The global pet wearable market is largely dominated by a handful of players that marks a high degree of consolidation, states Transparency Market Research (TMR) in a new report. Production innovation via novel technologies is what these players are focused on to maintain their position in this market. Business alliances and collaborations are also what key players are looking upon to expand their outreach into regional market.
As per the TMR report, the global pet wearable market is predicted to clock double-digit CAGR of 12% between 2017 and 2024. At this rate, the market’s valuation of US$1.0 bn in 2016 will become US$2.5 bn by the end of 2024. Among the various application segments in the pet wearable market, the identification and tracking segment accounts for maximum demand. However, in the coming years, the identification and tracking segment is likely to witness declined share owing to the availability of substitute products that offer added features.
Meanwhile, medical diagnosis is expected to emerge as a significant segment due to increasing use of pet wearables to monitor pet health and fitness especially in developed countries. The medical diagnosis and treatment segment and facilitation, safety, and security segment are expected to collectively account for more than 25% market share by 2024.
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Higher Spending for Pet Safety, Health to Boost Market
The pet wearable market which is currently in an early stage is poised for remarkable growth in the ensuing years. The advent of wearable technology and ever-increasing awareness about pet health, safety, and fitness have led to the emergence of pet wearables. The rising awareness about remote observation of pets, conducting control and checking of pets, and tracking of pets are forecasted to stimulate the pet wearable market.
Another key factor influencing the growth of pet wearable market is augmented use of computerized maps by providers of cellphone. In general, demand for advanced maps has been on the rise across several business areas including pet wearables. Versatile applications that are being created with built-in computerized maps are used to retrieve data from devices such as pet tracker to trace the area of pets if lost or stolen.