The Global Market of Pet Wearable Accessories (devices) is estimated to garner USD 2.5 Billion by 2023
The pet wearable accessories (devices) market has been segmented into medical diagnosis & treatment, behavior monitoring & control, facilitation, safety & security, identification & tracking, personal pets, veterinary clinics & hospitals and animal farms, all of which are driven by the rising concerns towards pet care among pet owners to maintain the heath of their pets. Factors such as technical advancements in pet wearable and offering of numerous cost effective GPS collars and sensors in the market are anticipated to fuel the growth of pet wearable accessories (devices) market over the forecast period.
The global market of pet wearable accessories (devices) is estimated to garner USD 2.5 Billion by 2023 as compared to USD 856.2 Million in 2015 by expanding at a compound annual growth rate of 11.8% over the period 2016-2023. This can be attributed to rising pet ownerships in developing nations combined with increasing concern towards pet care. Further, the expanded health expenditure for animals is estimated to boom the pet wearable accessories (devices) market with noteworthy revenue by the end of 2023.
In the regional segment, Europe and North-America accounted for combined market share of 74.2% in 2015 of overall pet wearable market. North America pet wearable accessories (devices) market is expected to continue its dominance over the forecast period by registering a robust compound annual growth rate which can be attributed to increasing gross disposable income of population. Further, growing economies in Asia Pacific are anticipated to drive the pet wearable accessories (devices) market with significant growth in this region.
Increasing Health Concern towards Animals to Boom the Market
The growth of the pet wearable accessories (devices) market is majorly driven by rising awareness towards health and well-being of pets and wide scale applications of pet wearable accessories (devices) such as monitoring, tracking and diagnosis among others. Further, the availability of advanced internet connectivity and rising penetration of electronically enabled medical diagnosis and treatment devices along with smartphones are some of the factors that are expected to benefit the expansion of pet wearable accessories (devices) market in upcoming years.
However, high cost, short battery life and lack of awareness towards pet wearable accessories (devices) is likely to inhibit the growth of the market in the near future.
The report titled “Pet Wearable Accessories (Devices) Market: Global Demand Analysis & Opportunity Outlook 2023” delivers detailed overview of the pet wearable accessories (devices) market in terms of market segmentation by technology type, application type, animal type, by end-user and by region.
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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the pet wearable accessories (devices) market which includes company profiling of Whistle Labs, Tagg, Dropcam (Nest), i4c Innovations, Radio Systems PetSafe Europe, Invinsible Fence and High Tech Pet Products.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the pet wearable accessories (devices) market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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This post was originally published on Aerospace Industry