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North America Pet ID Microchips Market Forecast to 2028 - COVID-19 Impact and Regional Analysis- by Pet Type (Horses, Dogs, Cats, and Others) and End User (Breeders, Households, Pet Shops, and Others)
Market Report I 2023-02-20 I 98 Pages I The Insight Partners
The North America pet ID microchips market is expected to grow from US$ 25.86 million in 2022 to US$ 36.75 million by 2028. It is estimated to grow at a CAGR of 6.0% from 2022 to 2028.
Increasing Spending on Pets and Surging Demand for Sophisticated Technologies from Tech-Savvy Pet Owners is Driving the North America Pet ID Microchips Market
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), people in the US will spend nearly US$ 109.6 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 owner, who is expected to utilize microchips to ensure pet security. Furthermore, ID microchips are becoming increasingly popular among pet owners, as they help them track animals without using traditional collars and tags. In addition, the chips can be embedded in the pet's fur or inside their body, and once scanned, the chip will store unique information about the pet, such as its name, weight, and location. Chips are small and lightweight, which makes them less invasive than traditional tags. Therefore, the demand for ID microchips for pets is expected to grow North America pet ID microchips market significantly in the coming years.
North America Pet ID Microchips Market Overview
The North America pet ID microchips market is segmented into the US, Canada, and Mexico. The demand for pet ID microchips in the region is increasing as it helps track lost pets effectively. According to the 2021-2022 American Pet Products Association's (APPA) Survey, there are ~90.5 million households with a pet, which is approximately 70% of the total number of US households, an increase from 74.4 million (59%) in 2017-2018. Out of this, ~69 million (54%) households own at least one dog, whereas 45.4 million (35%) households own at least one cat. Thus, the increasing adoption of pets in the US is expected to promote the demand for pet ID microchips.
Presently no national standard for microchip identification of companion animals exists in the US. The non-ISO 125 kHz microchip was predominantly utilized in the US. However, presently 134.2 kHz ISO microchips are being adopted in the US. In Canada and Mexico, 134.2 kHz ISO microchips are used by veterinary doctors to implant them in pets. To protect pets from getting lost, people in the region are implanting microchips in their pets, which is fueling the growth of the North America pet ID microchips market.
In Canada, Standardbred Canada and USTA have made it mandatory to microchip all racing horses by 2022. The initial deadline was 2021; however, it has now been extended to 2022. Various natural disasters such as tornadoes and hurricanes disrupt the daily routine of people in the region, because of which people must move to storm shelters frequently. In such situations, people often are forced to leave their pets behind. Microchips can help reunite owners with their pets, which is raising their demand in the North America market.
The region consists of various microchip manufacturing companies such as Pethealth, Inc; Avid Identification Systems Inc; Elanco Animal Health Inc; Merck & Co Inc; and Microchip4Solutions Inc. These companies are continuously working on developing advanced microchips. Moreover, these companies are partnering and collaborating with other organizations to provide advanced pet microchips. For instance, in March 2022, Merck Animal Health announced that they were extending their partnership with USTA to implant Bio-Thermo microchips in horses. This microchip helps the caretakers to record the horse's body temperature and identify febrile horses sooner.
North America Pet ID Microchips Market Revenue and Forecast to 2028 (US$ Million)
North America Pet ID Microchips Market Segmentation
The North America pet ID microchips market is segmented into pet type, end user, and country.
Based on pet type, the North America pet ID microchips market is segmented into horses, dogs, cats, and others. The dogs segment held the largest market share in 2022.
Based on end user, the North America pet ID microchips market is segmented into breeders, households, pet shops, and others. The breeders segment held the largest market share in 2022.
Based on country, the North America pet ID microchips market is segmented into US, Canada, and Mexico. The US dominated the market share in 2022.
Avid Identification Systems Inc; Elanco Animal Health Inc; Merck & Co Inc; Microchip4Solutions Inc; Pethealth Inc; Trovan Ltd; and Virbac SA are the leading companies operating in the North America pet ID microchips market.
TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 North America Pet ID Microchips Market - By Pet Type
1.3.2 North America Pet ID Microchips Market - By End User
1.3.3 North America Pet ID Microchips Market- By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Pet ID Microchips Market Landscape
4.1 Market Overview
4.2 North America- PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. North America Pet ID Microchips Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Enforcements by Regulatory Bodies
5.1.2 Customized Offerings in Pet ID Microchips
5.2 Market Restraints
5.2.1 Lack of Awareness Related to Pet ID Microchips and Associated Benefits
5.2.2 Lack Of GPS Tracking Technology in Pet ID Microchip Implants
5.3 Market Opportunities
5.3.1 Increasing Spending on Pets and Surging Demand for Sophisticated Technologies from Tech-Savvy Pet Owners
5.4 Future Trends
5.4.1 Microchips with Integrated Temperature Sensor
5.5 Impact Analysis of Drivers and Restraints
6. Pet ID Microchips Market -North America Analysis
6.1 North America Pet ID Microchips Market Overview
6.2 North America Pet ID Microchips Market - Revenue and Forecast to 2028 (US$ Million)
7. North America Pet ID Microchips Market Analysis - By Pet Type
7.1 Overview
7.2 North America Pet ID Microchips Market, By Pet Type (2021 and 2028)
7.3 Horses
7.3.1 Overview
7.3.2 Horses: North America Pet ID Microchips Market - Revenue, and Forecast to 2028 (US$ Million)
7.4 Dogs
7.4.1 Overview
7.4.2 Dogs: North America Pet ID Microchips Market - Revenue, and Forecast to 2028 (US$ Million)
7.5 Cats
7.5.1 Overview
7.5.2 Cats: North America Pet ID Microchips Market - Revenue, and Forecast to 2028 (US$ Million)
7.6 Others
7.6.1 Overview
7.6.2 Others: North America Pet ID Microchips Market - Revenue, and Forecast to 2028 (US$ Million)
8. North America Pet ID Microchips Market Analysis - By End User
8.1 Overview
8.2 North America Pet ID Microchips Market Breakdown, By End User, 2021 & 2028
8.3 Breeders
8.3.1 Overview
8.3.2 Breeders: North America Pet ID Microchips Market - Revenue, and Forecast to 2028 (US$ Million)
8.4 Households
8.4.1 Overview
8.4.2 Households: North America Pet ID Microchips Market - Revenue, and Forecast to 2028 (US$ Million)
8.5 Pet Shops
8.5.1 Overview
8.5.2 Pet Shops: North America Pet ID Microchips Market - Revenue, and Forecast to 2028 (US$ Million)
8.6 Others
8.6.1 Overview
8.6.2 Others: North America Pet ID Microchips Market - Revenue, and Forecast to 2028 (US$ Million)
9. North America Pet ID Microchips Market - Country Analysis
9.1 Overview
9.1.1 North America Pet ID Microchips Market, by Key Country Revenue (2021) (US$ Million)
9.1.1.1 US: North America Pet ID Microchips Market, Revenue and Forecast to 2028
9.1.1.1.1 US: North America Pet ID Microchips Market Breakdown, By Pet Type
9.1.1.1.2 US: North America Pet ID Microchips Market Breakdown, By End User
9.1.1.2 Canada: North America Pet ID Microchips Market, Revenue and Forecast to 2028
9.1.1.2.1 Canada: North America Pet ID Microchips Market Breakdown, By Pet Type
9.1.1.2.2 Canada: North America Pet ID Microchips Market Breakdown, By End User
9.1.1.3 Mexico: North America Pet ID Microchips Market, Revenue and Forecast to 2028
9.1.1.3.1 Mexico: North America Pet ID Microchips Market Breakdown, By Pet Type
9.1.1.3.2 Mexico: North America Pet ID Microchips Market Breakdown, By End User
10. Industry Landscape
10.1 Overview
10.2 Market Initiative
10.3 New Product Development
10.4 Merger and Acquisition
10.5 Regulatory News
11. Company Profiles
11.1 Pethealth Inc
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 Merck & Co Inc
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 Avid Identification Systems Inc
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 Trovan Ltd
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 Virbac SA
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.5.6 Key Developments
11.6 Microchip4Solutions Inc
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Products and Services
11.6.4 Financial Overview
11.6.5 SWOT Analysis
11.6.6 Key Developments
11.7 Elanco Animal Health Inc
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Products and Services
11.7.4 Financial Overview
11.7.5 SWOT Analysis
11.7.6 Key Developments
12. Appendix
12.1 About The Insight Partners
12.2 Word Index
LIST OF TABLES
Table 1. North America Pet ID Microchips Market - Revenue and Forecast to 2028 (US$ Million)
Table 2. US: North America Pet ID Microchips Market, by Pet Type - Revenue and Forecast to 2028 (US$ Million)
Table 3. US: North America Pet ID Microchips Market, By End User - Revenue and Forecast to 2028 (US$ Million)
Table 4. Canada: North America Pet ID Microchips Market, by Pet Type - Revenue and Forecast to 2028 (US$ Million)
Table 5. Canada: North America Pet ID Microchips Market, By End User - Revenue and Forecast to 2028 (US$ Million)
Table 6. Mexico: North America Pet ID Microchips Market, by Pet Type - Revenue and Forecast to 2028 (US$ Million)
Table 7. Mexico: North America Pet ID Microchips Market, By End User - Revenue and Forecast to 2028 (US$ Million)
Table 8. List of Abbreviation
LIST OF FIGURES
Figure 1. North America Pet ID Microchips Market Segmentation
Figure 2. North America Pet ID Microchips Market Segmentation - By Country
Figure 3. North America Pet ID Microchips Market Overview
Figure 4. Dogs Segment Held the Largest Share of North America Pet ID Microchips Market
Figure 5. Canada to Show Great Traction During Forecast Period
Figure 6. North America: PEST Analysis
Figure 7. Expert Opinion
Figure 8. North America Pet ID Microchips Market Impact Analysis of Drivers and Restraints
Figure 9. North America Pet ID Microchips Market - Revenue and Forecast to 2028 (US$ Million)
Figure 10. North America Pet ID Microchips Market Breakdown, By Pet Type, 2021 & 2028 (%)
Figure 11. Horses: North America Pet ID Microchips Market - Revenue, and Forecast to 2028 (US$ Million)
Figure 12. Dogs: North America Pet ID Microchips Market - Revenue, and Forecast to 2028 (US$ Million)
Figure 13. Cats: North America Pet ID Microchips Market - Revenue, and Forecast to 2028 (US$ Million)
Figure 14. Others: North America Pet ID Microchips Market - Revenue, and Forecast to 2028 (US$ Million)
Figure 15. North America Pet ID Microchips Market Breakdown, By End User, 2021 & 2028 (%)
Figure 16. Breeders: North America Pet ID Microchips Market - Revenue, and Forecast to 2028 (US$ Million)
Figure 17. Households: North America Pet ID Microchips Market Revenue and Forecast to 2028(US$ Million)
Figure 18. Pet Shops: North America Pet ID Microchips Market Revenue and Forecast to 2028(US$ Million)
Figure 19. Others: North America Pet ID Microchips Market Revenue and Forecast to 2028(US$ Million)
Figure 20. US: North America Pet ID Microchips Market, Revenue and Forecast to 2028 (US$ Million)
Figure 21. Canada: North America Pet ID Microchips Market, Revenue and Forecast to 2028 (US$ Million)
Figure 22. Mexico: North America Pet ID Microchips Market, Revenue and Forecast to 2028 (US$ Million)
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