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.
Albany, NY -- (SBWIRE) -- 11/17/2016 -- This market research study analyses the 'Pet Wearable' market on a global level and provides estimate in terms of revenue (USD million) from 2016 to 2024. The report segments the market based on the technologies which include Sensors, GPS and RFID. All these segments have been estimated on the basis of geography in terms of revenue (USD million). In addition, the market is segmented by applications such as medical diagnosis & treatment, behaviour monitoring & control, facilitation, safety & security, identification and tracking.
Pet wearables essentially refer to devices designed for pets, which perform crucial functions including but not limited to identification, tracking, controlling and monitoring of pets. Furthermore, with the advancementof technology pet wearable devices for enabling medical diagnosis & treatment and facilitation, safety and security is fast emerging as a popular product segment globally. These devices are designed specifically for dogs, cats and other pets and pet owners use the information generated to gauge their pet's health conditions and whereabouts in real time. Additionally, innovative features such as setting up geo fencing for pets, setting up an alert mechanism if a pet crosses the designated geo fence, gauging the amount of rest and activity of pets have become essential features to pet wearable devices.
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The report elaborates on the type of technologies based on which pet wearable devices are designed. Primarily technologies used in the devices include (GPS) Global Positioning Systems, (RFID) Radio Frequency Identification and sensors. Moving along the study highlights the share of these technologies of the global pet wearable market. The report features the growth rate and market size of these technology segments along with the projected market sizes for the forecast period. The study also explains the factors driving or hindering the growth of individual technology segments. The study finds that the market is mainly dominated by GPS based trackers and RFID receivers however, devices equipped with temperature sensors, motion sensors and accelerometers among others, which monitor heat patterns of the animal's body and environment and daily activity patterns such as playtime, walks, and rest duration are gaining significant demand in the global market.
The research further segments the market in terms of application areas of pet wearable devices. It is segmented into identification & tracking, facilitation, safety & security, behaviour monitoring & control and medical diagnosis & treatment. So far, majority of the demand in the market has been in the form of products capable of providing identification and tracking of pets and dairy animals. However, the adoption of these devices is expected to decline over the next couple of years, primarily due to the availability of other feature rich products capable of providing same benefits along with other advanced features. It is anticipated that the demand for devices providing medical diagnosis will experience the strongest demand mainly because of the rising awareness about pet health and fitness among pet owners especially in the mature and developed markets of North America and Europe region.
The report segments the market on the basis of geography into North America, Europe, Asia Pacific (APAC), MEA and Latin America, and these have been estimated in terms of revenue (USD million).
For a better understanding of the pet wearable market, we have provided a detailed analysis of the supply chain. A comprehensive analysis of the market dynamics that is inclusive of market drivers, restraints and opportunities is included in the purview of the report. Market dynamics are the distinctive factors which impact the market growth, thereby helping to understand the ongoing trends of the global market. Therefore, the report provides the forecast of the global market for the period from 2016 to 2024, along with offering an inclusive study of the pet wearable market.
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The report offers company market share analysis of the various industry participants. Key players have also been profiled based on company overview, financial overview, business strategies, SWOT analysis, and recent developments in the field of Pet Wearable. Major market participants profiled in this report include DeLaval Inc. (Sweden), Loc8tor Ltd. (United Kingdom), Nedap N.V. (Netherlands), PetPace Ltd. (Burlington), Whistle Labs Inc. (United States) and IceRobotics Ltd (United Kingdom) among others.
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