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Selbyville, Delaware, June 03, 2021 (GLOBE NEWSWIRE) --

Global Market Insights Inc. has recently added a new report on the pet wearable market which estimates the market valuation for pet wearable will cross US$ 10 billion by 2027. Increasing trend of pet humanization, encouraging pet owners to spend a large share of their income on pets will drive the industry growth.

Pet wearable devices are witnessing high adoption for identification and tracking applications. Smart collars integrated with GPS trackers enable easy identification and tracking of pet animals. The UK has witnessed an explosion in the number of dog thefts since the emergence of the coronavirus pandemic. According to DogLost, the UK's dog rescue community, there has been an estimated 250% rise in dog thefts since March 2020. With the help of GPS tracking devices, the chances of a pet stolen can be reduced drastically. GPS-enabled pet wearables allow owners to easily track a pets location and identify them by using their smartphones.

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A smart harness device can be fastened around a pet's body and is integrated with sensors to sense and monitor a pet's body language, posture, and sound. The device also includes physiological sensors that can monitor body temperature and heart rate. For instance, Inupathy, a Japanese pet tech company, developed a smart harness that monitors the heart rate of pets. The technology utilizes a sensor to analyze a dog's heartbeat variation and includes multicolored LEDs, representing the dogs emotional state.

Pet wearable devices are witnessing high adoption for identification and tracking applications. Smart collars integrated with GPS trackers enable easy identification and tracking of pet animals. The UK has witnessed an explosion in the number of dog thefts since the emergence of the coronavirus pandemic. According to DogLost, the UK's dog rescue community, there has been an estimated 250% rise in dog thefts since March 2020. With the help of GPS tracking devices, the chances of a pet stolen can be reduced drastically. GPS-enabled pet wearables allow owners to easily track a pets location and identify them by using their smartphones.

A smart harness device can be fastened around a pet's body and is integrated with sensors to sense and monitor a pet's body language, posture, and sound. The device also includes physiological sensors that can monitor body temperature and heart rate. For instance, Inupathy, a Japanese pet tech company, developed a smart harness that monitors the heart rate of pets. The technology utilizes a sensor to analyze a dog's heartbeat variation and includes multicolored LEDs, representing the dogs emotional state.

Sensors are estimated to hold a significant pet wearable market share during 2021-2027. Sensors are used to collect a pets vital signs and analyze the collected information to detect & alert pet owners of any health concern. Several types of sensors including heart rate, accelerometers, temperature, image, and water sensors are being developed for different applications. These devices allow the tracking of a pet's behavior, exact movement, activities, and monitors their health-related bio-metric data. The availability of smaller and affordable sensors with improved compatibility is also driving their demand for pet wearables.

The Asia Pacific pet wearable market is anticipated to grow at a substantial rate due to rising disposable income, rapid urbanization, and rising nuclear families. In September 2020, the Ministry of Statistics and Programme Implementation (India) stated that every Indian earns 30% more compared to their earnings in FY2014 - 15. The rising spending capacity of individuals is driving the number of pet owners across the region. Furthermore, the trend of pet humanization and changing attitudes of individuals & treating pets as part of the family present a huge potential for the pet wearable industry across Asia Pacific.

Some major findings of the pet wearable market report are:

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Partial chapters of report table of contents (TOC):

Chapter 2Executive Summary

2.1 Pet wearable industry 360 synopsis, 2017 2027

2.1.1 Business trends

2.1.2 Regional trends

2.1.3 Product trends

2.1.4 Technology trends

2.1.5 Application trends

2.1.6 End-use trends

Chapter 3Pet Wearable Industry Insights

3.1 Industry segmentation

3.2 Impact of coronavirus (COVID-19) pandemic

3.2.1 Global outlook

3.2.2 Regional outlook

3.2.2.1 North America

3.2.2.2 Europe

3.2.2.3 Asia Pacific

3.2.2.4 Latin America

3.2.2.5 MEA

3.2.3 Industry value chain

3.2.3.1 Research and development

3.2.3.2 Marketing

3.2.3.3 Supply

3.2.4 Competitive landscape

3.2.4.1 Strategy

3.2.4.2 Distribution network

3.2.4.3 Business growth

3.3 Industry ecosystem analysis

3.3.1 Raw material suppliers

3.3.2 Component suppliers

3.3.3 Manufacturers

3.3.4 Technology providers

3.3.5 Software/cloud providers

3.3.6 System Integrators

3.3.7 Service providers

3.3.8 Distributors

3.3.9 Vendor matrix

3.3.9.1 Raw material suppliers

3.3.9.2 Component suppliers

3.3.9.3 Manufacturers

3.3.9.4 Technology providers

3.3.9.5 Software/cloud providers

3.3.9.6 System Integrators

3.3.9.7 Service providers

3.3.9.8 Distributors

3.4 Technology & innovation landscape

3.5 Number of pets, by region, 2020

3.5.1 North America

3.5.2 Europe

3.5.3 Asia Pacific

3.5.4 Latin America

3.5.5 MEA

3.6 Regulatory landscape

3.6.1 North America

3.6.2 Europe

3.6.3 Asia Pacific

3.6.4 Latin America

3.6.5 MEA

3.7 Price trend analysis, 2017 2027

3.7.1 By product

3.7.2 By region

3.8 Industry impact forces

3.8.1 Growth drivers

3.8.1.1 Increasing awareness for pet's mental and physical fitness

3.8.1.2 Rise in adoption of rescue pets by millennials in Asia Pacific

3.8.1.3 Growing demand for remote monitoring & tracking of pets in the U.S. and Europe

3.8.1.4 Rise in number of pet tech start-up companies in Europe

3.8.1.5 Urbanization and rise in popularity of pets in Latin America and MEA

3.8.2 Industry pitfalls & challenges

3.8.2.1 Power consumption and short battery life of devices

3.8.2.2 Lack of public awareness

3.9 Growth potential analysis

3.10 Porter's analysis

3.10.1 Supplier power

3.10.2 Buyer power

3.10.3 Threat of new entrants

3.10.4 Threat of substitutes

3.10.5 Internal rivalry

3.11 PESTEL analysis

3.11.1 Political

3.11.2 Economical

3.11.3 Social

3.11.4 Technological

3.11.5 Environmental

3.11.6 Legal

About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Pet Wearable Market revenue to hit $10 Bn by 2027; Global Market Insights Inc. - GlobeNewswire