Pet identification microchips are small microchips that are implanted under an animal's skin between the shoulder blades. They store a unique identification number that is detectable by scanners. Owners enroll their pet's microchip number along with their name, address, and contact details in a pet recovery database. In case a pet gets lost and is found by a scanner, the finder is able to identify the owner's details and reunite the pet. Microchipping is an easy and painless procedure performed by veterinarians using a needle. The chips are about the size of a grain of rice and remain in the animal for its entire lifetime. They help to permanently and uniquely identify pets in cases of stray, lost or theft. With growing concerns regarding pet safety and reuniting lost pets with owners, microchipping usage has been increasing steadily.
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 Takeaways
Key players operating in the Pet ID Microchips are Pethealth Inc., HomeAgain, Bayer, AVID Identification Systems, Datamars Inc.
The increasing adoption of pets as companions has led to a rise in lost and found Pet ID Microchips Market Demand cases. This has increased awareness about microchipping benefits which is a major growth opportunity.
Technological advancements like microchip readers integrated with location detection technology is making identification and reunification process more seamless and efficient.
Market Drivers
Growing ownership of pets such as cats and dogs worldwide is driving demand for reliable identification methods for lost pets. According to some sources, about 10 million pets get lost each year in the US alone. Efficient pet identification microchips help to find the owners and bring pets home. Stringent regulations in some regions mandating microchipping of all owned pets are supplementing market growth. Rising affluence levels in developing countries resulting in increased pet care spending is boosting the Pet ID Microchips market.
Current Challenges in Pet ID Microchips Market
The pet ID microchips market is facing various challenges. One of the major challenges is lack of standardization. There is no uniformity in frequencies, data formats used by different microchip manufacturers. This creates issues during scanning of pets. Secondly, pet owners often do not update their contact information with microchip registration databases. This hinders fast reuniting of lost pets with their owners. Limited awareness is another challenge. Many pet owners are still not aware about microchip implantation and its importance. High costs of microchips and implantation surgeries is also restricting growth, especially in developing regions.
SWOT Analysis
Strength: Microchips are very tiny and long-lasting, providing lifelong identification. They are also easily readable by microchip scanners.
Weakness: Microchip scanning machines and databases are not universal which hampers tracing lost pets across borders. Surgical implantation of microchips causes pain and stress to pets.
Opportunity: Growing pet adoption and increasing regulation mandating microchipping offer significant growth prospects. Technological advancements are helping reduce microchip sizes and costs.
Threats: Alternatives like tattoos and tags are cheaper options. Stringent laws related to pet identification differ across jurisdictions.
Geographical Regions
North America dominates the pet ID microchips market currently, holding around 35% value share. This is attributed to high pet ownership and presence of favorable regulations in the US and Canada. Growing awareness about benefits of microchipping is further promoting the market.
Asia Pacific is expected to witness fastest gains going forward. China, India and other Southeast Asian countries are seeing rising pet adoption along with increasing disposable incomes. This is encouraging microchip implantation, making Asia Pacific an emerging high potential region. Initiatives by non-profits to advocate identification are also supporting regional market.
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