UNITED STATES, June 19, 2024 /EINPresswire.com/ -- Market Overview:

Radio frequency identification (RFID) pet microchips are subcutaneously implanted electronic devices that contain a unique identifier code for each pet. This allows veterinarians and animal shelters to positively identify lost or stray pets and reunite them with their owners. RFID pet microchips are widely used for dogs and cats to enable their return if they get lost or separated from their owners.

Market Dynamics:

Growing pet adoption rates across the world are a key driver boosting demand for RFID pet microchips. According to the APPA National Pet Owners Survey 2017-2018, approximately 85 million cats are owned in the US along with around 77.8 million dogs. Rising concerns over pet safety and increasing lost and found pet cases are prompting more pet owners to microchip their cats and dogs. Furthermore, regulations in some countries mandating microchipping of pets is also propelling market growth. For instance, in the UK all dogs must be microchipped by the age of 8 weeks under the new Microchipping of Dogs (England) Regulations 2015. Due to long operational lives of up to 30 years, RFID pet microchips require minimal maintenance and replacements, thus driving their adoption.

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Top Companies Covered In This Report:

Microchip4Solutions Inc, Destron Fearing Corporation, Digital Angel Corporation, Trovan, Ltd, Peddymark Ltd, Bayer AG, Avery Dennison Corporation, DAILY RFID Co., Allied Technologies Holdings Pvt. Ltd, Cybortra Technology Co. Ltd, and Virbac Corporation.

Detailed Segmentation:

By Chip Frequency
125 KHz
128 KHz
2 KHz
By Pet Type
Dog
Cat
Horse
Sheep
Horse
By End User
Breeders
Kennels
Household
Animal Trainers
Pet Stores
Animal Clubs and Associations
RFID Pet Microchip Market Growth Drivers:

Increased adoption of microchipping by pet owners

The key reason for growth of RFID pet microchip market is the rising adoption of microchipping by pet owners. Microchipping has become mandatory by law in many countries as it helps in identifying lost or stolen pets and reuniting them with their owners. With growing concerns over pet safety and well-being, more and more owners are opting to microchip their pets. Various pet welfare organizations and veterinary clinics also promote microchipping widely to raise awareness on its importance. This growing acceptance driven by legislative support and advocacy programs has significantly boosted the demand for RFID pet microchips.

Rising pet population worldwide

Another major growth driver for this market is the rising pet population globally. According to recent surveys, the worldwide population of dogs and cats as pets has increased substantially over the past decade. This rise in pet adoption rate is attributed to factors like growing inclination towards pet companionship driven by changing socio-economic trends such as nuclear families and dual income households. As microchipping is now becoming an integral part of pet care, the escalating pet population directly translates to increased sales volume of RFID microchips used for pet identification and recovery.

Market Restrain: High associated costs of microchips

One key challenge restricting the growth of RFID pet microchip market is the relatively high costs associated with microchipping. This holds especially true for price-sensitive owners from lower income demographics. The overall costs involved include the microchip itself which typically ranges between $10–$30, veterinarian charges for implantation procedure and lifetime registration fees to maintain the pet's microchip record in databases. The mandatory nature of registration also means recurring expenses for owners. This price factor prohibits some potential adopters, especially in developing countries, from opting for microchipping their pets.

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Market Opportunity: Scope for RFID integration with GPS tracking

The rising concerns about pet theft and lost pets present a major business opportunity for the market players to leverage. There is significant scope for RFID technology integration with GPS tracking capabilities to strengthen pet identification and recovery outcomes. Such integrated solutions can help track the real-time location of a pet using GPS coordinates if lost or stolen, thereby significantly improving chances of recovery. This would address a notable pain point among pet owners and increase the perceived value of microchipping, leading to higher market acceptance and demand potential. Technology providers should focus on developing affordable, dual-mode RFID+GPS devices to tap into this opportunity.

Market Trends: Increasing innovation in implant design and related software

A key trend gaining traction in the RFID pet microchip market is the increasing focus on innovations in implant design and related software capabilities. Players are coming up with lighter, smaller and more comfortable implant designs to reduce discomfort during administration. Advancements are also being made in transponder chip circuitry to improve read range and compatibility with various scanner devices. On the software front, cloud-based registry platforms are enhancing search functionalities, adding extra identification fields and offering owner portals for easy data maintenance. Integrations with social media lost-and-found groups are also streamlining recovery processes. Such innovation-led product differentiations are helping businesses boost brand positioning and market share in this competitive industry space.

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