Wearable tech is for everyone. The industry is expanding into every nook and corner. It shows no sign of stopping. For animal lovers, pets become an integral part of the family. These days there are an increasing number of companies that are crafting wearable gadgets just for animals. Smartphones, combined with new applications are allowing owners to remotely monitor, water, feed their pets.
Animal-related expenditure in the US is now so high that the wearable pet technology has become a multi-billion-dollar industry. A new report by Grand View Research gives us an insight into where this market is heading in the coming years. According to the study, the global pet wearable market is expected to reach nearly $2.4 billion by 2022. The growing pet ownership coupled with increasing per capita expenditure on pets is expected to drive this market.
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According to Marketers Media, increasing awareness towards pet health and fitness is expected to offer significant opportunities for the development of advanced wearable products. According to the study made by Grand View Research, North America’s pet wearable market is estimated to grow at a CAGR of over 12.0 percent between 2015 to 2022. This has been primarily attributed to increasing adoption of GPS collars with activity and fitness monitoring features along with the availability of advanced infrastructure.
Notable companies operating in the pet wearable market include Whistle LLC, FitBark, i4C Innovations, DeLaval, and PetPace. Animal trackers and activity monitors are anticipated to be the focus of these players.
In recent times more demands for Medical Diagnostics for animals has emerged. This will include innovations and devices within animal medical care such as cooling, ultrasound, heating, and drug delivery. According to evaluations, the medical diagnosis and treatment segment of pets is also predicted to exhibit a high growth rate from 2016 to 2024.