Pet Microchips Market Boost Due To Legal Obligation From Many Governments For Microchipping Of Pets

Pune, India, March 02 2021 (Wiredrelease) Prudour Pvt. Ltd –: Pet microchips are computerized chips encapsulated in small cylindrical-shaped glass of about the size of a rice grain, and this is injected under the skin of the pet as a method for identification. Each microchip integrated in a pet is linked with an online register of pet-owner’s contact information. This technology is developed to retrieve data in event of missing of pet and/or taken to veterinary clinics or shelters, by scanning unique identification microchip. This technology enables users to match information of the pet with owner’s contact information and other vital details, and quickly notify and reunite owner with their respective pet.

Rising number of pet adoptions, especially in developed regions such as North America and Europe, and increasing threat of pet kidnapping have resulted in higher adoption of pets and necessity for pet microchipping. These are among major factors expected to drive growth of the global pet microchips market. Recent news of food delivery guy kidnapping dogs while delivering food is compelling pet owners to implant microchip under their pet’s skin. “Global Pet Microchips Market: Types, Pet Types, Growth Rates and Revenue Shares, and Forecast from 2020 to 2029” is a recently produced report by Market.us. The global pet microchips market is expected to be valued at over US$ 0.37 Billion in 2019. The global pet microchips market is projected to reach a value of US$ 0.56 Billion in 2029, and register a moderate CAGR of 4.3%.

Increasing income levels and rising standards of living, clubbed with higher adoption of various types of pets and spreading awareness regarding implantation of pet microchips is significantly supporting market growth. Improper pet microchip implantation can lead to infection and life-threatening sequelae. There have been several such cases registered wherein forceful and inappropriate pet microchip implantation has resulted in ill-health of the pet. Thus, health-risks associated with incorrect microchip implantation is a factor that could diminish its adoption, thereby limiting market growth to some extent.

However, rising global trend of nuclear families and changing lifestyles, clubbed with increasing trend of pet ownership and consideration of pets as a family member is projected to offer opportunities to players in the target market. Additionally, in developing regions, due to changing lifestyles, pet ownership trend is expected to incline and support market growth. The global market has been segmented on basis of pet type, microchip frequency, and region. Among the microchip frequency segments, 134.2kHz, 125kHz, and 128kHz; the 134.2kHz microchip frequency segment is expected to account for majority revenue share over the 10-year forecast period, and is projected to register highest CAGR in the global market.

The pet type segments include dog, horse, cat, and others. Amongst these, the dog pet segment is expected to account for majority revenue share in the target market, followed by the cat segment. Among the five regional markets, that is, North America, Europe, Asia Pacific, South America, and Middle East and Africa; the North America market is expected to account for majority revenue share in the global market, due to constant technological advancements including mobile pet microchips, coupled with higher adoption of pets by individuals in the region and early adoption of advanced technologies by population. In addition, the North America market is projected to register highest CAGR over the 10-year forecast period.

Key Players profiled in the report are Pethealth Inc., Bayer AG, HomeAgain Inc., Virbac SA, Trovan Ltd., Avid Identification Systems Inc., Datamars SA, EIDAP Inc., Microchip4Solutions Inc., and Animalcare Ltd. This industry is innovation-led and is projected to remain the same, with increasing number of mergers and acquisitions, and other strategic alliances in order to increase market footprint and sustain in the competitive market. Further development of value-added technologies and capabilities is expected to offer opportunities to players to maximize their profit margins. Manufacturers can leverage by strengthening production units and building strong distribution channels to avoid delays in production as well as supply as per demands.

source https://wiredrelease.com/press-release/pet-microchips-market-boost-due-to-legal-obligation-from-many-governments-for-microchipping-of-pets-2021-03-02