Radio Frequency Identification (RFID) Pet Microchip Market Analysis
Radio Frequency Identification (RFID) Pet Microchip Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis – 2020- 2027
Radio frequency identification is a basic technology behind pet microchip implant, which are placed under the skin of pets. The main principle behind RFID technology is that it uses radio waves as a medium to transmit information to the reader/interrogator. RFID microchips do not have any internal power source. These microchips can be read with the help of a scanner/ reader. Therefore, manufacturers of RFID microchips often donate scanner to their customers. Scanners, when set at an optimal frequency of RFID microchips, send radio signal back to the scanner with their identification number. Also, scanner can interpret the radio waves and display identification number on liquid display screen (LCD).
Global Radio Frequency Identification (RFID) Pet Microchip Market - Drivers
Increasing use of radio frequency identification pet microchip in pets is supporting growth of the market. Animal shelter and animal control officers routinely search for microchips in stray animals and return lost pets to their owners with the help of scanning the identification number present in their microchips. RFID microchips have a wide range of customer base such as kennels, breeders, brokers, trainers, registries, rescue groups, humane societies, clinics, farms, stables, animal clubs and associations, researchers, and pet stores. The governments of some countries have made pet micro-chipping a legal requirement. For instance, in 2016, England and Wales made dog micro-chipping a legal requirement in these countries. Furthermore, in October 2020, it will also be mandatory for owners to microchip horses, ponies, and donkeys, and register their details in centralized database, as such initiatives may reduce the risk of animal trafficking. These factors are expected to drive the global radio frequency identification pet microchip market growth.
Global Radio Frequency Identification (RFID) Pet Microchip Market- Impact of COVID-19
COVID-19 has negatively impacted the growth of various markets in every industrial sector in the year 2020. In the case of RFID pet microchip market, it is very complicated to say whether the market is affected in a positive way or a negative way, as there are no proven facts to show that animals are prone towards COVID-19 infection. However, fear in minds of customers and manufacturers about the spread of COVID-19 has affected the market in negative way. Mostly, RFID pet micro-chip market being a business to customer (B2C) market, disturbance in supply chain of products from manufacturer to customers is affected in negative way due to this pandemic.
Global Radio Frequency Identification (RFID) Pet Microchip Market - Restraint
The high cost for installation and integration of RFID microchips is a major factor restraining the market growth. Moreover, RFID pet microchips are not GPS activated. It can only be read with the help of scanners, which means that a microchip cannot locate a pet if they go missing, which becomes a difficult job for animal shelter and animal control officers to search lost animals only through means of identification number present in microchips. Moreover, there is very high risk in animals, such as inflammation around the site of injection. These factors are expected to restrain the global radio frequency identification pet microchip market growth.
Global Radio Frequency Identification (RFID) Pet Microchip Market - Regional Analysis
On the basis of region, the global radio frequency identification (RFID) pet microchip market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to hold dominant position in the global radio frequency identification pet microchip market over the forecast period. In 2015, The American Animal Hospital Association recommended the permanent identification of dogs and cats using microchips that conform the International Standards Organization (ISO) standard of technology in manufacturing microchips, thereby creating awareness about RFID microchips in North America. According to American Pet Product Association in 2019, the total U.S. pet industry expenditure was US$ 95.7 Mn in 2019.
Moreover, in Europe, various countries have imposed law for animal micro-chipping. For instance, in 2016, England and Wales made dog micro-chipping a legal requirement. The law was passed to eradicate animal trafficking and animal theft. Key players in the region are Trovan, Ltd, Peddymark Ltd, and Bayer AG.
Furthermore, Asia Pacific region is expected to exhibit the highest CAGR over the forecast period. The radio frequency identification pet microchip market is witnessing growth due to increasing adoption of animals in countries such as India and China. The rising awareness about animal health in the region has increased, which is leading towards new development in microchip concept to safeguard the health of animals. For instance, in 2019, Daily RFID, which belongs to PAN Group Co., Ltd, is a leading company focusing on the research and development of EPC & RFID technology such as identification techniques (2.4Ghz RFID Active Tag-16 and RFID Microchips) at a low price in China.
Global Radio Frequency Identification (RFID) Pet Microchip Market - Competitive Landscape
Key players operating in the global radio frequency identification pet microchip market include 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.
Global Radio Frequency Identification (RFID) Pet Microchip Market-Taxonomy