DUBLIN--(BUSINESS WIRE)--The "Pet Wearable Market Size, Share & Trends Analysis Report by Technology (RFID, GPS, Sensors), by Application (Identification & Tracking, Medical Diagnosis & Treatment), by Region, and Segment Forecasts, 2020 - 2027" report has been added to ResearchAndMarkets.com's offering.
The 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.
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, 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.
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 Topics Covered:
1 Methodology and Scope
2 Executive Summary
3 Market Snapshot
3.1 Pet wearable - Market snapshot and key buying criteria, 2016 - 2027
3.1.1 Global pet wearable market, 2016 - 2027
3.1.2 Global pet wearable market, by region 2016 - 2027 (USD Million)
3.1.3 Global pet wearable market, by technology 2016 - 2027 (USD Million)
3.1.4 Global pet wearable market, by application 2016 - 2027 (USD Million)
4 Pet Wearable Industry Outlook
4.1 Market Segmentation
4.2 Pet wearable - Market Size and Growth Prospects
4.3 Pet wearable - Value Chain Analysis
4.3.1 Case Study
126.96.36.199 IoT Use Case (Pet tracking)
188.8.131.52 NB-IoT ecosystem
184.108.40.206 Target Industries for NB-IoT Services
220.127.116.11 IOT based pet health monitoring solution
18.104.22.168 Use of smart phone connected wearable to help pets shed extra weight
4.3.2 Vendor Landscape
22.214.171.124 Key wearable component vendors
126.96.36.199 Investor for pet technology (wearables and hardware) companies
188.8.131.52 Pet Insurance Companies' Insights
4.4 Market Dynamics
4.4.1 Market driver analysis
184.108.40.206 Rising adoption and expenditure on medical diagnosis
220.127.116.11 Increasing demand for GPS-based microchips
18.104.22.168 Rapid growth in tagging and heat detection systems
4.4.2 Market restraint analysis
22.214.171.124 Lack of wireless framework in developing countries
126.96.36.199 High power consumption and procurement costs
4.5 Industry Analysis - Porter's
4.6 Penetration and Growth Prospect Mapping
4.7 Pet wearable - Key Company Analysis, 2019
4.8 Mobile application and PC-based software landscape
4.8.3 Voyce (i4C Innovations)
4.9 Pet wearable - PEST Analysis
5 Pet Wearable Market: Technology Estimates and Trend Analysis
5.1 Pet wearable Market: Technology Movement Analysis
5.1.1 RFID market, 2016 - 2027 (USD Million)
5.1.2 GPS market, 2016 - 2027 (USD Million)
5.1.3 Sensors market, 2016 - 2027 (USD Million)
6 Pet Wearable Market: Application Estimates and Trend Analysis
6.1 Pet Wearable Market: Application Movement Analysis
6.1.1 Identification & tracking market, 2016 - 2027 (USD Million)
6.1.2 Behavior monitoring market, 2016 - 2027 (USD Million)
6.1.3 Facilitation, safety & security market, 2016 - 2027 (USD Million)
6.1.4 Medical diagnosis & treatment market, 2016 - 2027 (USD Million)
7 Pet Wearable Market: Regional Estimates and Trend Analysis
7.1 North America
7.3 Asia Pacific
7.4 Latin America
8 Competitive Landscape
8.1 Allflex USA Inc.
8.2 Avid Identification Systems, Inc.
8.3 Datamars, Inc.
8.5 Garmin Ltd.
8.6 Intervet Inc.
8.7 Invisible Fence
8.8 Konectera Inc.
8.9 Link AKC
8.10 Loc8tor Ltd
8.13 Otto Petcare System
8.14 PetPace LLC
8.15 Ridogulous Labs Inc.
8.17 Trovan Ltd.
8.18 Whistle Labs, Inc.
For more information about this report, visit https://www.researchandmarkets.com/r/n1j8hx.