The pet ID microchips market includes microchips that are implanted under the skin of pets for identification purposes. These microchips help in identifying lost or stolen pets by providing a unique ID number linked to the pet's owner profile in an online database. Microchipping is a cost-effective method for permanent pet identification compared to other collars, tags and tattoos that can be lost or removed. It allows quick scanning and retrieval of pet owner details in case the pet gets lost. The growing cases of pet theft and the need for reliable identification of pets have been driving the demand for pet ID microchips.
Global Pet ID Microchips Market is estimated to be valued at USD 96.4 Mn in 2024 and is expected to reach USD 142.8 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.8% from 2024 to 2031.
Key players operating in the pet ID microchips market are Pethealth Inc., HomeAgain, Bayer, AVID Identification Systems, Datamars Inc. and Trovan Ltd.
Key opportunities: Rising pet ownership in developing regions of Asia Pacific and Latin America provides huge opportunities for players to expand their operations. Growing Pet ID Microchips Market Demand of linking microchips to online databases also opens up opportunities to offer value-added services to pet owners and veterinarians.
Global expansion: Major players are focusing on global expansion through partnerships, acquisitions and establishing production and distribution facilities in high growth markets to solidify their presence.
Market drivers: The growing incidents of pet theft have been a major driver as microchips provide reliable identification of lost or stolen pets. Mandatory pet identification laws in some countries also boost the demand for microchips. Rising pet healthcare expenditure and growing awareness about pet identification further support the market growth.
PEST Analysis
Political: Regulation for pet ownership is increasing the demand for pet ID microchips to identify lost or stolen pets in many countries.
Economic: Rising pet ownership among urban families with high disposable incomes is driving the pet ID microchips market globally.
Social: Pet humanization trend where pets are considered as family members is making pet owners give highest priority to their pet's safety and healthcare which benefits the microchips market.
Technological: Bluetooth enabled microchips allow owners to remotely track their pets. Companies are developing miniaturized microchips that can be implanted under the skin without surgery boosting market acceptability.
Geographical regions with high market value
North America accounts for the largest value share in the pet ID microchips market led by United States. Mandatory pet microchipping laws in many cities and states along with high pet care spending makes North America the dominant region.
Fastest growing region
Asia Pacific is poised to witness the highest growth during the forecast period with countries like China and India emerging as lucrative markets. Factors such as rising pet adoption, increasing disposable incomes, and growing awareness about pet safety will fuel the microchips market growth in Asia Pacific.
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