Pet Wearable Market Shipments to Hit 70 Million Units by 2026: Global Market Insights, Inc.
Major pet wearable market players include Ridogulous Labs, Pet Vu, Inc., Nedap, IceRobotics, Garmin, Dropcam (Nest), FitBark, Otto Petcare, i4c Innovations, DeLaval, Inc., Invisible Fence, PetPace, Loc8tor, Motorola, Tagg, and Whistle Labs, Inc.
SELBYVILLE, Del., April 6, 2020 (Newswire.com) - According to the latest report “Pet Wearable Market by Product (Smart Collar, Smart Vest, Smart Harness, Smart Camera), Technology (RFID Devices, GPS, Sensors, Bluetooth), Application (Medical Diagnosis & Treatment, Identification & Tracking, Fitness Monitoring, Behavior Monitoring & Control), End-Use (Household, Commercial), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of pet wearables will cross $12 billion by 2026.
Growing concerns toward pet health & safety coupled with rising expenditure on identification and tracking devices will drive the pet wearable market demand. The integration of advanced technologies, such as GPS-based trackers, AI, and IoT, with pet wearable devices has allowed owners to track pets’ health data based on their sleeping patterns, eating habits, and respiratory rhythm. It has also helped pet owners to add a security layer with the aid of GPS or other tracking systems.
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The smart vests devices segment will experience high demand among pet owners during the forecast period. These devices are equipped with hidden video cameras and sensors, ensuring the pet’s security. The technology streams the video content when the dog barks. The feature has encouraged the adoption of these devices in stray dogs for safety and security purposes.
The identification & tracking application segment in the pet wearable market will witness substantial growth till 2026. The increasing number of incidents of lost pets has encouraged the adoption of advanced tracking devices. According to Pet Found by Internet (FBI), around two million pets are stolen each year globally. The integration of RFID technology in pet wearables allows the identification of pets by implanting a microchip under the pet’s skin.
Pet wearable market will register significant gains from the commercial end-user sector due to the emergence of modern farming. The devices are highly adopted for livestock monitoring and tracking to identify early health problems. The ability to monitor health helps in animal training by improving the performance and reducing the risks of injury. Several manufacturers are developing devices to help farm owners in tracking health metrics such as blood pressure, heart rate, temperature, and respiratory rate.
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Pet owners in Latin America are focusing on the safety and security of their pets. This is expected to propel the demand for these devices with GPS tracking and live positioning functionality. Increasing instances of pet abandonment in the region have resulted in mass awareness and stringent regulations on pet safety.
Some major findings of the pet wearable market report include:
- Increasing adoption of pets for companionship, mental wellbeing, entertainment, and fitness by people in the emerging economies will propel the market demand.
- Rapid adoption of pets in developed economies has resulted in an increased demand for smart wearable devices to monitor the health and track movements of pets.
- The increasing trend of IoT has enabled integration of smartphones, tablets, laptops with these pet wearable devices, further propelling the industry growth.
- Manufacturers have developed devices such as smart collars that enable pet owners to track the location of their lost pets using GPS trackers.
- Major players in the pet wearable market include Ridogulous Labs, Pet Vu, Inc., Nedap, IceRobotics, Garmin, Dropcam (Nest), FitBark, Otto Petcare, i4c Innovations, DeLaval, Inc., Invisible Fence, PetPace, Loc8tor, Motorola, Tagg, and Whistle Labs, Inc.
- These players are investing in strategic merger & acquisition activities to expand their presence in untapped markets.
Table of Contents (ToC) of the report:
Chapter 3 Pet Wearable Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2026
3.2.1. Number of pets, by region, 2019
184.108.40.206 North America
220.127.116.11 Asia Pacific
18.104.22.168 Latin America
3.3 Industry ecosystem analysis
3.3.1. Distribution channel analysis
3.3.2. Vendor matrix
3.4 Technology & innovation landscape
3.4.1. Impact of IoT
3.4.2. Artificial Intelligence (AI)
3.4.3. Facial recognition
3.5 Regulatory landscape
22.214.171.124 U.S. Federal Trade Commission
126.96.36.199 Geolocation Privacy and Surveillance Act (GPS Act)
188.8.131.52 Affordable Care Act (ACA)
184.108.40.206 Veterinary Practice Act
220.127.116.11 National Animal Identification System, (NAIS)
18.104.22.168 EU Regulation 579/2013
22.214.171.124 Regulation (EC) No 1760/2000
126.96.36.199 Council Directive 92/102/EEC (EEC 1992)
188.8.131.52 The Italian Legislation
184.108.40.206 China Food and Drug Administration (CFDA)
220.127.116.11 Australian National Livestock Identification System (NLIS)
18.104.22.168 National Animal Identification System, (NAIS)
22.214.171.124 ISO and the Australian/New Zealand standards
3.6 Price trend analysis, 2016 – 2026
3.6.1. By product
3.6.2. By region
3.7 Industry impact forces
3.7.1. Growth drivers
3.7.2. Industry pitfalls & challenges
3.8 Growth potential analysis
3.9 Porter's analysis
3.9.1. Supplier power
3.9.2. Buyer power
3.9.3. Threat of new entrants
3.9.4. Threat of substitutes
3.9.5. Internal rivalry
3.10 Competitive landscape, 2019
3.10.1 Strategic dashboard
3.11 PESTEL analysis
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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Categories: Healthcare Technology