PET ID MICROCHIPS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
The global pet ID microchips market has been gaining significant traction over the past few years. Pet ID microchips provide a convenient way to uniquely identify pets by implanted microchips under the pet's skin. When scanned with a compatible scanner, these microchips provide access to important information such as the pet's name, owner's contact details, medical history and more. This has helped in reducing the risk of pets getting lost and makes it easier for owners to be reunited with their pets. Factors such as increasing pet adoption rates around the world, growing awareness about pet identification and stringent rules regarding pet identification in several countries are expected to drive strong demand for pet ID microchips in the coming years.
Market Dynamics:
The global pet ID microchips market is primarily driven by factors such as rising pet adoption, growing awareness about pet identification and stringent regulations regarding pet registration and identification in various countries. Pet adoption has increased substantially over the past decade owing to changing lifestyles and growing loneliness, especially in urban households. This has augmented the demand for reliable pet identification solutions such as microchips. Furthermore, increasing instances of lost pets that are later found due to microchips have increased awareness about the technology among pet owners and professionals. Several animal welfare organizations also promote microchipping. Stringent rules in countries like the US and UK require pets to have some form of permanent identification like microchips. This is expected to fuel mandatory adoption. However, high costs of microchips compared to collars and tags as well as reluctance from certain pet owners continue to restrain the market growth. Meanwhile, ongoing technological advancements to develop more user-friendly and affordable microchips present significant opportunities for market players.
Key features of the study:
- This report provides in-depth analysis of the global pet ID microchips market, and provides market size (US$ Mn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global pet ID microchips market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include 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
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- The global pet ID microchips market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global pet ID microchips market.
Detailed Segmentation:
Detailed Segmentation:
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