Global Pet Microchip Market 2020 (Includes Business Impact of COVID-19)

                                          
“Global Pet Microchip Market” is a recent report compiled by Trusted Business Insights. Vital factors have been gathered, studied, assessed and analyzed comprehensively, implementing both primary and secondary research efforts to understand the various components of the pet microchip market. Besides revenues for segments, the global, regional, and country-wise market revenue segmentation has been compiled in a manner for clear understanding and flow. Key trends, revenue growth driving factors, restraints, opportunities are included. The company profiles of key players comprise detailed information, recent developments, strategies, and acquisitions & mergers, etc. The global pet microchip market is segmented on the basis of material, sales channels, as well as respective regions and countries.

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Global Pet Microchip Market: Overview

A microchip is a permanent method of electronic ID that is as small as the size of a rice grain and is injected under a pet’s skin to keep track of its location. Each microchip is connected to an online owner contact registry. In the event that a pet is lost and taken to a shelter or veterinary hospital, it will be scanned for a microchip. If the contact information on file is up-to-the-minute, the pet’s owner can be quickly notified and the process of reunion with that pet can be initiated.

Global Pet Microchip Market: Dynamics

Technological advancements and some innovations of the product are expected to contribute to the growth of the global pet microchip market. Chip manufacturers are making several advancements in terms of including additional chip functionalities. For example, some microchips are programmed in a way that makes the doors of a house open only when the pet injected with the chip approaches it. This, in turn, helps to prevent stray dogs and other animals from entering the premises of a household. In addition,  some companies providing lost pet alerting services and travel assistance for individuals who go on holiday with their pets.

Global Pet Microchip Market: Segmentation Analysis

By Type: With respect to the product type aspect of the global pet microchip market, the 125 kHz microchip segment accounts for the highest revenue share and is projected to maintain its dominant position over the forecasted period.

By Pet Type: Among the pet type facets, the segment for canines is anticipated to account for the highest revenue share due to an increase in the ownership of dogs in recent years.

Global Pet Microchip Market: Regional Analysis

The market in North America is slated to account for a majority of the revenue share in the global pet microchips market. The regional growth of this market is attributed to an increase in pet ownership and a growing demand for advanced technology among pet owners. The revenue of this region is primarily driven by the U.S. owing to the growing number of lost pet cases.

The Asia Pacific region is projected to register a high Compounded Annual Growth Rate (CAGR) over the forecasted period. This pet microchip regional market is growing due to the rising number of pet owners in countries such as China, Australia, and India, coupled with the growing mindfulness about pet health & well-being in the region.

 
Global Pet Microchip Market Segmentation: 

By Product Type:

 125 kHz Microchip
 128 kHz Microchip
 134.2 kHz Microchip

 By Pet Type:

 Horse
 Dogs
 Cats
 Others