Pet ID Microchips Market is driven by the rising adoption of pet animals
The growth of companion animal adoption along with increased legal requirements mandating microchipping in certain countries is fueling Pet ID Microchips Market Growth gains. The Global Pet ID Microchips Market is estimated to be valued at US$ 96.4 Mn in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the pet ID microchips market are Avid Identification Systems, Inc., Animalcare Group Plc, Datamars SA, Elanco Animal Health, Inc., HomeAgain, Merck ; Co., Inc., Microchip4solutions Inc., Pethealth, Inc., PeddyMark Ltd, Trovan Ltd, Virbac SA, MICROCHIP ID SYSTEMS, INC., Bayer, FidoTag, and PetLink. Avid Identification Systems is a leader in RFID pet microchip identification technology.
The growing adoption of pets worldwide is driving the demand for identification microchips. According to the American Pet Products Association, the total U.S. pet industry expenditures are estimated to be over $99 billion in 2022, indicating rising spending on pets. Microchipping provides a convenient way to permanently identify companion animals and reunite lost pets with their owners.
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