According to the new research report on "Pet ID Microchips Market Forecast to 2028 – COVID-19 Impact and Global Analysis" published by The Insight Partners, the market is expected to reach US$ 111.35 million by 2028, registering a CAGR of 5.8% from 2022 to 2028.
Rising Regulations on Pet Microchipping to Drive Pet ID Microchips Market during 2022–2028
Europe includes well-established economies such as France, Germany, Russia, the UK, Italy, and the rest of Europe. The demand for pet ID microchips is rising in the region due to the enforcement of various regulations mandating pet microchipping. Also, to carry a pet to Europe or import them to Europe, it is mandatory to implant an ISO-compatible chip in the pet. The microchip is required to meet 11784/11785 ISO specifications. It should be a 15-digit non-encrypted microchip operating at 134.2 kHz and can be scanned by any scanner used by veterinarians and animal shelters. Travelers from North America carrying their pets to Europe can use HomeAgain and the AVID microchip brands, as these are compatible with ISO regulations, which can be implanted before traveling to Europe. Merck & Co., Inc; Datamars SA; Virbac SA; Elanco Animal Health, Inc; and Avid Identification Systems, Inc are the top five key pet ID microchips market players operating in the global market in 2021. Other notable pet ID microchips market players profiled in the market are Pethealth, Inc; Trovan Ltd; Animalcare Group Plc; Microchip4solutions Inc; and PeddyMark Ltd. In addition, several other global, regional, and local pet ID microchips market players operating in the market were analyzed and studied during the study to get a holistic view of the entire market.
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In addition, implanting a microchip and its scanning prior to a rabies vaccination is mandatory in Europe. Under Spanish law, every cat, dog, and ferret must be microchipped and registered in the Animal Identification Registry. In the UK, earlier, it was compulsory for dogs to be microchipped, and in April 2022, the UK government has passed a law to compulsorily microchip cats. According to the government's rule in Germany, when a person buys a pet, they need to obtain a license and register his pet at the citizen’s office. Though it is not legally required, it is highly advised to microchip the pet to keep tabs on its activities. Such factors are expected to aid the pet ID microchips market growth in the coming years.
During the COVID-19 pandemic, the global pet ID microchips market witnessed good growth rates. Most nations saw a huge spike in pet adoption, since it was considered to remove loneliness during the extended time being spent inside. Since several nations had already implemented mandatory microchipping of dogs and cats, the higher adoption increased demand for microchips. This boosted the growth of pet ID microchips market size.
The impact of the COVID-19
The impact of the COVID-19 pandemic differed from country to country across Europe as selected countries reported an increase in COVID-19 cases and subsequently attracted strict and extended lockdown periods and social isolation. Germany, Italy, the UK, Russia, France, and Spain were most affected by various restrictions and limitations. The pet ID microchips market in Europe experienced a slight decline in the first quarter of 2020. However, pet adoption witnessed a significant jump during the pandemic. Social isolation and work-from-home (WFH) arrangements propelled the adoption of a companion animal. According to the Verband für das Deutsche Hundewesen (VDH) [German Kennel Club], about 20% more dogs were purchased in 2020 than in previous years. Several pet healthcare product manufacturers also witnessed increased customer spending, suggesting the same trend. Since several nations had already implemented mandatory microchipping of dogs and cats, the higher pet adoption propelled the demand for pet ID microchips. Thus, the COVID-19 pandemic positively impacted the European pet ID microchips market growth.
Key Findings of Market Study:
Veterinarian care is increasingly becoming expensive, and routine veterinary visits make up the second-largest segment of a dog owner’s expenditures after food. According to American Pet Products Association (APPA) estimates, people in the US spent nearly US$ 100 billion on their pets in 2022. Moreover, pet accessories are becoming technical, and there are growing inventions and developments in the pet industry. With massive spending on pets, there is an increasing demand for sophisticated pet technology, mainly among tech-savvy owners, who are expected to utilize ID microchips to ensure pet security. This is expected to boost pet ID microchips market growth.
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