Pet Id Microchips Industries, Challenges And Global Demand Forecast Year 2028

According to Premium Market Insights new research study on "Pet ID Microchips Market Forecast to 2028 - COVID-19 Impact and Global Analysis" published by The Insight Partners, the market is expected to reach US$ 111.35 million by 2028, registering a CAGR of 5.8% from 2022 to 2028.

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Some Of the Major Players Influencing are Pethealth, Inc, Merck & Co., Inc, Elanco Animal Health, Inc, Avid Identification Systems, Inc, Datamars SA, Trovan Ltd, Virbac SA, Animalcare Group Plc, Microchip4solutions Inc, PeddyMark Ltd

A pet ID microchip uses radio-frequency identification (RFID) technology that enables animal shelters and veterinarians to track their pets' details by waving an RFID scanner across a pet body where the microchip is embedded. Also, the scanner identifies the company that made the chip and provides an account number to the veterinarian, which further contacts the ID company. Moreover, microchips are about the size of a grain of rice and weigh 0.025 grams. Microchips are extremely small electronic chips with unique identification numbers and are not big enough to contain GPS or any hardware components.
Microchip placement in pet animals has gained widespread acceptance across the world. There is an increasing demand for customized pet ID microchips with exact alpha-numeric identification codes of up to 15 characters. Each microchip is securely encrypted and customized according to owner's requirements in terms of the radio frequencies, licensing, and unique ID number of the chip. Furthermore, microchips are tiny and durable, designed to last and function in any circumstance. With different countries' ISO standards for animal identification, pet owners demand customized ISO-compatible microchips for their pets. MICROCHIP ID SYSTEMS, INC., a manufacturer of ISO-certified microchips that are humanely and safely implanted in pets, designed a special "EquineChip" for equestrians who need to make sure their horses are in perfect shape for upcoming races and games. As a result, the rising demand for customized pet ID microchips bolsters the market growth.

Impact of COVID-19 Pandemic on Pet ID Microchips Market Growth
The limitations imposed by governments to control the spread of novel coronavirus infection during the initial time frame of the COVID-19 outbreak in most countries affected the day-to-day functioning of most enterprises. Several economies experienced a sharp decline in their GDP in 2020 due to the sudden closedown of most economic activities across the countries. According to the Organization for Economic Co-operation and Development (OECD), the pandemic adversely affected the US, the UK, India, Italy, France, China, Australia, Japan, and several other major countries. Additionally, the outbreak waves were coming at different time frames in each country in different regions. Hence, multinational enterprises operating across different regions had to reconfigure their operations to accommodate all their employees, leading to the widespread adoption of work from home (WFH). This strategy strongly boosted the adoption of companion animals across several countries, propelling the pet ID microchips market growth. This is because most such pets are first microchipped before getting adopted. According to Royal Society for the Prevention of Cruelty to Animals (RSCPA) Victoria, they received 61,000 adoption applications for pets since April 2020. Thus, the pet ID microchips market in countries such as the UK, Australia, and New Zealand, where microchipping of dogs is mandatory, is impacted positively. However, the pandemic impact was widely different in countries such as India, Pakistan, and Bangladesh, since the overall penetration rate of pet ID
microchips is quite low in these countries. Overall, the COVID-19 pandemic positively impacted the pet ID microchips market in Asia Pacific.

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China accounts for the largest share of the pet ID microchips market in Asia Pacific, followed by Japan and Australia. The pet ID microchips market in Australia is growing rapdily. In the country, microchipping for cats and dogs is mandatory in ACT (Australian Capital Territory), NSW (New South Wales), QLD (Queensland), VIC (Victoria), and WA (Western Australia). Microchipping for dogs is compulsory in TAS (Tasmania) only. According to the Section 14 of the Animal Management (Cats and Dogs) Act 2008, all cats and dogs are required to be microchipped before 12 weeks of their age. Also, according to Section 84 of the Domestic Animals Act 2000 and Regulation 7 of the Domestic Animals Regulation 2001, microchipping of cats and dogs before sale/transfer and by 12 weeks of age is a must. Such factors promote the revenue generation of pet ID microchips market players, operating in the country. OzMircochips is one of the major pet ID microchips market players providing microchips in Australia.

The pet ID microchips market revenue was predominantly generated through microchipping of dogs. However, that scenario is changing fast. The cats segment is anticipated to register the highest growth rate owing to rising awareness about the advantages of microchipping and regulations from government authorities. According to European Pet Food Industry Federation (FEDIAF), Europe had more than 113 million pet cats in 2021 and 103.8 million pet cats in 2018. Europe has the largest cat ownership ratio compared to all other regions. Thus, regulatory bodies have started mandating the microchipping of cats for tracking owners and reducing strays. The UK government mandated microchipping of cats in 2021, and owners are required to comply with the same by the end of 2022. Also, Turkey passed a new animal rights law in 2021, which mandated microchipping of cats by the end of 2022. The law was passed to deter citizens from abandoning their pets on the streets when they move to a new city. Such mandates are expected to boost the pet ID microchips market growth in the coming years.

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The overall pet ID microchips market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast of the pet ID microchips market size with respect to all market segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights. Participants of this process include VPs, business development managers, market intelligence managers, national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the pet ID microchips market.

Table Of Contents
1. Introduction
1.1 Study Scope
1.2 Research Report Guidance
1.3 Market Segmentation
1.3.1 Pet ID Microchips Market - By Pet Type
1.3.2 Pet ID Microchips Market - By End User
1.3.3 Pet ID Microchips Market- By Region
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Pet ID Microchips Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.2.2 Europe
4.2.3 APAC
4.2.4 MEA
4.2.5 SAM
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Pet ID Microchips Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Enforcements by Regulatory Bodies
5.1.2 Customized Offerings in Pet ID Microchips
5.2 Market Restraints
5.2.1 Lack of Awareness Related to Pet ID Microchips and Associated Benefits
5.2.2 Lack Of GPS Tracking Technology in Pet ID Microchip Implants
5.3 Market Opportunities
5.3.1 Increasing Spending on Pets and Surging Demand for Sophisticated Technologies From Tech-Savvy Pet Owners
5.4 Future Trends
5.4.1 Microchips with Integrated Temperature Sensor
5.5 Impact Analysis of Drivers and Restraints
Continued…...!

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