Pet Microchips Market Size, Share, Growth, and Industry Analysis, By Type (125 kHz Microchip, 128 kHz Microchip, and 134.2 kHz Microchip), By Application (Horse, Dogs, Cats, and Others), Regional Insights and Forecast to 2031

Updated On: 22 April 2024

PET MICROCHIPS MARKET REPORT OVERVIEW

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The global pet microchips market size was USD 371.5 million in 2019 and the market is projected to touch USD 483.8 million by 2026, exhibiting a CAGR of 3.8% during the forecast period.

Pet microchips are small electronic devices, typically about the size of a grain of rice, that are implanted under the skin of pets to provide a permanent form of identification. These microchips contain a unique identification number that can be linked to the owner's contact information in a centralized pet registry. The process of implanting a microchip is quick and relatively painless, often performed during a routine veterinary visit. In the event that a pet is lost, shelters and veterinary clinics can scan the microchip to access the owner's details, facilitating a swift reunion between the pet and its owner. This technology has become an invaluable tool in reuniting lost pets with their families and ensuring their well-being.

While microchips play a crucial role in pet identification, it's important to note that they are not GPS devices and do not provide real-time tracking of a pet's location. Instead, they serve as a reliable and permanent form of identification, offering a higher likelihood of a lost pet being returned to its rightful owner when compared to traditional collar tags, which can become lost or damaged. Overall, pet microchips contribute significantly to the welfare of animals by enhancing the chances of a swift and successful reunion with their owners in case of separation.

COVID-19 Impact: Market Growth Hampered by Pandemic due to Supply Chain Disruptions

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The global pandemic has had both positive and challenging impacts on the pet microchip industry. On one hand, the increased adoption of pets during lockdowns and stay-at-home measures has driven a surge in demand for pet identification solutions, including microchips. Many families sought companionship during periods of isolation, leading to a rise in pet ownership. As a result, more pet owners recognize the importance of microchipping as a reliable method of identification and safeguarding their new furry family members.

However, the pandemic has also presented challenges to the pet microchip industry. Supply chain disruptions, lockdowns, and restrictions on various economic activities have affected the manufacturing and distribution of pet microchips. Delays in production, transportation bottlenecks, and increased costs of raw materials may have impacted the availability and affordability of these devices. The global pet microchips market growth is anticipated to boost following the pandemic.

LATEST TRENDS

"Health Monitoring Features to Drive Market Growth"

There is ongoing research to enhance the capabilities of pet microchips, potentially incorporating advanced technologies such as RFID (Radio-Frequency Identification) with improved range and data storage capacities. This could enable more efficient and reliable identification.Some companies are exploring the integration of health monitoring features into microchips. This could include tracking a pet's vital signs or providing information on their overall health. This would go beyond traditional identification purposes.

Efforts are being made to establish and improve international databases that store information linked to pet microchip IDs. This could facilitate faster and more accurate identification of lost or stray pets, especially those traveling across borders. The integration of microchip technology with smart collars is another area of interest. This could provide a comprehensive approach to pet tracking and identification, combining the benefits of both technologies.

PET MICROCHIPS MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into 125 kHz Microchip, 128 kHz Microchip, and 134.2 kHz Microchip.

125 kHz Microchip:A microchip operating at a frequency of 125 kHz is a common type of RFID (Radio-Frequency Identification) microchip used for pet identification. It is often the standard frequency for many pet microchip systems. These chips are implanted under the skin of pets and contain a unique identification number. When scanned, this number can be used to retrieve the pet owner's contact information from a centralized database.

128 kHz Microchip: A 128 kHz microchip is another type of RFID technology used for various identification purposes. In the context of pet microchipping, it's less common compared to the 125 kHz variety, but it serves a similar purpose. The choice of frequency may depend on the specific technology and system used by a particular manufacturer.

134.2 kHz Microchip: The 134.2 kHz microchip is a standard frequency used for pet identification, especially in systems compliant with ISO standards. These chips are widely recognized and accepted on an international level. Like other microchips, they are implanted under the skin and contain a unique identification number that can be read by a compatible scanner to retrieve the pet owner's information.

• By Application

Based on application the global market can be categorized into Horse, Dogs, Cats, and Others.

Horse: Horses are large, domesticated mammals known for their strength, speed, and long-standing partnership with humans. They have been used for various purposes throughout history, including transportation, agriculture, and sport. Horses come in various breeds, each with its own characteristics and specialties. They are herbivores and typically have a lifespan of around 25 to 30 years.

Dogs: Dogs are domesticated mammals that have been companions to humans for thousands of years. They come in a wide variety of breeds, each with unique sizes, appearances, and temperaments. Dogs are known for their loyalty, intelligence, and versatility. They serve various roles, including companionship, working (such as herding, hunting, and guarding), therapy, and assistance. Dogs are omnivores, and their lifespan varies by breed, with small breeds often living longer than larger ones.

Cats: Cats are small, carnivorous mammals that have been domesticated and kept as companions for thousands of years. They are known for their agility, grooming behavior, and independent nature. Cats come in different breeds, each with its own characteristics, including size, coat length, and color patterns. Cats are skilled hunters and often help control populations of rodents. They are also known for their ability to form close bonds with their human caregivers. Cats are obligate carnivores, and their lifespan typically ranges from 12 to 18 years, although many cats live into their early twenties.

DRIVING FACTORS

"Rising Pet Ownership to Boost the Market"

The increasing trend of pet ownership worldwide has led to a higher demand for effective methods of pet identification. As more people welcome pets into their homes, the need for reliable identification solutions becomes crucial for the well-being and safety of the animals.The primary purpose of pet microchips is to provide a reliable method of identification for animals. In the event that a pet gets lost or separated from its owner, a microchip can be scanned by veterinarians, animal shelters, or rescue organizations to access the owner's contact information. This significantly increases the chances of reuniting lost pets with their families.

"Advancements in Technology to Expand the Market"

Ongoing advancements in microchip technology contribute to the popularity of pet microchips. Smaller, more reliable chips with improved scanning capabilities make the implantation process easier for veterinarians and the scanning process more efficient for pet identification.Pet microchips serve as a deterrent to pet theft. If stolen pets are brought to veterinary clinics or shelters, scanning for a microchip can quickly reveal the true owner and prevent the sale or adoption of stolen animals.

RESTRAINING FACTOR

"Lack of Enforcement to Potentially Impede Market Growth"

In areas where microchipping is not legally mandated or enforcement is lax, some pet owners may not see it as a priority. This can result in a lower overall percentage of pets being microchipped, reducing the effectiveness of the system.While international standards exist, not all microchip scanners are universally compatible with every type of microchip. This lack of standardization can pose challenges when attempting to identify and reunite pets, especially if the scanner used does not support the specific frequency or encoding of the microchip.

PET MICROCHIPS MARKET REGIONAL INSIGHTS

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"North America to Dominate the Market due to Increased Pet Ownership "

"The market is primarily segmented into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa."

North America has emerged as the most dominant region in the global pet microchips market share due to several factors. Regions with strict regulations mandating pet microchipping, coupled with a high awareness of the benefits of identification, tend to have higher adoption rates. In regions where there is a strong emphasis on responsible pet ownership and well-established veterinary care infrastructure, pet microchipping is often more prevalent. These regions often have higher market shares due to a combination of legal requirements, public awareness campaigns, and readily available veterinary services.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The pet microchips market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of wardrobe options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features in cloth wardrobes, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Market Players Profiled

• AVID Identification Systems [U.S.]

• Datamars, Inc. [Switzerland]

• Trovan, Ltd. [U.K.]

• Virbac [France]

• HomeAgain [U.S.]

INDUSTRIAL DEVELOPMENT

December 2023: Merck Animal Health took significant strives ahead in the pet microchips market. They recently developed HomeAgain Microchip.HomeAgain is a widely recognized brand that provides pet microchipping solutions for the purpose of pet identification and recovery. The HomeAgain Microchip is commonly used by veterinarians and pet owners to help reunite lost pets with their families through a centralized pet recovery database.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.