Pet Wearables Market to See a Rise in Demand and Growth between 2019 to 2025
by Susan Hill Business ConsultantThe global pet wearable market size is estimated to reach USD 4.6
billion by 2027, registering a CAGR of 14.3% over the forecast period,
according to a study conducted by Grand View Research, Inc. Increasing concerns
toward companion animals’ health and wellbeing, coupled with rising pet
humanization and population, is anticipated to be the key factor driving the
growth of the market over the forecast period. In addition, increasing
expenditure on pet consumables and rising demand for identification and
tracking devices are some of the key factors driving the market growth.
According to the American Pet Products Association
(APPA), the expenditure on companion animals in U.S. is expected to be USD 72.1
billion in 2018. Several advancements in technology is expected to lead to an
increased demand for these wearables over the forecast period. Wearables are
capable of continuously tracking health-related parameters such as body
temperature, calorie intake, and Heart Rate Variability (HRV). Moreover, sensor
technology is integrated into wearable devices to monitor and measure health
metrics such as heart rate and respiration levels. It also enables pet owners
to check disease symptoms, store medical records in the cloud, and set goals
and reminders.
Moreover, growing reliance on pets for companionship,
mental wellbeing, fitness, and entertainment has led to an increased spending
on companion animals. The availability of advanced technology-based devices to
monitor health by gathering vital information is expected to drive the pet
wearable market growth. Furthermore, increasing adoption of companion animals
in emerging economies such as India and China would offer several opportunities
for market growth in the Asia Pacific region over the forecast period. On the
other hand, North America dominated the global market in 2019 owing to the
increasing awareness of the importance of pet health. Moreover, high
penetration of fitness and activity monitoring devices and increased spending
on companion animals is anticipated to drive the regional market growth.
Key industry players include Allflex USA Inc.; Avid
Identification Systems, Inc.; Datamars; Fitbark; Garmin Ltd., Intervet Inc.;
Invisible Fence; and Konectera Inc. Key players in the market focus on research
and development activities to develop innovative products to expand their
product offerings. In addition, companies adopt strategies such as
collaborations, expansions, and acquisitions to strengthen their position in
the global market.
Further
key findings from the study suggest:
- The RFID segment dominated the market with a share of 39.9% in 2019,
as RFID
technology is considered more accurate and reliable, and helps
authenticate products and store information
- The identification and tracking segment dominated the market in 2019
and is projected to reach USD 2.8 billion by 2027 as tracking wearable
devices can play a significant role in finding lost or stolen pets
- The Asia Pacific pet wearable market is estimated to register the
highest CAGR of over 17.0% from 2020 to 2027 owing to increasing awareness
regarding pet fitness and health in countries such as India and Australia
- Key industry players include PetPace LLC; Whistle Labs, Inc.;
Tractive; Garmin International, Inc.; and FitBark.
Access
full research report on global pet wearable market:
www.grandviewresearch.com/industry-analysis/pet-wearable-market
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Created on Feb 17th 2020 07:07. Viewed 319 times.