Pet Microchips Market Infographics Description
- The Infographics: Pet Microchips Market is estimated to be valued at US$ 371.2 Mn in 2019.
- Worldwide Pet Microchips Market is projected to reach US$ 565.9 Mn in 2029 at a CAGR of 4.3% from 2020 to 2029.
- Amongst microchip frequency, the 134.2kHz segment in the Global Pet Microchips Market is estimated to account for a majority revenue share of 59.9% in 2019 due to the high disposable income the adoption rate of pets, which in turn helps the pet microchips market.
- Among all the pet types, the dog segment is expected to register the highest CAGR of over 4.7%, owing to inclination towards owning a dog compared to other pets.
- North America market is expected to dominate the Global Pet Microchips Market and is expected to account for the largest market share than that of markets in other regions.
Pet Microchips Market Leading Key Players Are
- HomeAgain Inc.
- Bayer
- Pethealth Inc.
- Virbac SA
- Avid Identification Systems Inc.
- Trovan Ltd.
- Animalcare Ltd.
- Datamars
- Microchip4Solutions Inc. and EIDAP Inc
Growth Drivers and Strategic Developments
The pet microchip industry is experiencing robust growth, driven by several interconnected factors. Notably, the rise in pet ownership and the humanization of pets are pivotal. More people globally are adopting pets and integrating them into their families, emphasizing the need for reliable identification methods. Microchipping offers a secure way to ensure the safety and swift recovery of lost pets, boosting its adoption among pet owners who view their pets as irreplaceable family members.
Technological advancements in the pet microchip sector also play a crucial role. Recent innovations have led to the development of smaller, more sophisticated chips that include features like temperature sensing. These enhancements make microchips more attractive to pet owners by offering additional functionalities that go beyond basic identification, thereby supporting the sector’s expansion.
Government regulations are further propelling the industry forward. For instance, as of June 2024, the UK mandates microchipping for all cats by the age of 20 weeks, with penalties reaching up to £500 for non-compliance. Such legislative measures are pivotal in promoting widespread adoption of microchipping, reflecting a global trend towards more regulated pet ownership.
Support from animal welfare organizations is another significant growth driver. These groups actively campaign for microchipping, highlighting its benefits in reuniting lost pets with their owners. Their efforts raise public awareness and foster a positive perception of microchipping, encouraging more pet owners to choose this reliable method of pet identification.
Lastly, urbanization and changes in lifestyle contribute to the industry’s expansion. As cities become more populated, the likelihood of pets getting lost increases. Microchipping offers a reliable solution to this issue, making it an essential tool for pet identification in urban environments. This utility is recognized by an increasing number of pet owners, further stimulating demand for microchipping services.
In summary, the pet microchip industry is thriving due to increased pet humanization, technological innovations, supportive government regulations, advocacy by animal welfare organizations, and the challenges posed by urbanization. These factors collectively enhance the appeal and perceived necessity of pet microchips, ensuring continued growth in this sector.
