as Wi-Fi-connected cameras allowing the remote monitoring of pets and various wearable trackers, are gaining traction. Thus, rising awareness about the identification and tracking, remote monitoring, behavior control, and monitoring of pets are predicted to propel the demand for pet wearables. The upcoming revolution in wearable technology for pets will be medical diagnosis.
This will include innovations and devices within animal medical care such as cooling, ultrasound, heating, and drug delivery. This report evaluates the global pet wearable market and presents information and revenue estimations till 2024. The study encapsulates the leading players, market trends, supply chain trends, and future strategies in the global pet wearable market. An extensive market assessment across the key geographies of Europe, North America, Asia Pacific, and Rest of the World (RoW) has also been presented. The size of the market is evaluated on the basis of revenue generation through the sales figures of all the mentioned product segments within this report.
Pet Wearable Market: Drivers and Restraints
Rising awareness about behavior monitoring, identification and tracking, remote monitoring and control of pets is poised to drive the pet wearable market in the coming years. In addition, increasing expenditure on and demand for medical diagnostics for animals is predicted to propel the development of this market. Furthermore, the Internet of things (IoT) will have a positive impact on medical treatments and diagnosis of pets.
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However, factors such as the high consumption of power and design constraints may inhibit the demand for pet wearables in the coming years. Furthermore, the short durability of batteries and difficulties in complying with strict government regulations may also impede the growth of the market.
Pet Wearable Market: Technological and Application Insights
On the basis of technology, the global market can be segmented into GPS, RFID, and sensors. Of these, on the basis of revenue, RFID-based pet wearable devices are likely to represent a major share of the market in the forecast period. RFIDs help in storing data by using electromagnetic forces and then communicate the same data for interpretation by another device. Thus, this technology helps track real-time information for the purpose of medical diagnostics.
On the other hand, GPS-based pet wearable devices have also gained traction in the past few years. GPS providers have entered into strategic alliances with the manufacturers of mobile phones, application developers, and stores to expand the utilization of GPS within new application areas. The reasons for the dominance of GPS-based pet wearable devices are the rising adoption of smartphones, development of real-time positioning, and the increasing mapping portals globally.
By application, the pet wearable market can be segmented into behavior monitoring and control, identification and tracking, facilitation, medical diagnosis and treatment, and safety and security. Among these, by revenue, the identification and tracking applications constituted a significant share of the market in the past. On the other hand, the medical diagnosis and treatment segment is also predicted to exhibit a high growth rate from 2016 to 2024.
Pet Wearable Market: Regional and Competitive Outlook
Geographically, on the basis of revenue, the North America pet wearable market represented a strong growth rate in the past. This was due to the increasing proliferation of activity and fitness monitoring devices, telecommunication technologies, and an established wireless infrastructure here. The Asia Pacific pet wearable market also represented a substantial share and is predicted to experience rapid growth in the forecast period due to the increasing penetration of IoT within the veterinary industry of this region.
In the forecasting horizon, the count of device manufacturers is predicted to increase to more than 500 (worldwide) owing to the unprecedented development of the global pet wearable market. The companies operating in this market are Whistle Labs Inc, PetPace LLC, i4C Innovations, DeLaval, Fitbark, Dairymaster, IceRobotics, Konectera, GEA Group Aktiengesellschaft, Loc8tor, Motorola, Nedap, Tractive, and Ridogulous Labs Inc.
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