Transparency Market Research delivers key insights on the global Pet Wearable market. In terms of revenue, the global pet wearable market is estimated to expand at a CAGR of 8.5% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global pet wearable market.
The global pet wearable market is broadly affected by several factors, including an increase in adoption of pet wearables by pet owners to identify and track their pets. Thus, increased use of pet wearables for identification & tracking, behavior monitoring & control, and safety & security is propelling the global pet wearable market.
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Rise in Use of Pet Wearable to Track Pets in Urban Areas: Key Driver of Pet Wearable Market
Wearable technology is witnessing rapid adoption owing to its diverse applications in tracking and identification, monitoring behavior, diagnosing medical problems, and the safety and security of pets. These wearable devices help pet owners track the daily activities of their pets. They also enable statistical tracking such as rest patterns and calories burnt, along with heart rate monitoring. Integration of various technologies, such as GPS and Radio Frequency Identification (RFID), to enhance the quality of life of companion animals has also positively impacted the pet wearable market.
Pet Wearable Market: Dynamics
Society, as a whole, has become more isolated and the rapid breakdown of social support systems has increased the rate of pet adoption. The importance of pets in social life has led to changes in the social standing of pets. People have come to view pets as extended family members, which, in turn, has led to a significant increase in pet healthcare. Additionally, tracking of heartbeat, temperature, and other miscellaneous data is being developed for the qualitative analysis of pet health.
Key factors propelling the pet wearable market are an increase in awareness about the pet’s physical and mental fitness, rise in adoption of IoT, surge in the demand for pet monitoring, and technological advancements.
Pet Wearable Market: Prominent Regions
In terms of region, North America is anticipated to hold a significant share of the global pet wearable market owing to the early start for adoption of pet wearables in countries such as the U.S. and Canada.
The market in Asia Pacific is projected to expand significantly during the forecast period. Factors such as increasing awareness related to pet fitness and health and rise in the adoption of companion animals in emerging economies are expected to drive the market in the region.
Pet Wearable Market: Key Players
Key players operating in the global pet wearable market are Allflex USA Inc, Avid Identification Systems, Inc., FitBark, Whistle Labs Inc., Garmin Ltd., Intervet Inc., Invisible Fence, Konectera Inc., Nuzzle, PetPace LLC, Tractive, and Trovan Ltd.
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Rise in Livestock Production to Drive Market
Animals can catch various diseases due to diverse reasons. It is not feasible to check each and every animal manually, daily, as it’s difficult and time consuming. The possibility of disease spread in other animals is high if not detected in time, due to the contagious nature of a disease. This is likely to result in decreasing milk quantity and quality.
Various wireless wearable sensors are available that can be mounted on animals. These sensors can be attached to various parts of the animal such as neck, tail, or leg to obtain real-time information in order to understand the behavior of an animal. These wearable sensors can sense temperature, activity, change in behavior such as lying down frequently, eating habits, splitting from herd, milk production, and fertility management. With this, animal disease and illness can be detected on spot. Therefore, the factors mentioned above are likely to propel the pet wearable market during the forecast period
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