PET ID MICROCHIPS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Pet ID Microchips Market Size and Trends

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.

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Protecting pets from theft has been a concerning issue for many pet owners globally. Microchipping provides safety and enables quick identification if a pet gets lost. This technology is gaining wider acceptance owing to initiatives by various animal welfare organizations to promote its adoption.

Increasing pet ownership and awareness about pet safety

With rising incomes and changing lifestyles, pet ownership has significantly grown across the world in recent years. More people are adopting pets, especially dogs and cats, as companions. Pets are considered integral members of families by millions of households globally. This surge in pet population has also raised awareness about pet safety and welfare.

People want to ensure their pet companions stay safe and do not get lost. In case a pet escapes accidentally from home or during travel, identifying and reuniting it with the owner becomes very important. Microchipping provides a permanent method of pet identification by implanting a chip under the skin that contains a unique identification number. This number when scanned helps trace the pet back to its registered owner's name and contact details stored in a database. Microchipping has gained acceptance as a reliable way of protecting pets.

In developed markets like North America and Western Europe, microchipping laws have been mandated by several local and state authorities for dogs. Non-profit organizations too run campaigns stressing on the importance of microchipping. They point out how microchips have helped thousands of lost pets get back home as the stored information could identify the owner.

Even in developing regions, though mandatory laws may still be lacking, pet lovers are becoming increasingly aware about microchips as a safety feature through social media and online communities. Rescue shelters and NGOs promote microchipping of stray animals to help them find new caring homes. Overall, the growth in the number of pet guardians and their emphasis on pet wellbeing and identification are key drivers propelling the pet microchips industry worldwide. As responsible pet ownership expands globally, deployment of microchips as a valuable identification tool will keep progressing in the following years.

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Rising Demand for Advanced and Convenient Pet Identification Solutions

As human-pet bonding strengthens, pet owners also seek advanced solutions that can more smartly monitor and aid in their care. Traditional collar tags and ID plates can fall off or fade away with time. Also, tags do not store any retrievable identity records online. This led to the development of next generation RFID microchips providing improved functionalities. The newest microchips feature increased memory capacity and compatibility with advanced reading systems. They allow storing of not just the pet's name and owner's details but additional information like vaccination records, medications, and health conditions can be stored and updated regularly.

The enhanced microchips can be paired with user-friendly smartphone apps through Bluetooth connectivity. Owners can scan the chip using their phone to access the complete identity and medical profile digitally. Such technological integrations empower pet owners with real-time access to their pets' identities and wellness status anywhere, anytime. In case pet gets astray, instant access to historic health and nutritional records assists rescuers in providing urgent care. The convergence of microchips with virtual platforms like apps and cloud services is a major value addition according to pet owners today.

Furthermore, sophisticated handheld RFID readers compatible with new microchips have made the identification process seamless and convenient. Powerful readers can scan chips quite quickly even from a distance without having to manually restrain pets. Advanced ID solutions are satisfying the growing demand for contactless, on-the-go identification among busy pet guardians and caregivers. Their superior features and compatibility with smart monitoring and management systems will maintain strong interest among both existing and new adopters of pets in the foreseeable future.

For instance, In December 2023, Merck Animal Health, a division of Merck & Co., Inc. focused on innovative solutions for animal health, made notable advancements in the pet microchip sector with the introduction of the Home Again Microchip. Home Again is a recognized brand that offers pet microchipping solutions designed for identification and recovery. This microchip is commonly used by veterinarians and pet owners to facilitate the reunion of lost pets with their families through a centralized pet recovery database.