Rising awareness of pet owners with regards to the animal health and diseases coupled with growing disposable income will drive the overall pet wearables market across the world in coming years.
Dallas, TX -- (SBWIRE) -- 02/06/2020 -- Increase in demand for pet wearables owing to the huge spending abilities on pets, due to healthcare and medical diagnostics of their pets. In addition, pet insurance industries have been growing at a significant rate in the recent years. Moreover, the demand as well as adoption of pet wearables recommended by several insurance industries is one of the major factors influencing the growth of the global pet wearables market.
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Likewise, growing downstream demand as well as increasing consciousness of the pet health are also some of the other significant factors contributing to the growth of the global pet wearables market. Growing awareness regarding the pet health and rise in consumer expenditure on companion animals in emerged regions is anticipated to boost the development of the global pet wearables market into coming years.
In addition, introduction of number of advanced cost effective pet wearables, extended health spending for animal, and increasing concerns towards the pet care are also some of the significant factors helps to increase the demand of the pet wearables across the world. Moreover, technological developments in pet wearables and various sensors and GPS collars at efficient cost are expected to grow the demand into coming years. Several features such as tracking, monitoring, controlling, as well as diagnosing pets are advantageous and effective for the pet owners to precisely trace their pets' activities.
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Owing to such benefits, the global pet wearables market is anticipated to increase traction over the forecast period. Likewise, increasing consciousness towards well-being and health of pets and several government rules for animals in many regions are expected to adopt pet wearable to appropriately monitor and control the pets.
The global pet wearables market is basically segmented into technology, application, and geographical regions. As per the application, the market is categorized into facilitation, identification and tracking, safety & tracking, behavior monitoring & control, medical treatment & diagnosis. In terms of technology, the global pet wearables market is classified into sensors, RFID, and GPS. According to the geographical regions, the global pet wearables market is categorized into Lain America, North America, Asia Pacific, Europe, and the Middle East and Africa. Out of these, North American market for pet wearable to remain to hold the highest market share over the forecast period. This is owing to the rising trend towards pet adoption, increasing disposable income, as well as growing per capita animal healthcare spending are some of the key factors responsible for the growth in the region.
Key segments of the global pet wearables market
Application Overview, 2015-2025 (USD million)
Identification & Tracking
Behaviour Monitoring & Control
Facilitation, Safety & Security
Medical Diagnosis & Treatment
Technology Overview, 2015-2025 (USD million)
RFID
GPS
Sensors
Regional Overview, 2015-2025 (USD million)
North America
Europe
Asia Pacific
Latin America
Middle-East & Africa
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