The Pet ID Microchips Market has witnessed significant growth owing to increasing concerns among pet owners regarding pet safety and identification. Pet microchips are transponder devices implanted under the skin of pets which contains a unique identification number that can be read by microchip scanners. The microchips enables easy identification and return of lost pets to their owners.
Pet microchips assist in identifying lost or stolen pets by storing critical owner information that can be accessed by veterinary clinics and animal shelters. Rising incidents of stray pets and lost/stolen pets have raised demand for reliable pet identification solutions. With growing pet adoption and increased spending on pet care, microchipping has emerged as an affordable solution for permanent identification of pets.
Implantable microchips are more reliable than collars, tattoos or tags that can get lost or removed. Advantages like effortless scanning and lifetime identification regardless of the pet's location or appearance propel the Global Pet ID Microchips Market Growth. The Global Pet ID Microchips Market is estimated to be valued at US$ 96.4 Mn in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Pet ID Microchips Market are Avid Identification Systems, Inc., Animalcare Group Plc, Datamars SA, Elanco Animal Health, Inc., HomeAgain, Merck ; Co., Inc., Microchip4solutions Inc., Pethealth, Inc., PeddyMark Ltd, Trovan Ltd, Virbac SA, MICROCHIP ID SYSTEMS, INC., Bayer, FidoTag, and PetLink.
Growing pet adoption worldwide coupled with rising spending on pet care and safety are fueling demand for pet identification microchips. Strict legislation in several regions mandating pet microchipping is further boosting market revenues.
Major players are focusing on global expansion plans through partnerships, mergers and acquisitions to leverage growth opportunities emerging across developing regions with growing pet populations.
Market Key Trends
The key trend gaining prominence in the Pet ID Microchips Market is the growing integration of IoT capabilities with microchips. Pet microchip manufacturers are developing advanced microchips integrated with GPS and IoT technologies to enable real-time pet location tracking and monitoring. For instance, LINK AKC has launched GPS-enabled microchips that allow pet owners to track the location of their pets using mobile apps. Such innovations are expected to enhance pet safety and find wider acceptance in the market. Also, growing popularity of bring-your-own-device (BYOD) trend among pet owners will likely drive integration of IoT-enabled microchips with various consumer devices over the forecast period.
Porter's Analysis
Threat of new entrants: Low barrier for developing microchips but existing brands have stronghold and market reach advantages.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternative brands in the market.
Bargaining power of suppliers: Suppliers have low bargaining power due to availability of substitutes and intense competition among manufacturers.
Threat of new substitutes: Limited threat as microchips are widely accepted as most effective method for pet identification.
Competitive rivalry: High as the market is fragmented with presence of global as well as local players. Companies compete on parameters like technology, reliability and pricing.
Geographical Regions
North America holds the major share of the Pet ID Microchips Market Regional Analysis owing to high pet adoption and Mandates for microchipping of dogs and cats in many states and provinces. The US accounts for the largest market.
Asia Pacific is expected to witness the fastest growth during the forecast period primarily due to rising pet ownership in China and India combined with increasing awareness about pet identification. Initiatives by animal welfare organizations and availability of low-cost options further boost the market in emerging Asian countries.
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