Pet Microchips Market: Future Forecast Assessed on the Basis of How the Industry is Predicted to Grow 2019-2025
A microchip is a computer chip, which is being enclosed in a small glass cylinder (the size of a grain of rice) and is injected in the pet’s skin as a means of identification. Each microchip is primarily being connected with an online registry of owner contact information. For instance, if a pet is lost, and is being taken to a shelter or veterinary hospital, he will be scanned for a microchip. If the contact information on the file is up to date, the pet’s owner can be contacted instantly and reunited with their pet. The key technology used in pet microchips is radio-frequency identification (RFID). This primarily provides permanent ID for your pet.
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In terms of value, the global Pet Microchips market was valued at US$ 402.7 Mn and in terms of volume, the market was 36603.5 thousand units in 2018, and is expected to grow with a significant CAGR during the forecast period. The pet microchips market is witnessing growth as various chip manufacturers are focusing on improving chip capabilities and are adding various other functionalities, such as the ability to program the chip to open the door to your dog only when your dog approaches. This can further help in keeping out stray critters that may find their way to the home. Moreover, some manufacturers are providing lost pet alerting services and travel assistance for folks who like to take their pets along on holidays.
This pet microchips market report covers an in-depth analysis of the market including statistical and subjective data points, along with the key market drivers and opportunities & restraints that have positive or negative effects on the overall global market. An exclusive coverage has been provided for market drivers and challenges & opportunities for a country-level market in the respective regional segments. The report comprises a competitive analysis of the key players functioning in the market and covers in-depth data related to the competitive landscape of the market and the recent strategies & products that will assist or affect the market in the near future.
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The global pet microchips market is segmented based on the chip frequency, pet type, and end-user. Based on the pet type, the market has been categorised as dog, cat, horse, and others. Among these, the dog segment is dominating the market with US$ 162.1 Mn in the year 2018 and is expected to grow with a high CAGR during the forecast period. The cat segment is also expected to grow in the coming years based on the survey, it has been found that less than 2% of cats without microchips were returned home. However, if a cat is microchipped, the return-to-owner rate is 20 times higher than when the cat was not microchipped. Thus, due to the growth of the cat segment, the pet microchips market is expected to grow in the coming years.
North America is dominating the pet microchips market
North America region holds the largest share in the global pet microchips market. The market growth in the region is attributed to the growing spending on pets and the increasing demand for sophisticated technology among the tech-savvy pet owners. According to the American Pet Products Association, the US pet industry was USD 66.75 billion in 2016 and is estimated to reach USD 69.36 billion by 2017. The U.S. is dominating the pet microchips market in North America, due to the growing number of lost pets.
The Asia Pacific region is anticipated to grow at the highest CAGR over the forecast period. This pet microchips market is growing due to the rising number of pets in countries such as China, Australia, and India, and the growing awareness about pet health in the region.
The key players operating in the global pet microchips market include Virbac Group, Animalcare Ltd., Microchip4Solutions Inc., Peddymark Ltd., Cybortra technology Co., Ltd., Pet-ID Microchips Ltd., Avid Identification Systems Inc., Jeffers Pet, Merck & Co. Inc., Pethealth Inc., Datamars, Inc., Trovan, Ltd., and Bayer AG, among others. To expand the market, the majority of vendors are adopting new technologies and product launches, in order to gain competitive advantage in the global market. The pet microchips market is largely driven by new product launches and acquisitions.
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