Veterinary Microchips Market Size To Reach $1.31 Billion By 2030

Veterinary Microchips Market Growth & Trends

The global veterinary microchips market size is anticipated to reach USD 1.31 billion by 2030 and is projected to grow at a CAGR of 9.98% from 2024 to 2030, according to a new report by Grand View Research, Inc. The primary drivers of market growth include increasing pet humanization, growing animal health awareness, and increasing adoption of microchipping. As more pet owners and veterinarians recognize the benefits of microchipping such as improved pet identification, enhanced safety, and better chances of reuniting lost pets, the demand for microchip increases. In many regions, microchipping is becoming a mandatory requirement for pet registration, travel, or breeding. Compliance with these regulations drives up the demand for microchips and related services.

One of the key factors propelling the market growth is the stringent laws associated to pet microchipping. For instance, according to an article published by British veterinary Association, the UK made it mandatory for all dogs to receive microchips on April 6, 2016. Eight million dogs were microchipped a year after mandatory microchipping was implemented, according to Defra statistics, which was three million more than in 2013 when the plans were initially revealed. At the time, it was considered that this represented 95% of the UK dog population.

The presence of significant manufacturers and suppliers also contributes to the market growth. For instance, Identichip is one of the top microchip providers in the UK and a trustworthy supplier of the most advanced microchip technology reserved for veterinary specialists. According to the Identichip, more than 5 million animals have been microchipped in the UK with Identichip and are trusted for reliable microchip products and support by more than 1,750 veterinary practices, local governments, charities, and animal welfare organizations.

Moreover, lack of awareness and knowledge about microchipping can indeed be a significant barrier to the market growth. Many pet owners might not fully understand the benefits of microchipping, or the procedures involved. This can lead to lower adoption rates and less emphasis on the technology’s importance in pet safety and identification. Moreover, instances of microchip mismanagement, such as improper registration or failure to update contact details, can undermine the effectiveness of microchips. When a microchip is not properly registered or if information is outdated, it defeats the purpose of having the microchip in the first place. Hence, educating pet owners and veterinary professionals about the benefits of microchipping is crucial. Increasing awareness can significantly impact the adoption rate of microchips, which in turn drives the market growth.

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Veterinary Microchips Market Report Highlights

• Based on animal type, the dogs segment led the market with the largest revenue share of 46.07% in 2023, owing to the widespread adoption of dogs as pets
• Based on scanner type, the 134.2 KHz segment led the market with the largest revenue share of 63.64% in 2023. The 134.2 kHz is the most common frequency used for veterinary microchips
• Based on distribution channel, the veterinary hospitals/clinics segment led the market with the largest revenue share of 57.02% in 2023, as many veterinary practices now routinely offer microchipping services as part of their care packages, especially during routine check-ups or spaying/neutering procedures
• North America dominated the market with the largest revenue share of 33.34% in 2023. This regional market is likely to be driven by the presence of established players and increasing demand for treatment among veterinary practices
• Asia Pacific is anticipated to grow at the fastest CAGR of 11.2% over the forecast period

Veterinary Microchips Market Segmentation

Grand View Research has segmented the global veterinary microchips market report based on the animal type, scanner type, distribution channel and region:

Veterinary Microchips Animal Type Outlook (Revenue, USD Million, 2018 - 2030)

• Dogs

• Cats

• Horses

• Others

Veterinary Microchips Scanner Type Outlook (Revenue, USD Million, 2018 - 2030)

• 134.2 KHz

• 125 KHz

• 128 KHz

Veterinary Microchips Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

• Veterinary Hospitals/clinics

• Others

Veterinary Microchips Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Denmark

  • Sweden

  • Norway

• Asia Pacific

  • Japan

  • India

  • China

  • South Korea

  • Australia

  • Thailand

• Latin America

  • Brazil

  • Argentina

• Middle East and Africa (MEA)

  • South Africa

  • Saudi Arabia

  • UAE

  • Kuwait

List of Key Players of Veterinary Microchips Market

• Merck & Co., Inc.,

• Peeva Inc

• Virbac

• ID Tech (Eruditus Executive Education)

• Dipole RFID

• Trovan Ltd.

• Wuxi Fofia Technology Co., Ltd

• Avid Identification Systems, Inc

• Datamars

• Pethealth Inc