Pet Wearable Market Estimated To Record Highest CAGR By 2031

Transparency Market Research delivers key insights on the global Pet Wearable market. In terms of revenue, the global pet wearable market is estimated to expand at a CAGR of 8.5% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global pet wearable market.

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The global pet wearable market is broadly affected by several factors, including an increase in adoption of pet wearables by pet owners to identify and track their pets. Thus, increased use of pet wearables for identification & tracking, behavior monitoring & control, and safety & security is propelling the global pet wearable market.

Pet Wearable Market: Dynamics

Society, as a whole, has become more isolated and the rapid breakdown of social support systems has increased the rate of pet adoption. The importance of pets in social life has led to changes in the social standing of pets.

People have come to view pets as extended family members, which, in turn, has led to a significant increase in pet healthcare. Additionally, tracking of heartbeat, temperature, and other miscellaneous data is being developed for the qualitative analysis of pet health.

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Some of the previously used pet wearables to stop barking or training purposes are being revamped to create humane training collars. The banning of pet wearables using inhumane tactics is underway in multiple countries.

Key factors propelling the pet wearable market are an increase in awareness about the pet's physical and mental fitness, rise in adoption of IoT, surge in the demand for pet monitoring, and technological advancements.

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Pet Wearable Market: Prominent Regions

In terms of region, North America is anticipated to hold a significant share of the global pet wearable market owing to the early start for adoption of pet wearables in countries such as the U.S. and Canada.

The market in Asia Pacific is projected to expand significantly during the forecast period. Factors such as increasing awareness related to pet fitness and health and rise in the adoption of companion animals in emerging economies are expected to drive the market in the region.

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Pet Wearable Market: Key Players

Key players operating in the global pet wearable market are Allflex USA Inc, Avid Identification Systems, Inc., FitBark, Whistle Labs Inc., Garmin Ltd., Intervet Inc., Invisible Fence, Konectera Inc., Nuzzle, PetPace LLC, Tractive, and Trovan Ltd.

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