Animal Microchip Implant Market Size

Animal Microchip Implant Market Analysis

The Animal Microchip Implant Market size is estimated at USD 636.01 million in 2024, and is expected to reach USD 876.52 million by 2029, growing at a CAGR of 6.63% during the forecast period (2024-2029).

The market is expected to grow significantly over the forecast period as pet adoptions increase and pet owners become more aware of technology. Technological advancements significantly contribute to the global demand for microchip implants.

The increase in animal shelters for street dogs and their protection drives the market's growth. For instance, according to data updated by the European Pet Food Industry Federation (FEDIAF) in July 2023, the dog population in the region was over 66.8 million, while the cat population was over 77.9 million. Moreover, according to the same source, in Poland, over 49% of the households owned at least one dog, and over 40% owned a cat in 2023. Also, the Global State of Pet Care report published by the HealthForAnimals Organization in September 2022 highlighted that over half a billion dogs and cats are adopted by families in Europe, along with the United States, Brazil, and China.

In addition to the above factors, the rising trend of pet adoption worldwide is another key factor driving growth in this segment. According to data updated in 2022 by Der Deutsche Heimtiermarkt, 47% of households in Germany had pets, and the population kept 34.7 million dogs, cats, small animals, and ornamental birds as pets. The number of cats adopted was higher than that of dogs, with 16.7 million cats living in 26% of German households compared to 10.3 million dogs in 21% of households. Therefore, as per the statistics mentioned above, pet adoption is significantly increasing globally, which is expected to increase the demand for animal microchip implants, further boosting the market's growth.

Increasing initiatives taken by the government and the key players are expected to boost the market's growth. For instance, in September 2022, El Paso Animal Services unveiled new technology to reunite lost pets with families. In partnership with 24Pet, Animal Services launched the 24Pet Reunite Site solar-powered microchip scanner. Furthermore, in May 2022, to create a vast database of its livestock and improve animal traceability, the state of Kerala in India equipped its cattle population with radio-frequency identification (RFID) microchips. This database established a connection with the animal microchip implant market by demonstrating the practical application and benefits of RFID technology in livestock management, thereby driving demand and innovation.

However, the relative lack of awareness regarding the benefits of animal microchip implants is expected to restrain market growth to some extent over the forecast period.