Global pet wearables market is anticipated to grow at a CAGR of 7.5% during the forecast period. Rise in demand for pet wearables can be primarily attributed to the increased spending capability of consumers on pets, owing to medical diagnostics and healthcare of pets. Pet insurance companies have been showing high growth in recent years.
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The study also shares details on factors impacting pricing strategies of manufacturers within the global pet wearables market. Segmentation of the global pet wearables market provided in the report is briefly delineated in the following taxonomy table:
|Region||North AmericaLatin AmericaEuropeAPEJJapanMiddle East and Africa|
|Product||Pet CamerasActivity monitorsGPS TrackersPet-emotion SensorsPet-to-human Translators|
|Distribution Channel||Modern TradeFranchised OutletsSpecialty StoresE-Commerce|
|Application||Medical Diagnosis & TreatmentBehavior Monitoring & ControlSafety & SecurityIdentification & Tracking|
A Look Out of Pet Insurance Companies
The increased humanization of pets has given birth to new services such as pet insurance. The current scenario for pet insurance is slightly stagnating. This can be attributed to the increasing pet insurance premiums. RSA Group, one of the leading providers of insurance, has invested in PitPat, for the development of pet wearables.
The major concern of insurance companies is the overall insurance provided to pets, regardless of the health condition of pets. This has led to higher costs incurred on companies’ side.
Investments in the pet wearables market cater to better plans for pets with specific health monitoring. The pet wearables market is likely to help consumers provide better healthcare to their pets and in turn reduce the veterinarian’s bills in the long run. The finding is the report showcases the development of the medical diagnosis and treatment application of pet wearables.