The positive role of pets in social life has led to an increase in the adoption of pets. People have started treating pets as extended family members and in turn, focusing more on pet healthcare. Moreover, the growing inclination towards the adoption of pets as a view of companions for entertainment and mental stability is encouraging extra expenditure on the well-being of pets. Tracking system for temperature, heartbeat, and other crucial data are introduced in the market for analysis of pet health.
The pet wearable market is gaining huge traction with growing awareness among owners about their pet’s health. Market players present in the pet wearable market are continuously experimenting with their products and services to introduce proprietary solutions to meet consumer’s needs. Advance technological support has led to the formation of a set of standards for benchmarked approaches to the development of wearable electronic technologies and devices.
Key Factors Driving Growth for Pet Wearable Market
Growing awareness among pet owners coupled with ample availability of wearable is boosting the demand for the global pet wearable market. Moreover, the adoption of pet wearable offers benefits such as tracking of pet’s daily activities and continuously monitor their food intake and respiratory rate to ensure proper health results in the rapid growth of the global market. In addition to this, consumers are even willing to invest more for pet satisfaction and health is one of the key factors that lead to a huge demand for pet wearables.
The innovation of IoT in pet wearable is expected to have a major impact on medical diagnosis and treatments of pets, propelling the growth of the market. The rise in the pet expenditure on account of rising disposable income in major economies such as China and India is creating lucrative opportunities for the market players present in the region. An increase in concerns related to animal health and advancements in monitoring and technological devices are fostering market growth significantly.
North America Dominates the Pet Wearable Market and is projected to follow the Same Trend in Coming Years
North America is having a significant share in the global market and is predicted to continue its dominance during the coming years. An increase in the adoption of animals and a rise in the animal healthcare expenditure due to high disposable income are major drivers for regional growth. The rise in product innovation and advancements in sophisticated technology is further driving the market growth. The growing percentage of tech-savvy pet owners and the availability of a wide range of products are driving demand for pet wearables in the Asia Pacific region. An increase in the urbanization of major developing countries in the region will create a favorable environment for the market.
Major Revenue Contributor Companies for Pet Wearable Market
The global market for pet wearables is going through a transitional phase and is already experiencing tough competition among existing players and new ventures. Major players operating in the market are primarily investing in research and development projects to bring innovative products to make it more reachable for potential customers. Companies are also making strategic moves in terms of expansions and collaborations to stay relevant in the market. Avid Identification Systems, Inc., PetPace LLC, Invisible Fence, Whistle Labs, Inc., Garmin Ltd., Allflex USA Inc., Voyce, Konectera Inc., Datamars, Fitbark, Trovan Ltd., and Intervet Inc., are global leaders for pet wearable.
Recent Development in Pet Wearable Market
SigmaTron International, Inc., a leading electronic manufacturer, and Wagz Inc., a pet technology company announced the letter of intent about a proposed business combination. With this collaboration, SigmaTron International, Inc. intends to enter the emerging pet wearable market.
Deep-dive Insights on Pet Wearable Market by Polaris Market Research: https://www.polarismarketresearch.com/industry-analysis/pet-wearable-market