Report : Asia Pacific 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)
At 6.6% CAGR, the Asia Pacific Pet ID Microchips Market is speculated to be worth US$ 24.05 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific pet ID microchips market was valued at US$ 16.38 million in 2022 and is expected to reach US$ 24.05 million by 2028, registering a CAGR of 6.6% from 2022 to 2028. Enforcements by regulatory bodies and customized offerings in pet ID microchips are the critical factors attributed to the Asia Pacific pet ID microchips market expansion.
Microchip placement in pet animals has gained widespread acceptance across the region. There is an increasing demand for customized pet ID microchips with exact alpha-numeric identification codes of up to 15 characters. Each microchip is securely encrypted and customized according to owner’s requirements in terms of the radio frequencies, licensing, and unique ID number of the chip. Furthermore, microchips are tiny and durable, designed to last and function in any circumstance. Furthermore, with different countries' ISO standards for animal identification, pet owners demand customized ISO-compatible microchips for their pets. MICROCHIP ID SYSTEMS, INC., a manufacturer of ISO-certified microchips that are humanely and safely implanted in pets, has designed a special “EquineChip” for equestrians who need to make sure their horses are in perfect shape for upcoming races and games. As a result, the rising demand for customized pet ID microchips bolsters the Asia Pacific pet ID microchips market growth during the forecast period.
On the contrary, Lack of awareness related to pet id microchips and associated benefits hampers the Asia Pacific pet ID microchips market.
Based on pet type, the Asia Pacific pet ID microchips market is segmented into horses, dogs, cats, and others. The dogs segment held 62.7% share of Asia Pacific pet ID microchips market in 2022, amassing US$ 10.27 million. It is projected to garner US$ 15.04 million by 2028 to expand at 6.6% CAGR during 2022–2028.
Based on end user, the Asia Pacific pet ID microchips market is segmented into breeders, households, pet shops, and others. The breeders segment held 35.7% share of Asia Pacific pet ID microchips market in 2022, amassing US$ 5.86 million. It is projected to garner US$ 9.08 million by 2028 to expand at 7.6% CAGR during 2022–2028.
Based on country, the Asia Pacific pet ID microchips market has been categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 28.9% share of Asia Pacific pet ID microchips market in 2022. It was assessed at US$ 4.73 million in 2022 and is likely to hit US$ 7.00 million by 2028, exhibiting a CAGR of 6.8% during the forecast period.
Key players dominating the Asia Pacific pet ID microchips market are Elanco Animal Health Inc; Merck & Co Inc; Trovan Ltd; and Virbac SA, among others.
- In 2022; Merck Animal Health, a division of Merck & Co., Inc., acknowledges the United States Trotting Association's (USTA) 40,000-microchip milestone for identifying Standardbred racehorses in the United States utilizing Merck Animal Health Bio-Thermo microchips. The USTA partnered with Merck Animal Health to become the horse registry that formally integrated temperature scanning into their microchip identification procedure. Merck Animal Health's Bio-Thermo microchips are used by USTA.
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