Rising trend of internet of things(IOT) & development of sophisticated phone applications will drive the global pet wearables market.

— Adroit Market Research launched a study titled, “Global Pet Wearables Market Size 2017 by Application (Medical Diagnosis & Treatment, Behavior Monitoring & Control, Facilitation, Safety & Security and Identification & Tracking), by Technology (RFID, GPS and Sensors), by Region and Forecast 2018 to 2025”. The study covers the global pet wearables market revenue from 2015 to 2025, where 2015 to 2017 indicate the actual annual revenue and 2018 to 2025 represent the forecast revenue. The global pet wearables market report also includes qualitative insights of the market such as opportunities, drivers, restraints and value chain analysis. The global pet wearables market 2018 gives a complete view including consumption, import and export for key regions and countries.

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The global pet wearables market size is expected to reach USD 4.14 billion in 2025 owing to rising awareness of pet wellbeing among the consumers across the world. Growing concerns about the animal health and diseases, mainly in cats and dogs, have propelled the demand for pet wearables globally. Additionally, growth in demand for sophisticated technology among the tech savvy consumers coupled with willingness to spend on pets will drive the global pet wearables market.

Over the years, there has been a substantial advancement in wireless communication & mobile technologies which has given birth to the Internet of Things (IoT). These technology can be used to track and monitor the pets by simply using smartphones which collect data signals from the sensors, RFID or the GPS device that are tagged to the pets. Hence, the pet owners can track the location of the pet if it is lost and also, can monitor the health and diseases on the fly. These advantages will have a positive impact on the growth of the overall pet wearables market.

Based on the application, the global pet wearables market is segmented into four categories: medical diagnosis & treatment, safety & security, behavior monitoring & control and facilitation, identification & tracking. Medical diagnosis & treatment segment is expected grow with the highest CAGR of 16.7% from 2018 to 2025, due to the decreasing cost of sensor technology, which forms the most important part in the wearable devices. Also, the growing concerns of obesity among dogs and cats causing various diseases, will contribute to the growing demand of medical diagnosis & treatment using pet wearables and will eventually, drive the global pet wearables market.

Based on the technology, the global pet wearables market is divided into three categories: RFID, GPS and sensors. In 2017, RFID had the highest market share followed by GPS and sensors. Sensors are projected to have the highest growth within the pet wearables market because of their growing number of applications for health & disease monitoring.

Geographically, Asia-Pacific region is anticipated to grow with the highest growth rate of 17.9% during the forecast period of 2018-2025 due to growing economies of scale and growing expenditure of consumers on pets.

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Fitbark, IceRobotics Ltd., Fetch (GoPro, Inc.), Tractive, Mars Inc. (Whistle Labs Inc.), Otto Petcare Systems, PetPace LLC, Pitpatpet Ltd., Inupathy, Inc., Loc8tor Ltd. And Motorola are the leading players present within the global pet wearables market.

Key segments of the global pet wearables market

Application Overview, 2015-2025 (USD million)

Identification & Tracking

Behaviour Monitoring & Control

Facilitation, Safety & Security

Medical Diagnosis & Treatment

Technology Overview, 2015-2025 (USD million)

RFID

GPS

Sensors

Regional Overview, 2015-2025 (USD million)

North America

Europe

Asia Pacific

Latin America

Middle-East & Africa

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Adroit Market Research is an India-based business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market’s size, key trends, participants and future outlook of an industry. We intend to become our clients’ knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code– Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.

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Organization: Adroit Market Research

Website: https://adroitmarketresearch.com/industry-reports/pet-wearables-market

Source URL: https://marketersmedia.com/pet-wearables-market-2019-analysis-by-development-trends-evolving-technology-consumer-demand-cost-structure-business-opportunity-end-user-and-forecast-2025/493728

Source: MarketersMedia

Release ID: 493728