Newark, April 18, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the pet wearable market will grow to USD 2.63 billion in 2022 and reach USD 12.70 billion by 2032. In just ten years, growth in demand for pet monitoring, technological advancements, the proliferation of product innovation & sophisticated technology, the increasing popularity of pets, and a large proportion of tech-savvy pet owners are also anticipated to drive market growth during the forecast period. Moreover, the increased pet expenditure and IoT demand for pet monitoring devices are expected to propel the market growth during the forecast period.
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Key Insight of the Pet Wearable Market
North America to account for the largest market size during the forecast period.
North America is expected to have the largest market share in the pet wearable market. Key factors favouring the growth of the pet wearable market in North America include raised awareness about pets' physical and mental fitness, the rising adoption of IoT, increased real-time positioning, and smartphone adoption. Further, rising per capita animal healthcare expenditure and high disposable income are expected to drive market growth in this region.
The RFID (radio frequency identification) segment is expected to augment the pet wearable market during the forecast period.
The technology segment is divided into GPS (global positioning system), RFID (radio frequency identification), bluetooth, sensors, and others. The RFID (radio frequency identification) segment held the largest market share in 2022 and is expected to continue during the forecast period owing to the increasing use of radio-frequency identification technology for security and access control applications.
The smart collar segment market size was USD 0.76 billion in 2022
The product segment is divided into the smart harness, smart camera, smart vest, smart collar, and others. The smart collar segment is anticipated to dominate the market over the forecast period owing to the growing prevalence of zoonotic diseases. Further, by 2032, the smart camera segment will likely dominate the market due to the increasing demand from working people for pet surveillance.
The medical diagnosis & treatment segment is anticipated to dominate the market by 46.06% in 2032.
The application segment is divided into behaviour monitoring & control, identification & tracking, medical diagnosis & treatment, and others. The medical diagnosis & treatment segment is anticipated to dominate the market in the forthcoming years, owing to the expenditure on pet health diagnostics. Further, by 2032, the identification & tracking segment will likely dominate the market due to the increasing use case of data security across verticals.
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Market Dynamics
Driver: The increasing awareness concerning animal health across the globe:
The rising accessibility and popularity of wearable gadgets and the ever-increasing Internet of Things trend propel market growth. Moreover, many companies focus on developing communication standards such as NB-IoT for monitoring pets. The ever-increasing awareness of pets' physical and mental health is expected to drive market growth over the forecast period. However, the rising awareness among pet owners about wearables that can detect early stages of chronic lung, heart, and kidney illnesses is anticipated to propel the market growth.
Restraint: A lack of public awareness:
The high initial investment cost and damage to sensors are the restraining factor of the market growth. Moreover, issues with machine interoperability are also hampering the market growth. Additionally, the device's high power consumption and short battery life hinder market growth over the forecast period. However, the low adoption in developing countries is also expected to hamper the market growth over the forecast period.
Opportunity: The expanding IoT adoption:
Launching smart products into the market that ensure the security of pets is one of the driving factor of the market growth. Moreover, the increasing number of product launches and technological advancements are also helping to boost market growth over the forecast period. However, several market participants are expected to benefit from the new 5G network technology, which is anticipated to propel the market growth during the forecast period. Additionally, the increasing spending on pet healthcare & medical diagnosis and ever-increasing investments in pet technologies are expected to drive market growth in the upcoming years.
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Some of the major players operating in the pet wearable market are:
• Allflex USA Inc.
• Avid Identification Systems, Inc.
• Invisible Fence
• Whistle Labs, Inc.
• Datamars
• GoPro
• Tractive
• IceRobotics
• Garmin Ltd.
• Pet Vu, Inc.
• KYON
• FitBark
• Voyce
• Dropcam
• Nedap
• Silent Herdsman Limited
Key Segments cover in the market:
By Technology:
• GPS (Global Positioning System)
• RFID (Radio Frequency Identification)
• Bluetooth
• Sensors
• Others
By Product:
• Smart Harness
• Smart Camera
• Smart Vest
• Smart Collar
• Others
By Application:
• Behaviour Monitoring & Control
• Identification & Tracking
• Medical Diagnosis & Treatment
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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