With the increasing disposable income, pet owners have started investing more on their pets than ever before. This trend along with the advent of wearable technology and rising awareness regarding pet safety, health, and safety has given a significant push to the global pet wearable market.
According to a report by Transparency Market Research (TMR), the market is currently at its nascent stage and holds immense potential in the coming years. The global pet wearable market is poised to expand at a tremendous CAGR of 12% from 2016 to 2024, rising from an estimated value of US$1.0 bn by 2016 to US$2.5 bn by the end of 2024. TMR forecasts that by 2017, the spending on pet wearables is expected to surpass that on pet food.
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Medical Diagnosis to Expand at Promising Growth Rate Owing to Rising Awareness Regarding Pet Health and Fitness
On the basis of technology, the GPS-based products segment is likely to remain the leading revenue contributor throughout the forecast period, accounting for 45% of the total market by the end of 2016. The sensors segment is expected to exhibit a significant CAGR of 12.3% from 2016 to 2024. Based on application, the identification and tracking segment is leading the market in terms of revenue generation. However, due to growing awareness about pet health and fitness amongst owners, the medical diagnosis segment is will rise at a noteworthy CAGR during the same period.
North America and Europe to Lead Market Owing Rapid Technological Development in Advanced Countries
Geographically, Europe and North America are anticipated to collectively account for over 75% of the overall market revenue during the forecast period. The growth of these regional markets can be attributed to greater affordability and presence of favorable regulations pertaining to treatment toward animals. Moreover, the availability of telecommunications technologies and advanced wireless infrastructure and rising demand for smart pet devices from tech-savvy and prospective customers are triggering the uptake of pet wearable in these regions. The Asia Pacific market for pet wearable is estimated to rise at a brisk pace over the forecast period owing to increasing adoption and sales of GPS-based devices.