Pet microchips expecting huge growth
A pet microchip is a computer chip which is enclosed in a small glass cylinder (the size of a grain of rice) and is injected into the pet’s skin as a means of identification.
Each microchip is primarily connected with an online registry of owner contact information. For instance, if a pet is lost, and is being taken to a shelter or veterinary hospital, it will be scanned for a microchip. If the contact information on the file is up to date, the pet’s owner can be contacted instantly and reunited with their pet. The key technology used in pet microchips is radio-frequency identification (RFID). This primarily provides permanent ID for your pet.
Global Pet Microchips Market was valued at $402.7m and in terms of volume, and the market incorporated 36,603.5 thousand units in 2018, and is expected to grow with a significant CAGR during the forecast period.
Microchips are manufactured from metals such as titanium, ferrite, and others and their composition differs according to the company manufacturing the microchip. A microchip has an inbuilt GPS tracker that enables location tracking of pets and helps owners when their pets are lost or stolen. The American Animal Hospital Association recommends the use of microchips for permanent identification of dogs and cats, which conform to the International Standards Organization (ISO) standard of technology.
It is estimated that in the US approximately ten million cats and dogs are stolen or lost every year. The use of pet microchips help in reducing these incidences. This is driving the market demand for pet microchips globally, particularly in western countries, with the rising adoption of pet owners due to the COVID-19 pandemic.
Key players operating in the global pet microchips market include Virbac Group, Animalcare, Microchip4Solutions, Peddymark, Cybortra technology, Pet-ID Microchips, Avid Identification Systems, Jeffers Pet, Merck & Co, Pethealth, Datamars, Trovan, and Bayer AG. To expand the market, most vendors are adopting new technologies and product launches, in order to gain competitive advantage in the global market.
The North America region holds the largest share in the global pet microchips market. The market growth in the region is attributed to the growing spending on pets and the increasing demand for sophisticated technology among the tech-savvy pet owners. According to the American Pet Products Association, the US pet industry was $66.75bn in 2016 and is estimated to reach $69.36bn by 2017.
The Asia Pacific region is anticipated to grow at the highest CAGR over the forecast period due to the rising number of pets in countries such as China, Australia, and India, and the growing awareness about pet health in the region.
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