Pet ID Microchips Market is expected to reach US$ 111.35 million by 2028
The Pet ID Microchips Market size is expected to reach US$ 111.35 million by 2028; registering at a CAGR of 5.8% from 2022 to 2028, according to a new research study conducted by The Insight Partners
Rising Regulations on Pet Microchipping to Drive Pet ID Microchips Market during 2022–2028
Different regulatory bodies have been mandating the microchipping of pets across the world. In several members of the European Union, microchipping dogs is mandatory, while microchipping of cats is being contemplated to be made mandatory. In December 2021, the UK government announced its plans to make microchipping of cats mandatory by 2022. According to Cats Protection, a UK-registered charity, ~2.8 million cats were yet to be microchipped in 2021. With the enforcement of the cat microchipping program, the remaining cats are expected to get microchipped. Hence, mandating pet microchipping is primarily driving the global pet ID microchips market. Additionally, statistics have proven that microchipping a pet increases the chances of finding and rescuing the pet. A 2009 study in the Journal of the American Veterinary Medicine Association found that while only 22% of lost dogs entering shelters were reunited with their families, the rate of reunions for microchipped dogs was 52%. Owing to the expected rising awareness regarding the advantages of pet ID microchips, the global pet ID microchips market growth is expected to accelerate during the forecast period.
Pet ID Microchips Market Share — by Geography, 2022
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Source: The Insight Partners Analysis
The Asia Pacific pet ID microchips market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Countries such as Australia, Japan, New Zealand, Singapore, and South Korea, as well as some parts of China, have made microchipping mandatory to track pets. In 2020, the government of Shenzhen, China, made dog microchipping mandatory. From 2013, according to the law of South Korea, all dogs over three months old are required to have an ISO-standard microchip implanted. Similarly, in Singapore, all dogs must be licensed and microchipped for traceability and rabies control. In New Zealand, microchipping is required for all dogs registered except for working farm dogs. In May 2022, Japan made it mandatory for pet dogs and cats to be implanted with microchips. Thus, such initiatives by governments to make microchipping mandatory are promoting pet ID microchips market growth in Asia-Pacific.
Component & raw material suppliers, pet ID microchip manufacturers, indirect customers, and direct customers are key stakeholders in the pet ID microchips market. In recent years, the demand for microchips has been increasing due to the heavy implementation of pet microchipping regulations across developing and developed nations. The component & raw material suppliers offer various materials for manufacturing pet ID microchips. A few raw materials are ferrite, Parylene, electronic components, and copper wires. American and European pet ID microchip market players have been dominating the market, while Chinese players are gaining traction rapidly. Microchip manufacturers primarily sell their products to two types of customers – direct customers and indirect customers. Indirect customers are dealers, sales agencies, wholesalers, and volume retailers who purchase the microchips from the manufacturer and supplies to pet breeders, animal hospitals, shelters, pounds, and animal welfare organizations (AWOs). When the latter is supplied by the manufacturer directly, they become direct customers of the manufacturers
The global pet ID microchips market is segmented on the basis of pet type and end user. Based on pet type, the market is segmented into horses, dogs, cats, and others. The others segment of pet type includes rabbits, ferrets, guinea pigs, and snakes. Based on end user, the global pet ID microchips market is segmented into breeders, households, pet shops, and others. The others segment of end user includes pounds, shelters, AWOs, and rescue organizations.
Pethealth, Inc; Merck & Co., Inc; Elanco Animal Health, Inc; Avid Identification Systems, Inc; Datamars SA; Trovan Ltd; Virbac SA; Animalcare Group Plc; Microchip4solutions Inc; and PeddyMark Ltd are among the key pet ID microchips market players profiled during the study. In addition, several other important pet ID microchips market players were studied and analyzed during this market study to get a holistic view of the global market and its ecosystem.
The COVID-19 outbreak pandemic disrupted several industry verticals across the world. Imposition of trade bans, travel restrictions, workplace workforce limitations, and other containment measures impacted the manufacturing, supply, and various products sales, such as the pet ID microchips business. Further, the shortage in semiconductor supply across the world aggravated the situation. However, the pandemic resulted in high adoption of pets in several nations such as the US and the UK, which bolstered the pet ID microchips market. This is because most pets are first microchipped before getting adopted. Such trends led to a high utilization of pet ID microchips, negating the adverse effects of supply chain disruption. Hence, the COVID-19 pandemic positively impacted the pet ID microchips market growth like the overall animal health & monitoring industry.
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