Pet ID Microchips Market surging with CAGR of 5.8% during 2022-2028

According to the new research report published by The Insight Partners on "Pet ID Microchips Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Pet Type (Horses, Dogs, Cats, and Others) and End User (Breeders, Households, Pet Shops, and Others)" consists of the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.

The pet ID microchips market is projected to reach US$ 111.35 million by 2028 from US$ 79.53 million in 2022; it is expected to grow at a CAGR of 5.8% during 2022-2028.

Get a Sample Copy at - https://bit.ly/3jTJu7H

Different regulatory bodies have been mandating the microchipping of pets across the world. In several members of the European Union, microchipping dogs is mandatory, while microchipping of cats is being contemplated to be made mandatory. In December 2021, the UK government announced its plans to make microchipping of cats mandatory by 2022. According to Cats Protection, a UK-registered charity, ~2.8 million cats were yet to be microchipped in 2021. With the enforcement of the cat microchipping program, the remaining cats are expected to get microchipped. Hence, mandating pet microchipping is primarily driving the global pet ID microchips market.

Additionally, statistics have proven that microchipping a pet increases the chances of finding and rescuing the pet. A 2009 study in the Journal of the American Veterinary Medicine Association found that while only 22% of lost dogs entering shelters were reunited with their families, the rate of reunions for microchipped dogs was 52%. Owing to the expected rising awareness regarding the advantages of pet ID microchips, the global pet ID microchips market growth is expected to accelerate during the forecast period.

INQUIRE FOR DISCOUNT - https://bit.ly/3RZ9mvI

Component & raw material suppliers, pet ID microchip manufacturers, indirect customers, and direct customers are key stakeholders in the pet ID microchips market. In recent years, the demand for microchips has been increasing due to the heavy implementation of pet microchipping regulations across developing and developed nations. The component & raw material suppliers offer various materials for manufacturing pet ID microchips. A few raw materials are ferrite, Parylene, electronic components, and copper wires. American and European pet ID microchip market players have been dominating the market, while Chinese players are gaining traction rapidly. Microchip manufacturers primarily sell their products to two types of customers - direct customers and indirect customers. Indirect customers are dealers, sales agencies, wholesalers, and volume retailers who purchase the microchips from the manufacturer and supplies to pet breeders, animal hospitals, shelters, pounds, and animal welfare organizations (AWOs). When the latter is supplied by the manufacturer directly, they become direct customers of the manufacturers.

The report includes the segmentation of the global Pet ID Microchips market as follows:

The global pet ID microchips market is segmented on the basis of pet type and end user. Based on pet type, the market is segmented into horses, dogs, cats, and others. The others segment of pet type includes rabbits, ferrets, guinea pigs, and snakes. Based on end user, the global pet ID microchips market is segmented into breeders, households, pet shops, and others. The others segment of end user includes pounds, shelters, AWOs, and rescue organizations.

The List of Companies - Pet ID Microchipss Market

Pethealth, Inc; Merck & Co., Inc; Elanco Animal Health, Inc; Avid Identification Systems, Inc; Datamars SA; Trovan Ltd; Virbac SA; Animalcare Group Plc; Microchip4solutions Inc; and PeddyMark Ltd are among the key pet ID microchips market players profiled during the study.

Buy Complete Report at - https://bit.ly/3Ik7Il3

Contact Us:
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Sameer Joshi
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876

About Us:
The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductors and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Devices, Technology, Media and Telecommunications, and Chemicals and Materials.

This release was published on openPR.