PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1270349
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1270349
Pet ID Microchips Market size was valued at USD 106.8 million in 2022, expanding at a CAGR of 6.6% from 2023 to 2030.
A microchip is a tiny computer chip that has an electrical number inserted into it. Your pet's contact information is kept in a database that corresponds to this number. The implanted chip may be read by specialist scanners at animal shelters and veterinarian offices. It is placed inside the skin of your pet.
Pet ID Microchips Market- Market Dynamics
The demand for pet ID microchips has risen as the pet population has grown, especially in wealthy nations. The demand for these gadgets has grown as people are becoming more aware of the benefits of pet ID microchips. Furthermore, as new and sophisticated pet ID microchip technologies are developed, microchips are becoming more precise, dependable, and user-friendly, which is encouraging more pet owners to adopt them and fueling the market's expansion. The popularity of pet ID microchips is rising along with the development of internet shopping. So far, the absence of technological uniformity can prevent the market from expanding. For instance, some microchips are set to only allow a house's doors to open when the pet who received the chip injection approaches them. As a result, it makes it more difficult for stray dogs and other animals to enter a home.
Furthermore, the required pet ID microchips for identification and reunification have been beneficial for the country, with approximately 92% of dog's microchipped and a 15% decrease in stray dogs. Cat microchipping is also becoming more and more necessary in order to facilitate the recovery of stolen and lost animals. About 99% of respondents to a UK government consultation in December 2021 backed making cat microchipping mandatory. Cats must have microchips by the time they are 20 weeks old, according owner regulations. Also, owners have 21 days to microchip their cats or risk a fine of up to US$ 600 if they don't.
The Global Pet ID Microchips Market is segmented based on Chip frequency, Pet Dog, End-User and Region.
Breeders, households, and other entities made up the market segments for pet ID microchips based on end users. Pounds, shelters, rescues, philanthropic organizations, customs, and animal welfare organizations are included in the others part (AWO). Breeders held the biggest market share in 2022, and it is predicted that throughout the projected period they would increase at the highest growth. The growth of this market segment is being driven by professional breeders' mandatory microchipping of pets. Puppies and cats can no longer be purchased from pet stores in a number of nations. Hence, breeders will be people who want to pet a dog or cat's first point of contact. Breeders, which currently has the most market share, is predicted to increase at the fastest growth rates during the projected period.
Based on the pet type, the market has been categorized as dog, cat, horse, and others. Among these, the dog segment is dominating the market with XX in the year 2022 and is expected to grow with a high CAGR during the forecast period. In the upcoming years, the cat segment is also anticipated to increase. According to the survey, less than 2% of cats without microchips were brought back to their owners. The return-to-owner rate is 20 times greater for microchipped cats than for unmicrochipped cats. The market for pet microchips is thus anticipated to develop over the coming years as a consequence of the growing popularity of the cat segment.
Pet ID Microchips Market- Geographical Insights
The majority of the revenue share in the global market for pet microchips is anticipated to derive from the North American market. The rise in pet ownership and the rising demand for cutting-edge technology among pet owners are both credited with the geographical expansion of this market. Due to the rising number of missing pet instances, the U.S. is the main source of revenue for this region. On the other hand, the Asia Pacific is expected to grow at the highest CAGR over the forecast period. This pet microchip regional market is expanding as a result of the rising number of pet owners in nations like China, Australia, and India, as well as the region's growing concern for the health and welfare of pets.
In September 2022, the 24Pet Reunite Site solar-powered microchip scanner was launched by El Paso Animal Services and 24Pet in Salvador Rivas Jr. Park, which is located at 12480 Pebble Hills Dr. Community members will be able to scan pets to determine whether they are microchipped, find out their pet's microchip number, and discover where and how to get their pet microchipped if necessary using the Reunite Site.
This proposed research study on the Pet ID Microchips Market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for Pet ID Microchips market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Pet ID Microchips market
Impact of COVID-19 on Pet ID Microchips Market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on Pet ID Microchips Market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the Pet ID Microchips market, we have also included competitive landscape and key innovator analysis for the Pet ID Microchips market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the Pet ID Microchips market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global Pet ID Microchips Market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
GLOBAL PET ID MICROCHIPS MARKET KEY PLAYERS
Animalcare Group Plc.
Avid Identification Systems Inc.
Datamars SA.
Elanco Animal Health Inc.
PeddyMark Ltd.
Pethealth Inc.
Trovan Ltd.
Virbac SA.
Microchip4Solutions Inc.
Peddymark Ltd.
Cybortra technology Co., Ltd.
Pet-ID Microchips Ltd.
Jeffers Pet.
GLOBAL PET ID MICROCHIPS MARKET, BY CHIP FREQUENCY
125kHz
128Khz
134.2Khz
GLOBAL PET ID MICROCHIPS MARKET, BY PET DOG
Dog
Cat
Horse
Others
GLOBAL PET ID MICROCHIPS MARKET, BY END-USER
Pet Breeder
Household
Others
GLOBAL PET ID MICROCHIPS MARKET, BY REGION
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA