Pet ID Microchips Market Size ($111.35 Million by 2028) with 5.8% CAGR – Exclusive Study by The Insight Partners
The global pet ID microchips market growth is driven by increasing spending on pets, surging demand for sophisticated technologies from tech-savvy pet owners and customized offerings in pet ID microchips.
New York, Feb. 14, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “*Pet ID Microchips Market* Size, Share, Trends and Growth Forecast to 2028 - COVID-19 Impact and Global Analysis by Pet Type (Horses, Dogs, Cats, and Others) and End User (Breeders, Households, Pet Shops, and Others)” the global pet ID microchips market size is expected to grow at a CAGR of 5.8% during 2022–2028; it is projected to reach USD 111.35 million by 2028 from USD 79.53 million in 2022.
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*Global Pet ID Microchips Market – Report Scope: *
Market Size Value in USD 79.53 Million in 2022
Market Size Value by USD 111.35 Million by 2028
Growth rate CAGR of 5.8% from 2022 to 2028
Forecast Period 2022-2028
Base Year 2022
No. of Pages 152
No. of Tables 61
No. of Charts & Figures 73
Historical data available Yes
Segments covered Pet Type, and End User
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*Global Pet ID Microchips Market: Competitive Landscape and Key Developments*
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 profiled during the study In addition, several other global, regional, and local pet ID microchips market players operating in the market were analyzed and studied during the study to get a holistic view of the entire market.
• In September 2022, El Paso Animal Services, in partnership with 24Pet, launched the 24Pet Reunite Site solar-powered microchip scanner at Salvador Rivas Jr. Park located at 12480 Pebble Hills Dr. The Reunite Site will allow community members to scan pets to see if they are microchipped, learn their pet’s microchip number, and find out where and how to get their pet microchipped if they need one.
• In August 2020, Bayer completed the sale of its Animal Health business unit to the US company Elanco Animal Health Incorporated. The transaction was completed after the fulfillment of the closing conditions, including the receipt of regulatory approvals.
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*Global Pet ID Microchips Market Insights – Regional Overview: *
The pet ID microchips market is broadly segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). Europe is pioneering pet microchipping. The region has several nations who had already mandated microchipping of dogs. Now, some countries are mandating microchipping of cats and ferrets. Additionally, tourists travelling to Europe with their pets are required to get their pets microchipped with an ISO compatible microchip. Such trends are driving the pet ID microchips market growth. Also, presence of several key pet ID microchip manufacturers is expected to provide great growth opportunities for the pet ID microchips market in the region during the forecast period.
In terms of revenue, North America accounted for the second largest global pet ID microchips market share in 2021. The demand for pet ID microchips in the region is increasing as it helps track lost pets effectively. According to the 2021–2022 American Pet Products Association's (APPA) Survey, there are ~90.5 million households with a pet, which is ~70% of the total number of US households, an increase from 74.4 million (59%) in 2017–2018. Out of this, ~69 million (54%) households own at least one dog, whereas 45.4 million (35%) households own at least one cat. Thus, the increasing adoption of pets in the US is expected to promote the demand for pet ID microchips. Presently no national standard for microchip identification of companion animals exists in the US. The non-ISO 125 kHz microchip was predominantly utilized in the US. However, presently 134.2 kHz ISO microchips are being used in the US. In Canada and Mexico, 134.2 kHz ISO microchips are implanted in pets by veterinary doctors. To protect pets from getting lost, people in the region are implanting microchips in their pets, which is fueling the North America pet ID microchips market growth. Standardbred Canada and USTA have made it mandatory to microchip all racing horses by 2022. The initial deadline was 2021; however, it has now been extended to 2022. Such factors are promoting the pet ID microchips market growth in the region.
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*Global Pet ID Microchips Market Analysis: End User Overview*
Based on end user, the pet ID microchips market is segmented into breeders, households, pet shops, and others. The others segment includes pounds, shelters, rescues, charitable organizations, customs, and animal welfare organizations (AWO). The breeders segment accounted for the largest market share in 2021 and is anticipated to register the highest growth rate during the forecast period. Mandatory microchipping of pets by professional breeders is driving the market growth for this segment. Several countries are banning sale of puppies and cats from pet shops. Hence, breeders will become the first point of contact for persons planning to pet a dog or cat. Thus, the breeders segment holds largest share and is expected to register the highest growth rates during the forecast period. In countries such as the UK, Australia, and New Zealand, dog breeders are responsible for microchipping puppies. Additionally, in the UK, puppies cannot be sold until they are eight weeks old and microchipped. Such factors are strongly boosting pet ID microchips market size.
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