Market Size –
The animal identification systems market size has grown strongly in recent years. It will grow from $2.56 billion in 2023 to $2.78 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to a rise in regulatory compliance, increased need for effective disease control and prevention methods, enhanced productivity and efficiency in farm management, rising number of companion animals, and growing public concern for animal welfare.
The animal identification systems market size is expected to see strong growth in the next few years. It will grow to $3.85 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to increased funding for research, global expansion, rising demand for meat and dairy, environmental sustainability concerns, advancements in biotechnology, and increasing livestock population. Major trends in the forecast period include integration of Internet of Things (IoT) technologies, implementation of machine learning algorithms, adoption of biometric identification methods, use of data analytics for better decision-making and management, and use of wearable devices for continuous health monitoring of animals.
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Scope Of Animal Identification Systems Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Animal Identification Systems Market Overview
Market Drivers –
The animal identification systems market size has grown strongly in recent years. It will grow from $2.56 billion in 2023 to $2.78 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to a rise in regulatory compliance, increased need for effective disease control and prevention methods, enhanced productivity and efficiency in farm management, rising number of companion animals, and growing public concern for animal welfare.
The animal identification systems market size is expected to see strong growth in the next few years. It will grow to $3.85 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to increased funding for research, global expansion, rising demand for meat and dairy, environmental sustainability concerns, advancements in biotechnology, and increasing livestock population. Major trends in the forecast period include integration of Internet of Things (IoT) technologies, implementation of machine learning algorithms, adoption of biometric identification methods, use of data analytics for better decision-making and management, and use of wearable devices for continuous health monitoring of animals.
Market Trends –
Major companies operating in the animal identification systems market are focused on developing technologically advanced solutions, such as machine learning algorithms, to detect illnesses earlier and more accurately. Machine learning algorithms in animal identification systems enable accurate and automated identification and tracking of animals through patterns in biometric data and behavior analysis. For instance, in February 2022, Merck Animal Health, a US-based animal health company, launched SenseHub Feedlot, an Allflex Livestock Intelligence product. This state-of-the-art technology features an electronic ear tag that detects sick cattle earlier, more efficiently, and more accurately than traditional visual observation methods. It monitors behavioral and biometric data, such as body temperature and activity levels, using machine-learning algorithms to identify health issues. The system provides caregivers with a daily list of animals needing attention and features an LED light on tags for easy identification. Research has shown that SenseHub Feedlot reduces mortality and saves labor by allowing for earlier and more accurate detection and treatment of illnesses such as bovine respiratory disease (BRD).
The animal identification systems market covered in this report is segmented –
1) By Component: Hardware, Services, Software
2) By Procedure: Wearables, Microchipping, Ear Notching, Tattooing, Other Methods
3) By Application: Livestock, Endangered Animals, Pets, Lab Animals, Fish
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Regional Insights –
North America was the largest region in the animal identification systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the animal identification systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the animal identification systems market are Avery Dennison Corp, Microchip Technology Inc., MSD Animal Health, HID Global Corporation, Neogen Corporation, Gallagher Group Limited, Datamars SA, Nedap N.V., EM Microelectronic, AEG Identifikationssysteme GmbH (AEG ID), Y-Tex Corporation, RFID Inc., Avid Identification Systems Inc., Jorgensen Laboratories LLC, National Band & Tag Company, Destron Fearing Corp., ID Tech Solutions Pvt. Ltd., Wuxi Fofia Technology Co. LTD., Agrident GmbH, Syscan ID, Planet ID, Microsensys GmbH, Trovan Ltd., Caisley International GmbH, HerdDogg, H. Hauptner u. Richard Herberholz GmbH & Co. KG, EZid LLC
Table of Contents
1. Executive Summary
2. Animal Identification Systems Market Characteristics
3. Animal Identification Systems Market Trends And Strategies
4. Animal Identification Systems Market – Macro Economic Scenario
5. Global Animal Identification Systems Market Size and Growth
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31. Animal Identification Systems Market Other Major And Innovative Companies
32. Global Animal Identification Systems Market Competitive Benchmarking
33. Global Animal Identification Systems Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Animal Identification Systems Market
35. Animal Identification Systems Market Future Outlook and Potential Analysis
36.Appendix
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