The basic technology behind Pet Microchips has been around for a while, but these microchips have become popular only recently when they became cheap enough to enter the pet market. A microchip is basically a computer chip inserted in a small glass cylinder, not bigger than a rice grain. The microchip is injected under the skin of the pet so that the pet can be identified by scanning the microchip.
A microchip is a passive device that remains dormant until it is activated by a scanner. A pet microchip is linked to an online registry of owner contact information and it contains a unique ID number. In the event of a pet being lost and taken to a shelter home or veterinary hospital, it is scanned for the microchip. The scanner reads the unique ID code stored in the microchip and this number is used to get information about the pet owner. The pet owner is then notified and reunited with the pet.
The global Pet Microchips market is expected to grow at a CAGR of 3.8% during 2018 to 2025 and reach USD 460 million by the end of 2025. The growth of the market will be driven by rising pet ownership and increasing disposable incomes of consumers. Innovations and technological advancements will play a major role in the growth of the global market.
In fact, many chip manufacturers are concentrating on enhancing the capabilities of Pet Microchips and adding newer functionalities. Further, the Pet Microchips market is also expected to witness frequent acquisitions and strategic alliances by the key players. These strategies will help the market players in increasing their presence in the market and market share. This will also boost the growth of the Pet Microchips market.
North America is presently holding the largest share in the global Pet Microchips market. The dominance of the region is likely to continue in the coming years as well due to increasing spending on pets, along with the growing demand for sophisticated technology by pet owners. In North America, the US is dominating the Pet Microchips market.
Another region that is expected to display promising growth in the coming years is the Asia-Pacific region. The region is expected to grow at the highest CAGR over the next few years. The growth of the Asia-Pacific Pet Microchips market can be mainly attributed to the growing number of pets in the region, especially in countries like China, India, and Australia, and growing awareness about Pet Microchips and their benefits.
The key global players that are dominating the Pet Microchips market include Pethealth Inc., Bayer, AVID Identification Systems, HomeAgain, Trovan, Ltd., Datamars, Inc., Animalcare, Ltd., Virbac, Cybortra Technology, Microchip4Solutions Inc., PeddyMark, and EIDAP Inc.