The pet ID microchips market involves the implantation of microchips, which are about the size of a grain of rice under the skin of pets. Microchipping helps in quickly identifying lost or stolen pets and reuniting them with their owners. Microchips contain a unique 15-digit identification number that links the pet to its owner's contact information. Veterinarians use a scanner to read the microchip during wellness exams, at shelters, or veterinary clinics. Microchipping offers a permanent form of identification for pets as the microchips are implanted under the skin between the shoulder blades. It helps reduce the risk of pets getting lost or not being identified when found as stray or injured.
Global Pet ID Microchips Market is estimated to be valued at USD 96.4 Mn in 2024 and is expected to reach USD 142.8 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.8% from 2024 to 2031.
Key Takeaways
Key players operating in the pet ID microchips market are Pethealth Inc., HomeAgain, Bayer, AVID Identification Systems, Datamars, Trovan, Ltd., Virbac, Animalcare, Ltd., Microchip4Solutions Inc., and PeddyMark.
The growing awareness about microchipping benefits among pet owners and adoption of laws mandating pet identification is fueling the demand for pet ID microchips globally. Various governments and organizations across regions are implementing policies to promote microchipping of Pet ID Microchips Market Demand.
Technological advancements are further driving the pet ID microchips market. Manufacturers are developing upgraded microchips with advanced features like ISO compliance, longer data storage capabilities, and compatibility with various reader devices. ISOcompliant microchips ensure worldwide compatibility and accessibility of pet details.
Market Trends
Growing investments by manufacturers in developing ISO-complaint microchips: Leading players are investing in R&D to develop ISO-11748 and ISO-11784/11785 compliant microchips that provide global data accessibility and compatibility with different reader devices across regions.
Rising popularity of multi-lingual microchips: With growing global pet adoption, manufacturers are focusing on developing multi-lingual microchips that store pet owner's contact information in different languages to facilitate easy identification worldwide.
Market Opportunities
Untapped regions in Asia Pacific and Latin America: Countries like India, China, Brazil, and Mexico present lucrative opportunities for market players owing to growing pet ownership and rising adoption of pet identification practices in these regions.
Online microchip registration platforms: Integrating microchip registration platforms with online databases can help increase registration rates and facilitate easy global access to pet owner details. Players can collaborate with veterinary clinics and shelters to promote online registration.
The COVID-19 pandemic has significantly impacted the growth of the pet ID microchips market across the globe. During the pandemic, pets increased loneliness, stress and offered companionship to many people working from home. This led to increased pet adoptions and awareness regarding pet identification. However, veterinary clinics were shut or functioned with limitations during lockdowns, restricting access to microchipping services which hampered short term growth prospects. With reopenings post pandemic, the demand is witnessing a revival with increased focus on responsible pet ownership involving identification.
Going forward, factors such as growing investments in at-home microchipping, rising partner programs between microchip manufacturers and veterinary clinics as well as growing awareness regarding benefits of microchipping are expected to provide growth opportunities in the post pandemic scenario. Industry players are focusing on strategic advancements involving telehealth services and partnerships for seamless access to identification services despite pandemic related restrictions. Continuous investments in technology to develop DIY microchipping options are likely to further aid growth prospects as these options provide convenience without compromising health and safety protocols.
North America accounts for the major share in the global pet ID microchips market in terms of value. The region has witnessed robust growth in pet ownership, with millions of pets being adopted since the start of the pandemic. Growing awareness regarding responsible pet ownership involving identification along with presence of supportive government policies and compliance mandates regarding microchipping has augmented regional market growth. Furthermore, increasing availability of microchipping services at clinics, shelters and vaccination drives ensures high implantation rates. Leading industry players domiciled across the region further supports market penetration. Rising consumer spending on pet care owing to humanization of pets also supplements the regional market growth.
Asia Pacific region is poised to witness the fastest growth in the pet ID microchips market owing to growing pet population, rising pet ownership in emerging countries and increasing expenditure on pet care in the region. Rapid urbanization and busier lifestyles have boosted small pet companionship, particularly in countries such as China, India and South Korea. Furthermore, factors such as improving standards of living, growing cognizance regarding benefits of microchips and availability of low-cost identification options are enhancing implementation rates across Asia Pacific. Initiatives involving volunteer campaigns to promote microchipping along with supportive government policies would aid the market expansion through the forecast period. Investments by key players to strengthen regional footprint through partnerships are further strengthening Asia Pacific market growth prospects.
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