Publication Month: Jan 2023 | Report Code: TIPRE00029803 | No. of Pages: 152 | Category: Electronics and Semiconductor | Status: Published
According to the American Veterinary Medical Association (AVMA), a microchip is a small electronic chip enclosed in a glass cylinder about the same size as a rice grain. Often the pet ID microchips are also referred to as a transponder. The chip is generally injected inside a pet with a custom injector by a veterinary doctor and intended to remain inside the pet’s body. The pet ID microchip is devoid of batteries and activated when a scanner passes over it. Once activated, the chip transmits the identification number to the scanner; then, the number is displayed on the scanner’s screen. A single chip is expected to remain functional for up to 25 years and lasts the pet's lifetime. Most present-day chips function at 134.2 kHz, while some 125 kHz microchips are still sold in the US. Innovations in the microchip have significantly reduced its size and added functionality of the temperature reading of the pet when scanned with a microchip scanner. Microchips are an effective means of identifying pet since it is embedded inside the body and hence cannot be chewed off, removed, torn, or falsified. Veterinarians and animal-welfare charities across the world are embracing pet ID microchipping mandates imposed by regulatory bodies. The pet ID microchip helps properly identify pets and quickly reunite owners with lost or injured pets. In the UK, the government passed a regulation in 2016 for all pet owners to microchip their dogs and register their details on a centralized database. Therefore, enforcement by regulatory bodies for compulsory pet microchipping and scanning is driving the pet ID microchips market growth.
|Market Size Value in||US$ 79.53 Million in 2022|
|Market Size Value by||US$ 111.35 Million by 2028|
|Growth rate||CAGR of 5.8% from 2022 to 2028|
|No. of Pages||152|
|No. of Tables||61|
|No. of Charts & Figures||73|
|Historical data available||Yes|
|Segments covered||Pet Type, and End User|
|Free Sample Copy Available|
During the COVID-19 outbreak, the continuous growth in COVID-19 patients compelled government authorities to impose stringent travel bans across the US and other regions in the first three quarters of 2020, which disrupted the normal functioning of various enterprises. Implementing containment measures such as trade bans, travel restrictions, and workplace workforce limitations impacted various businesses' manufacturing, supply, and sales. Hence enterprises strongly adopted work-from-anywhere (WFA) trends. Social isolation and WFA arrangements propelled the adoption of companion animals, which bolstered the pet ID microchips market. This is because most pets are first microchipped before getting adopted. As per the PetPoint report of December 2021, published by Pethealth Inc, more than 0.1 million cats and dogs entered AWOs in the US in December. Of this, more than 20,000 were stray cats, and more than 22,000 were stray dogs. Additionally, the report states that more than 49,000 cats were adopted, while more than 34,000 stray dogs were adopted. Hence, the pandemic positively impacted the pet ID microchips market growth.
Get more information on this report :
Veterinarian care is increasingly becoming expensive, and routine veterinary visits make up the second-largest segment of a dog owner’s expenditures after food. According to American Pet Products Association (APPA), people in the US will spend nearly US$ 109.6 billion on their pets in 2022. Moreover, pet accessories are becoming technical, and there are growing inventions and developments in the pet industry. With massive spending on pets, there is an increasing demand for sophisticated pet technology, mainly among tech-savvy owners, who are expected to utilize ID microchips to ensure pet security. Furthermore, ID microchips are becoming increasingly popular among pet owners, as they help them track animals without using traditional collars and tags. Therefore, the demand for ID microchips for pets is expected to grow significantly in the coming years.
The dogs segment accounted for the largest pet ID microchips market share in 2021. The rising regulations on microchipping pet dogs primarily drive the market growth for the segment. According to European Pet Food Industry Federation (FEDIAF), Europe had 92 million pet dogs in 2021 and 85.2 million pet dogs in 2018. Also, as per the American Veterinary Medical Association’s (AVMA) 2017–2018 estimations, the US had nearly 77 million pet dogs and 69 million pet dogs in 2012. With the rising number of dog owners, microchipping of pet dogs is gaining traction globally. Several countries have mandated the microchipping of dogs, which is primarily driving this segment's growth.
The global pet ID microchips market is bifurcated on the basis of pet type and end user. Based on pet type, the pet ID microchips market is segmented into horses, dogs, cats, and others. The others segment of pet type includes rabbits, ferrets, guinea pigs, and snakes. Based on end user, the global pet ID microchips market is segmented into breeders, households, pet shops, and others. The others segment of end user includes pounds, shelters, animal welfare organizations (AWOs), and rescue organizations. Based on geography, the pet ID microchips market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). Pethealth, Inc; Merck & Co., Inc; Elanco Animal Health, Inc; Avid Identification Systems, Inc; Datamars SA; Trovan Ltd; Virbac SA; Animalcare Group Plc; Microchip4solutions Inc; and PeddyMark Ltd are among the key pet ID microchips market players.
Pet ID microchips market players mainly focus on partnerships and acquisitions to increase their market share.