In terms of value, the global Pet Microchips market was valued at US$ 402.7 Mn and in terms of volume, the market was 36603.5 thousand units in 2018, and is expected to grow with a significant CAGR during the forecast period. The pet microchips market is witnessing growth, as various chip manufacturers are focusing on improving chip capabilities and are adding various other functionalities, such as the ability to program the chip to open the door to your dog only when your dog approaches. This can further help in keeping out stray critters that may find their way to the home. Moreover, some manufacturers are providing lost pet alerting services and travel assistance for folks who like to take their pets along on holidays.
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Microchips are manufactured from metals such as titanium, ferrite, and others and their composition differ according to the company manufacturing the microchip. Microchips are primarily being produced by the U.S. and other countries. A microchip has 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 U.S., every year, approximately 10 million cats and dogs are stolen or lost. The use of pet microchips will help in reducing incidences of pets being lost or stolen. This is driving the market demand for pet microchips globally and especially in western countries, with the rising adoption among pet owners.
The global pet microchips market is still in a nascent stage, however, there is an intense competition among the existing market players and new entrants. The key players operating in the global pet microchips market include Virbac Group, Animalcare Ltd., Microchip4Solutions Inc., Peddymark Ltd., Cybortra technology Co., Ltd., Pet-ID Microchips Ltd., Avid Identification Systems Inc., Jeffers Pet, Merck & Co. Inc., Pethealth Inc., Datamars, Inc., Trovan, Ltd., and Bayer AG, among others. The competition in the pet microchips market is expected to be intense over the coming years due to increasing partnerships and collaborations undertaken by the companies to expand their business and consolidate their market position.
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